Policy & Resources Committee and the Committee for Employment & Social Security - P.2021/17
The States are asked to decide:-
Whether, after consideration of the policy letter entitled 'Improving the Governance of the States of Guernsey's Investment Funds' dated 8th February, 2021 they are of the opinion:-
1. To approve the proposals set out in that policy letter for the constitution of a States' Investment Board as a sub-committee of the Policy & Resources Committee.
2. To agree that the responsibility for the management of the Common Investment Fund currently managed by the Committee for Employment & Social Security is transferred to the Policy & Resources Committee.
3. To agree that the mandate of the Policy & Resources Committee is amended to clarify its responsibility with respect to investments by the addition of:
(b) 11. Responsibility for setting the investment objectives for all States' investment funds and for appointing an independent board to oversee the management of such Funds in line with the States' permitted Investment Rules
4. To agree that the mandate of the Committee forEmployment & Social Security is amended to remove its responsibility with respect to investments by the deletion of:
(a) 7. Investment of the Guernsey Health Service Fund, Long-Term Care Insurance Fund and Guernsey Insurance Fund
5. In Section II of Appendix II to Billet d'État XX, 2017 ("Rules for Payments to States Members, Non-States Members and Former States Members") approved on 8 November 2017;
(a) in paragraph 1 to insert ", the States' Investment Board" after "the Development & Planning Authority", and
(b) in paragraph 2 to insert "or the States' Investment Board' after "the States' Trading Supervisory Board".
6. To approve The States of Guernsey Permitted Investment (Amendment) Rules, 2021 as set out in Appendix One and to agree that they shall replace the States of Guernsey Permitted Investment (Amendment) Rules, 2015.
7. To rescind the resolution of the States pursuant to Section 100(4) of the Social Insurance (Guernsey) Law, 1978, Section 1(7) of the Health Service (Benefit) (Guernsey) Law, 1990 and Section 1(7) of the Long-term Care Insurance (Guernsey) Law, 2002 made on the 28th September, 2011 on Article XIII of Billet d'Etat No. XV of 2011.
8. To direct the preparation of such legislation as may be necessary to give effect to the above decisions.