From the Newsroom

Cr Greg Clancy

Greens councillor prevails … finally

Geoff Helisma

 

Clarence Valley council’s deputy mayor, Greg Clancy, has long campaigned to convince a majority of councillors to alter CVC’s investment policy to give preference to financial institutions that don’t invest in the fossil fuel industry.

At the April 2021 CVC meeting, he was again friendless, however a foreshadowed motion put by Cr Karen Toms gained the support of eight councillors, to review CVC’s “investment policy in its entirety on its due date and include options to council for investing in non-fossil fuel investment institutions” and, “following review of its investment policy, a report be provided to council for further consideration.”

The reviewed policy was tabled at the August 2021 CVC meeting; however, a procedural error delayed its tabling until the February 2022 CVC meeting.

At the February CVC meeting, councillors unanimously resolved to include the deputy mayor’s proposal at clause 5.11 in the draft investment policy, which is on exhibition until April 5.

“Subject to consideration of the Risk Management Guidelines of this Policy, preference will be given to financial institutions that publicly state that they do not invest in or finance the fossil fuel industry if:

  • The investment is compliant with Council’s Investment Policy:
  • The investment rate of return is equivalent to or more favourable to Council relative to other similar investments that may be offered to Council at the time of investment;
  • It does not increase the overall risk of Council’s investment portfolio and reduce the diversification with regards to counterparty, credit quality and its maturity profile.”

Councillors also added that “once the draft investment policy has been adopted … identify in the monthly investment report investments that comply with the above” and to “review the draft policy and strategy to reflect the current economic situation, and [to] place the documents on public exhibition for a period of 28 days and report to Council for consideration on completion.”

At the February meeting, councillors didn’t have too much to say about the item, however, Cr Steve Pickering said, “I think it’s up to CVC to show leadership.

“It’s a great initiative and sets the ground rules for the future of the valley … it shows the community we really care about what we say.”

The draft investment policy and draft investment strategy are on exhibition until April 5.