The Council has appointed Mr Mark Lewisohn as the inaugural Chair of the recently formed Cambridge University Endowment Trustee Body (see the Report: Reporter, 6655, 2021–22, p. 468). Expressions of interest are now invited from individuals wishing to serve alongside him as members of the Trustee Body.
There will be five Trustee Body members in addition to the Chair – two appointed by Council, two appointed by the non-University investors (Colleges & Trusts) and one by members of the Body itself. The University, Colleges and Trusts are now running a joint recruitment process for all their appointed members.
The Cambridge University Endowment Fund (CUEF) has as a fund manager the University of Cambridge Investment Management Ltd (UCIM). UCIM is regulated by the Financial Conduct Authority and is advised by an Investment Advisory Board (IAB) which brings considerable relevant external investment expertise.
The role of the new Trustee Body is to set the high-level investment principles, fund performance and distribution objectives in consultation with UCIM and the IAB, and to monitor the performance of the CUEF and UCIM. The role of the Trustee Body is not to be involved in asset allocation or selection of investments or fund managers (which is the role of UCIM) but to ensure that UCIM is investing appropriately taking due regard to risk, return and responsible investment in accordance with its mandate while acting on behalf of all its investors equally.
The CUEF currently has 19 investors comprising the University, 13 Colleges and 5 trusts, each of which is a separate legal entity. The University, as the largest investor in the CUEF, closely monitors the performance of its investment in the CUEF through the Council’s Finance Committee (Financial Investment Sub-Committee), but also through annual presentations by UCIM to the Council and its Finance Committee. The University is the legal trustee of the CUEF and carries out its responsibilities as trustee through the Cambridge University Endowment Trustee Body to minimise any conflict of interest that might arise.
The positions
As members of the Cambridge University Endowment Trustee Body the appointees will play a key role in the oversight of UCIM as a regulated fund manager to ensure that collective investments are managed competently, appropriately and fairly.
At least one member will need significant experience in responsible investment and, to ensure diversity of thought and perspective, at least one member need not be from a professional investment background.
Trustee Body members must at all times act in the interests of all investors, not the interest of any investor that appointed them (to the extent there is a conflict).
Attributes and experience
The CUEF is open to investment only from the University and charitable entities connected to it. The people appointed as members of the Trustee Body will have, or be able to develop rapidly, a broad knowledge of the Collegiate University, its stakeholders and its approach to investing. They will be excellent communicators with empathy for the Univerisity’s mission and sustainability agenda. An understanding of philanthropic fundraising and the attitude of donors to funds that will be held in the CUEF is also helpful.
Nonetheless, the University, Colleges and Trusts are looking to recruit a diverse set of skills and experience for the Trustee Body and an existing relationship with the Collegiate University is not essential.
Terms of appointment
The position of Trustee Body member is an unpaid role, for a minimum tenure of four years. There are expected to be three meetings of the Trustee Body a year but it is possible that other ad-hoc meetings will be required in the initial phase to deal with set-up issues or later to deal with any urgent matters that may arise.The successful candidates will be able to claim reasonable expenses incurred in the course of business associated with the Trustee Body.
Process for appointment
The Chair and Council are being advised by a Nominating Committee, which is chaired by Mr Lewisohn and has the following additional members: Ms Sharon Flood, Dr Ann Kaminski, Mr Naguib Kheraj, Dr Richard Anthony, Mr Tim Harvey-Samuel and Mr Anthony Odgers.
The Council is committed to a pro-active and inclusive approach to equality, which supports and encourages all under-represented groups, promotes an inclusive culture, and values diversity.
Expressions of interest, which should comprise a curriculum vitae and covering letter should be sent by email to Liz Allan liz.allan@peoplepuzzles.co.uk Human Resources by 12 noon on Monday 16 January 2023.