This first annual report has been published as a standalone document but in the future it will be appended to the States’ Annual Accounts which are usually published in June of each year.
In this first report the SIB has said: “2022 was a challenging year for investors worldwide. Inflation’s surge to 40-year highs led central banks to raise interest rates sharply resulting in highly unusual conditions where both bonds and equities fell sharply.”
The report shows that the island’s Consolidated Investment Fund assets were down 11.63% over the year while the Common Investment Fund rose slightly by 0.28%.
The full report can be read HERE.
The current SIB started work last year with Richard Crowder acting as Chair.
He is supported on the board of the SIB by Henry Freeman, Bethan Haines (States Treasurer), and Paul Meader. Jointly they report to the States’ Policy & Resources Committee.
The SIB is intended to work “discretionally and divorced from P&R” and along with the board members it is advised by a UK investment advisory group called Cambridge Associates.
The SIB is responsible for the entire States of Guernsey portfolio including the controversial Guernsey Investment Fund which was used earlier this year to buy a new boat for Condor Ferries – although that decision was later rescinded and the boat was funded using other States money.
States is hiring for this significant role
— Sasha Kazantseva-Miller (@sashakmiller) October 30, 2023
– Chair of the States Investment Board – SIB oversees the government investment portfolio and social insurance funds,
Deadline for applications Monday November 13th.https://t.co/WZg101K7BWpic.twitter.com/SmUcX3VB9L
The role of Chair of the SIB has been described as “significant” by Deputy Sasha Kazantseva-Miller, who sits on the Committee for Economic Development.
Sharing the advertisement to X (formerly Twitter), she encouraged suitable candidates to apply before the deadline of 13 November.
Paying £9,552 a year, the role includes monthly board meetings, except for during July and December along with occasional ad-hoc meetings.
Successful candidates will be required to provide the Committee with a completed Declaration of Interests and a completed Declaration of Unspent Convictions before their appointment is confirmed.
Pictured: The key criteria candidates need to meet to apply for this role.
The Chair of the SIB is responsible for things like “supporting P&R in setting the mandate and objectives for investment of States’ funds” and monitoring investment strategies, appointment investment consultants and dismissing investment managers where necessary.
The Chair will also need to “set out proposals for the future investment strategy for approval by the Committee” and lead on the promotion of “strong governance procedures and ensuring the efficient management of Funds”.
