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Investment Strategy - Revision and amended Deposit Terms: Presentation to the States

A formal published “Ministerial Decision” is required as a record of the decision of a Minister (or an Assistant Minister where they have delegated authority) as they exercise their responsibilities and powers.

Ministers are elected by the States Assembly and have legal responsibilities and powers as “corporation sole” under the States of Jersey Law 2005 by virtue of their office and in their areas of responsibility, including entering into agreements, and under any legislation conferring on them powers.

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  • demonstrating that good governance, and clear lines of accountability and authority, are in place around decisions-making – including the reasons and basis on which a decision is made, and the action required to implement a decision

  • providing a record of decisions and actions that will be available for examination by States Members, and Panels and Committees of the States Assembly; the public, organisations, and the media; and as a historical record and point of reference for the conduct of public affairs

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The Freedom of Information Law (Jersey) Law 2011 is used as a guide when determining what information is be published. While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.

A decision made 23 March 2012:

Decision Reference:  MD-TR-2012-0035

Decision Summary Title:

Amendment to SOJ Investment Strategy Document reflecting Deposit Terms

Date of Decision Summary:

23 March 2012

Decision Summary Author:

Head of Decision Support

Decision Summary:

Public or Exempt?

Public

Type of Report:

Oral or Written?

Written

Person Giving

Oral Report:

N/A

Written Report

Title:

Amendment to SOJ Investment Strategy Document relating to Deposit Terms

Date of Written Report:

23 March 2012

Written Report Author:

Finance & Investment Manager

Written Report :

Public or Exempt?

Exempt 3.2.1 a (x)

Subject:  Presentation to the States of revised States of Jersey Investment Strategy document to include the include amended Deposit Terms.

Decision(s):  The Minister for Treasury and Resources decided to update the States of Jersey Investment Strategy document to include:                           

  • amendments to the Deposit Terms for Participants investing in Cash;
  • amendments to the Deposit Terms for the Long Term Cash and Cash Equivalents Pool Strategy; and
  • amendments to the Minimum Industry Rating tables for cash investments to allow for exemption as directed by the Treasurer.

The Minister further decided to present the revised States of Jersey Investment Strategy to the States.

Reason(s) for decision: Paragraph 3 of the Public Finances (Transitional Provisions) (No. 2) (Jersey) Regulations 2005 states that the Minister is to develop and to invest in accordance with the investment strategy.  

Paragraph 4 states that as soon as practical after the Minister has prepared the investment strategy, or any review of it, the Minister must present it to the States.

Changes to the mandate of Royal London Asset Management, the States of Jersey Cash Manager, have been recommended by the States of Jersey Investment Advisor.

Resource Implications:  There are no financial or staffing implications arising from this decision.

Action required:  Investment Management Team to action the proposed changes to the Investment Strategy Document.  Greffier of the States to be requested to present the attached report to the States at the earliest available opportunity.

Signature:

 

 

 

Position: Senator P F C Ozouf, Minister for Treasury and Resources

Date Signed:

 

Date of Decision:

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