THE SALVATION ARMY TRUSTEE COMPANY. Investment Advisory Committee (IAC) TERMS OF REFERENCE. Approved SATCO. 9 September 2016
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1 THE SALVATION ARMY TRUSTEE COMPANY Investment Advisory Committee (IAC) TERMS OF REFERENCE Approved SATCO 9 September 2016 CL
2 Terms of Reference 1. Authority The IAC is constituted to advise The Salvation Army Trustee Company (SATCO) and constituent funds on their investments. Its members and its Chairman are appointed by SATCO. Its advice on investment matters must be ratified by SATCO or, where appropriate, by constituent funds. In order to give informed advice, the IAC may seek appropriate information from SATCO, constituent funds and external consultants. 2. Membership and Meetings The IAC shall comprise no fewer than six members, including: The Secretary for Business Administration (SBA) The Territorial Financial Secretary/Finance Director Two advisers, external to The Salvation Army administration, with relevant investment knowledge and experience; one of these advisers shall be the SATCO director responsible for Investments. A quorum shall consist of four members, of whom one must be an external adviser. External advisers shall be appointed by SATCO for a three-year term, renewable for a further three years. A Letter of Appointment shall be issued to them on joining the committee. The advice of the external advisers will form the basis of the committee s investment decisions, and will be specifically recorded in the minutes. In the absence of the appointed Chairman, the SBA will chair the meeting. In the absence of the SBA, the members will appoint one of their number to chair the meeting. The IAC will normally meet at quarterly intervals, and ad hoc as appropriate. 3. Duties and Responsibilities To formulate long-term strategies, which are appropriate to achieve the objectives of constituent funds, including both capital and income requirements and acceptable degrees of risk. To provide investment managers with suitable benchmarks and objectives, which match those strategies and provide adequate control of risk. These are to be clearly stated and approved by SATCO or, where appropriate, by constituent funds. To monitor and evaluate the performance of the investment managers against their given benchmarks and objectives on a regular basis, and in particular after the conclusion of a reasonable measurement period. To monitor and evaluate the effectiveness of the investment managers in the implementation of the ethical requirements and other constraints of the Code. To agree the wording of investment recommendations to SATCO or constituent funds at the conclusion of each meeting. IAC Terms of Reference 1 CL
3 Terms of Reference (continued) To report on all deliberations, which may take place, to SATCO and constituent funds, via the minutes of the committee and otherwise, as appropriate. The IAC should endeavour to ensure that the funds are invested in a manner consistent with the promotion of the objects of The Salvation Army, as set out in The Salvation Army Act (see appendix 3 of this document). In addition, the committee will maintain a Code of Ethical Practice, and offer it to SATCO and the constituent funds. It will also monitor action taken by investment managers on voting and engagement with companies. Minutes of all IAC meetings should be kept and distributed to all members of the committee and directors of SATCO. Accounts of the funds should be produced to the committee annually. SATCO may call the Chairman of the IAC to explain any matter relating to the investments of The Salvation Army, at any time. The Chairman of the IAC shall report formally to SATCO twice a year in June and December. If a member of the IAC has any concern, relating to the investment of the funds of The Salvation Army, it should be submitted, in writing, to the Chairman of the IAC. It must also be submitted to the board of SATCO through the Company Secretary. These Terms of Reference will be reviewed at least annually and brought before the directors of SATCO for that purpose. 4. Investment Guidelines All investments made by SATCO must be within its powers either statutory or otherwise. These powers are defined by The Salvation Army Act 1980 and by trust law in general. Investments for Army funds not managed by SATCO follow the same principles. Investments may be held in stocks, shares, debentures and other securities quoted on a recognised stock exchange (for SAGIC this must be UK), in government, municipal and public utility stocks, and in bank deposit accounts. Investments may be made in collective investment schemes, including those holding real estate assets. Whilst it is appreciated that sometimes such investments may not practically be able to be fully constrained by these investment guidelines and the Code of Ethical Practice, the IAC will give preference to those that do, and will instruct