How is Byron Shire Council monitoring its CDO investments?
Byron Shire Council has a duty to regularly review investments with the aim of ensuring an optimum return. Council’s financial advisor continually monitors the investments and provides a monthly report to Council. Council resolved last year to appoint an Internal Auditor to help provide independent assurance over the internal and risk management framework of the Council. This position was filled in March 2009. An Internal Audit Committee has been formed and held its first meeting on 25 March 2009. At this meeting the Committee recommended to: • place on exhibition a revised Draft Investment Policy • appoint an independent investment advisor for three months and • distribute proportionately any losses that may occur from Council investments. In attendance were representatives from Council’s external auditors, Thomas Noble & Russell and Denison Financial Advisory. At this meeting, Denison’s presented information on a range of strategies to deal with under performing investments. As a re
