Friday 27 October 2023
The Policy & Resources Committee has published an annual report on the work of the States' Investment Board which commenced its work at the beginning of 2022. In future years the report will be appended to the States' Annual Accounts in line with the direction from the States Assembly. This inaugural report is being issued as a standalone document.
The report provides details of the work undertaken by the States Investment Board in 2022, including:
- Tendering for an investment advisory service
- Restructuring investment pools
- Producing an Investment Strategy
- Measuring performance
2022 was a challenging year for investors worldwide. Inflation's surge to 40-year highs led central banks to raise interest rates sharply resulting in highly unusual conditions where both bonds and equities fell sharply.
The States Investment Board took over responsibility for the oversight of the Consolidated Investment Fund and Common Investment Fund at the beginning of 2022 and was therefore managing the legacy investments over the reporting period, and significant changes including the appointment of new investment advisors and consolidation of the States investment portfolios have since been made.
The Consolidated Investment Fund assets were down 11.63% over the year while the Common Investment Fund rose slightly by 0.28%.
The States Investment Board Annual Report can be found at Investment Governance - States of Guernsey