the investment managers accordingly. Where agreed by SATCO and / or constituent funds, investments should be made subject to the Code of Ethical Practice. Investments should be made on longer-term considerations, rather than in the pursuit of shortterm gains. The policy is not to participate in securities class actions since these are not expected to produce a net benefit, unless, with TSA involvement, deemed absolutely necessary or entirely appropriate, and (in accordance with the litigation policy) following discussion with the CS and Director of Legal Services Investment is not permitted in contingent liability and derivative transactions, whether exchange traded or not. No borrowing, short selling or stock lending is permitted. IAC Terms of Reference 2 CL
4 Terms of Reference (continued) No direct investment may be made in unquoted securities, in the UK or overseas. No more than 35% of any portfolio (except for CIF1 and CIF2) may be invested in overseas markets. Except for British Government securities and collective investment schemes, no more than 10% of any portfolio may be invested in any single investment. Further restrictions may apply for particular funds. IAC Terms of Reference 3 CL
5 Appendix 1 Constituent Funds The Salvation Army has six stock market based funds, namely The Common Investment Fund 1 The Common Investment Fund 2 The Officers' Pension Fund The Employees' Pension Fund The Employees' Defined Contribution Scheme The Salvation Army General Insurance Corporation, Ltd Fund The aims and objectives of the constituent funds are set out below. IAC Terms of Reference 4 CL
6 Appendix 1 (continued) Common Investment Fund 1 (CIF1) The CIF 1 portfolio consists of Permanent Endowments, which are restricted by donor intention. In most instances, the income is to be used in specific corps for specific purposes. Fund strategy is: to preserve the value of the fund, adjusted for real inflation to maintain a steady annual income stream The Fund's benchmark and ranges of distribution are as follows: Benchmark Range Equities: United Kingdom 40 ±10 Aim and Objective Europe (ex UK) 15 ±10 Emerging Markets 15 ±10 Asia Pacific 10 ±10 United States 10 ±10 Bonds 0 ±10 Property 10 ±10 Cash The performance objective of the Fund is to achieve an annual total return which exceeds the composite benchmark (as below) by at least 1.25% per annum, gross of fees, measured over rolling three-year periods, commencing 1 January Sector Indices UK Equities Europe (ex UK) Equities Emerging Markets Equities Asia Pacific Equities Performance Benchmark FTSE All-Share FTSE All World Developed Europe (ex UK) FTSE All World Emerging Markets FTSE All World Developed Asia Pacific United States Equities S&P 500 Property AREF/IPD UK All Balanced Property Fund IAC Terms of Reference 5 CL
7 Appendix 1 (continued) Common Investment Fund 2 (CIF2) The CIF2 portfolio comprises both restricted and board designated reserves where both capital and income are available for expenditure. Fund strategy is to strive for capital growth rather than income, so that The Army has a source from which to fund budget deficits when these occur. Part of the CIF2 portfolio is subject to a lien to Reliance Bank equal to 125% of a loan. The relevant amount is advised direct to the investment managers by Reliance Bank. The Fund's long-term benchmark and allocation ranges are as follows: Benchmark Range Equities: United Kingdom 40 ±10 Europe (ex UK) 15 ±10 Emerging Markets 15 ±10 Asia Pacific 10 ±10 United States 10 ±10 Bonds 0 ±10 Property 10 ±10 Cash Aim and Objective The performance objective of the Fund is to achieve an annual total return which exceeds the composite benchmark (as below) by at least 1.25% per annum, gross of fees, measured over rolling three-year periods, commencing 1 January Sector Indices UK Equities Europe (ex UK) Equities Emerging Markets Equities Asia Pacific Equities Performance Benchmark FTSE All-Share FTSE All World Developed Europe (ex UK) FTSE All World Emerging Markets FTSE All World Developed Asia Pacific United States Equities S&P 500 Property AREF/IPD UK All Balanced Property Fund IAC Terms of Reference 6 CL
8 Appendix 1 (continued) The Salvation Army Officers' Pension Fund This is a mature fund, with a requirement to pay pensions for 53% of its membership (March 2013) The relative certainty in the timing and amount of pension payments would imply an increasing proportion of bonds to provide suitable matching assets. The Fund's benchmark and ranges of distribution are as follows: Benchmark Range Equities: United Kingdom 45 ±5 Overseas 22.5 ±5 Bonds: United Kingdom 25 ±5 Property 7.5 ±2.5 Cash 0 +5 Aim and objective The performance objective is to outperform the benchmark, gross of fees, by 1% per annum, measured over rolling three year periods. Sector Indices Performance Benchmark Equities: United Kingdom FTSE All-Share Overseas FTSE All World (ex UK) Bonds: United Kingdom iboxx Sterling Non-Gilts>15 Years Property AREF/IPD UK All Balanced Property Fund IAC Terms of Reference 7 CL
