§ 34. Mr. Clifton-BrownTo ask the right hon. Member for Selby, representing the Church Commissioners what procedural changes have been made in the reporting mechanism from the assets committee to the Church Commissioners on investment performance.
§ Mr. AlisonThe Church Commissioners' board of governors has recently taken a number of steps to strengthen the commissioners' financial management and accountability. The board's actions come as a direct result of the recommendations of the Lambeth report and are part of an ongoing process to address all the issues raised in it.
541WThe board has strengthened its relationship with the commissioners' assets committee through general rules under which the assets committee is to work. These provide for the assets committee:
- To review, at least annually with external professional advice, asset allocation and investment performance.
- To manage the Commissioners' assets with full regard to the commissioners' ethical policy approved by the Board on the recommendation of the assets committee.
- To seek the express approval of the board before any new borrowing.
- To report quarterly to the board.
The rules are designed to offer direction and guidance to the assets committee and to reinforce the link between the two bodies.