a) The Objectives of the Investment Committee (“IC”) are to:
Assist the Board of the Company in setting the investment policy to be adopted for the Company funds (the ‘Plan’), and
b) ensure that the investment of the Company funds is conducted in accordance with the Plan.
a) The committee shall appoint a secretary who shall attend all meetings and prepare minutes.
3. Committee responsibilities
a) To assess the Plan recommended by the Group Executive Committee (GEC) and make appropriate recommendation to the Group Board.
b) To review on an ongoing basis the appropriateness of the Plan in the light of economic and business conditions affecting the Company, and make recommendations for Board approval as may be appropriate.
c) To ensure that investments are made in accordance with the Plan.
d) To provide the Board quarterly reports on investment performance.
e) To meet at least quarterly.
f) To monitor performance, including the performance of outside investments managers, to ensure that investment returns fall within acceptable limits.
g) To provide independent input to the CIO on overall investment strategy and portfolio positioning matters, as required.
h) To review the governance process and policies in place on an annual basis and provide appropriate assurance to the Board.
i) To consider and if appropriate approve any specific investments in excess of Plan limits
j) To consider and if appropriate recommend to the Group Board for approval any changes in limit thresholds above which the GEC refers to the Investment Committee
4. Delegation of Board authority
a) The committee shall have the authority reasonably necessary to discharge the Committee’s responsibilities.
b) The committee shall have the authority to appoint external advisors (other than investment managers) as it determines to be reasonable to enable it to discharge the Committee’s responsibilities.
c) The committee shall have the authority to form subcommittees and to delegate authority thereto or to employees of CGL group companies as it determines to be reasonable.
Adopted on: 6 May 2010