[To approve Council entering into a legal agreement with Birmingham City Council to share the risks associated with the West Midlands Combined Authority’s Collective Investment Fund in equal proportions with the other West Midlands Metropolitan District Councils]

The Managing Director, Keith Ireland presented the report which sought approval to enter into a legal agreement with Birmingham City Council to share the risks associated with the establishment of a Collective Investment Fund (CIF) by the West Midlands Combined Authority (WMCA) Board at its meeting on the 10 June 2016.

Resolved:

1.     That approval  be given to the Council to enter into a legal agreement with Birmingham City Council to share the risks associated with the West Midlands Combined Authority Collective Investment Fund and that any losses be in equal proportions with the other West Midlands Metropolitan District Councils, i.e.one seventh each.

2.     That delegated authority be given to the Leader of the Council and Cabinet Member for Resources, in consultation with the Director of Finance and Director of Governance, to finalise the West Midlands Combined Authority Collective Investment Fund risk sharing legal agreement with Birmingham City Council.