Members considered a report providing a review of investment activity during 2011/12 as required by the Council’s Financial Procedure Rules.  The report outlined the strategy adopted during the year, showed the position of the investment portfolio at the beginning and the end of the year and provided details of how the fund performed in comparison with previous years and against various benchmarks.

The Deputy Chief Executive and Director of Corporate Resources reported as a result of the issues experienced with the Icelandic investments the Council has taken a more cautious approach  when considering potential investments.

Members noted that a further review would be undertaken by the Performance and Governance Committee in November 2012.

Resolved that the Annual Treasury Management Report for 2011/12 be approved.