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Committee Meeting

10 July 2021

This meeting was held via Zoom on Saturday, 10 July 2021. Apologies were received from AM, JW, and BC. Also present were Martin Hilton (Allens) and Nick Metcalfe (Co. Sec).

Minutes of the previous Zoom meeting were approved without comment.

The Committee agreed the terms of a pre-circulated paper on individual roles and responsibilities – bank signatories, Directors and trustee shareholders in CMIC Ltd etc – and the paper was appended to the minutes as a permanent record.

‘Between-meeting’ share related and other associated activity discussed and ratified, in particular the investment decisions made via e-mail on 15 June.

Brief joiners and leavers update provided by MXH, who also advised that the recently received Youngs’ discount vouchers were proving popular with the members.

As predicted, guest speaker for the rescheduled AGM now not available – Committee agreement to proceed without one this year. 18 June was agreed as the date for the 2022 AGM.

CMIC’s Scottish Widows account reported as having been closed and residual funds transferred across to Barclays.

Some discussion on Committee member individual portfolio allocations, and a revised strategy was agreed to try to ensure CMIC always casts its vote at all future investee AGMs.

With £192K declared as available to invest, the usual round-the-table discussion took place – agreed £75K total should be invested across 5 existing investees.