9 Appendix 1 (continued) The Salvation Army Employees' Pension Fund This is an immature fund, with a requirement to pay current pensions for approximately 27% of its membership (March 2013). A more aggressive and longer-term approach is taken to its capital investment. The Fund's benchmark and ranges of distribution are as follows: Benchmark Range Equities: United Kingdom 55 ±5 Aim and objective The performance objective is to outperform the benchmark, gross of fees, by 1% per annum, measured over rolling three year periods. Sector Indices Overseas 20 ±5 Bonds: United Kingdom 25 ±5 Cash 0 +5 UK Equities Overseas Equities Bonds Performance Benchmark FTSE All-Share FTSE All World (ex UK) iboxx Sterling Non-Gilts AVC (defined contribution) section The members of the fund are also offered the opportunity to make additional contributions which are invested according to members instructions in a range of funds with Royal London Asset Management. This manager offers funds which provide an acceptable level of ethical screening. However since the members bear the investment risk (rather than The Army) it was decided to also offer mainstream funds with no ethical screening. IAC Terms of Reference 8 CL
10 Appendix 1 (continued) The Salvation Army Employees Defined Contribution Scheme Members in the Scheme have access to a range of funds on a platform provided by Friends Life. The provider offers funds which provide an acceptable level of ethical screening. However since the members bear the investment risk (rather than The Army) it was decided to also offer mainstream funds with no ethical screening. The funds on the platform are selected by Friends Life, but the funds for the Scheme are chosen by the IAC from the range that Friends Life makes available. IAC Terms of Reference 9 CL
11 Appendix 1 (continued) The Salvation Army General Insurance Corporation, Ltd Fund (SAGIC) SAGIC management reserve the right to further monitor the constituents of the portfolio in order to ensure that Insurance Industry regulatory requirements relating to counterparty exposures and admissibility are met at all times. The Investment Managers may therefore be instructed by the Company to adjust the portfolio at any time to ensure compliance. The Fund's benchmark and ranges of distribution are as follows: Benchmark Range UK Equity 40 ±5 Bonds 45 ±5 Cash 15 ±5 Aim and objective The performance target for the fund is to outperform its benchmark by 0.5% per annum, gross of fees, measured over rolling three year periods. Sector Indices UK Equities Bonds Cash Performance Benchmark FTSE 350 Higher Yield iboxx Sterling Non-Gilt 1-5 Year LIBID 7 Day IAC Terms of Reference 10 CL
12 Appendix 2 PROFESSIONAL INSTITUTIONS Investment Managers Sarasin & Partners LLP., Juxon House, 100 St Paul s Churchyard, London EC4M 8BU Schroder & Co. Limited. 100 Wood Street, London EC2V 7ER Investment Fund Providers The Charities Properties Fund c/o Rensburg Sheppards, 2 Gresham Street, London, EC2V 7QN Friends Life and Pensions Limited Pixham End, Dorking, Surrey RH4 1QA Lothbury Investment Management Limited, 155 Bishopsgate, London EC2M 3TQ Royal London Asset Management, 55 Gracechurch Street, London EC3V 0UF Custodians Bank of New York Mellon, 1 Canada Square, London E14 5AL Schroder & Co. Limited. 100 Wood Street, London EC2V 7ER Actuaries and Consultants BWCI Consulting Limited PO Box 68, Albert House, South Esplanade, St. Peter Port, Guernsey, Channel Islands, GY1 3BY Auditors Knox Cropper, 8-9 Well Court, London EC4M 9DN Bankers Reliance Bank Limited, Faith House, Lovat Lane, London, EC3R 8EB Ethical Advisers Ethical Investment Research Services (EIRIS), Bondway, London, SW8 1SF IAC Terms of Reference 11 CL
13 Appendix 3 THE SALVATION ARMY ACT, 1980 Section 3 OBJECTS OF THE SALVATION ARMY The objects of The Army shall be the advancement of the Christian Religion as promulgated in the religious doctrines set out in Schedule 1 to this Act which are professed, believed and taught by The Army and, pursuant thereto, the advancement of education, the relief of poverty, and other charitable objects beneficial to society or the community of mankind as a whole. IAC Terms of Reference 12 CL
14 Appendix 3 (continued) THE SALVATION ARMY United Kingdom Territory with the Republic of Ireland MISSION STATEMENT Called to be disciples of Jesus Christ, The Salvation Army, United Kingdom Territory with the Republic of Ireland exists to save souls, grow saints, and serve suffering humanity. VISION STATEMENT As disciples of Jesus Christ, we will be a Spirit-filled, radical, growing movement with a burning desire to lead people into a saving knowledge of Jesus Christ actively serve the community fight for social justice (as approved by Cabinet, 30 th October 2007) IAC Terms of Reference 13 CL
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