Chairman update

Discussion of the proposed Cashback Investment Club

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garindan
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Chairman update

Post by garindan » Thu Jan 28, 2016 11:32 am

Hi everyone,

As you have been aware - I had scheduled a meeting with Rich (Treasurer and imutual king) to discuss various things about the CIC. This finally happened yesterday (we have both been very busy) and we covered a lot of topics and proposals for future operation! I'm going to formulate these hopefully before the end of the day for us to discuss further within the membership and hopefully others not currently in the Club will have some thoughts and feedback too :thumbup:

I just wanted to let you know it has happened though and it was a good meeting :D

I'm really looking forward to having some fruitful and progressive discussions on the forum over the next few weeks!

Thanks,
Andrew
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Re: Chairman update

Post by AAAlphaThunder » Thu Jan 28, 2016 11:42 am

Sounds like progress. I like progress, it means we are slowly and steadily moving towards our goals, aims and objectives.
[Secretary] imutual Cashback Investment Club

garindan
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Re: Chairman update

Post by garindan » Thu Jan 28, 2016 11:35 pm

Apologies - I completely forgot I had to attend a meeting this evening and it went on for far longer than I thought, so I didn't manage to get onto posting about the above. I will do this tomorrow though.
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Re: Chairman update

Post by garindan » Fri Jan 29, 2016 11:41 pm

Ok so here is the overview of what was discussed and the outcome of it all. This is a long post, so beware!

1) Roles of club officers

We looked again at the roles of each Club officer. We decided they should be defined as follows:

Chairperson
- Strategy for successful operation and development of the club
- Make and coordinate discussion of proposals to members
- Mediate and influence forum discussions
- Manage new members, incl. "proofs of ID"
- Ensure members' ongoing compliance with rules + constitution
- Execute investment purchases and sales

Treasurer
- Process member subscriptions and withdrawals
- Monthly unit valuations and other regular reports
- Income/expenditure book keeping and investment club tax returns
- Manage bank and sharedealing accounts, incl fund transfers as required
- Assist chairperson as required

Secretary
- Ensure club decisions are made according to club rules and agreed criteria
- Create forum discussions for above, and chase / prompt contributions
- Encourage participation (posts, research etc)
- Assist chairperson as required

With the leaving of David, the previous Secretary, we had a vacancy for the role. underdog put his name forward and kevinchess1 seconded his nomination. There were no other members expressing an interest in the role. I will now publish another thread for underdog to confirm his willingness to undertake the role and we can hold a quick poll to confirm his appointment.

If there are any thoughts about the roles of the officers above do let me know. We didn't think any of it was contentious. :thumbup:

2) Investment strategy

We have up to this point restricted to and only invested in FTSE100 shares. The current state of world shares means we are more exposed to things that happen outside the UK. As such:

I propose to widen the scope of potential investment targets to within the FTSE250.

Rich and I also discussed the current portfolio we have, expanding it and potentially increasing holdings if appropriate. Rich will provide some feedback about this based on the old rpoints club that used to exist. Please discuss here.

3) Reporting facilities

I have been concerned that the reports available to members are confusing. We have quite a few separate ones when having a single consolidated report covering all the information we need to know as club members would be more effective. Having discussed the technical situation it seems very doable to re-work the information into a single member's CIC report, covering all the information we need. We will also continue with weekly (which is now automated) reporting, build history of changes and eventually begin to graph this for visual representation. It will be a work in progress, as it has been behind the scenes to date, upgrading the technical solution to increase our information flow. This will mean underdog need not continue doing stats and can concentrate on new duties as secretary (should that be agreed). As such:

We propose to create a single consolidated member's report detailing all the information each member needs.

Please discuss here.

4) Voting for purchases

I have seen a real need to improve our voting process to increase reaction time and make us a little more agile as a group. There are a number of things Rich and I discussed. Firstly - I'd like to propose changing the way members find out about new polls. If we want to be more agile we need to conclude voting more quickly - but a problem has been the delay in members knowing there is a poll to vote in. Therefore:

I propose all members will receive an email notification informing of the need to vote in a Club poll.


kevinchess1 has mentioned in the past he was really in favour of having a "none of the above" option when voting. In hindsight I think this is right and should be instated for all subsequent votes. In practice it should show how well the options that get proposed are received by members. I will not be putting this to the vote - just doing it here-forth.

We do still need to come up with a better working method for identifying potential investments and monitoring them. I'd really like to hear more from members about how they would like to see this happen. We don't have it right yet, so there is room for improvement - I'm sure many will agree. I think we need slightly more effort from members on this but life situations make time precious as we all know... What is the happy medium? Please discuss here.

5) Additional fund and financing it

Some members have suggested in the past that they would effectively like to "top-up" their funds with their own money, which has not been derived from their imutual cashback earnings. Rich and I had a lengthy discussion about this. Conceptually for this not to contravene the ethos of the Club, there needs to be two requirements:

- that a primary fund exists of the cashback earned by members and explicitly excludes any external monies
- that a secondary fund could potentially exist of non-cashback derived monies but must explicitly exclude any cashback earnings transferred directly from any member's imutual balance

These clauses are important for a number of reasons but would give the secondary fund breadth to explore more riskier investments. Therefore:

I propose we discuss the pros and cons of allowing external funding within the clauses set out and determine whether there is an appetite to pursue this idea further.

This should be discussed further by members here.

6) Promotion

So far we have only really undertaken a soft approach to promoting the Club. I've posted very infrequently in other imutual forums. We have not really explored external to imutual. We haven't pushed it in any way, mainly because we have still been in the fledgling stage. During the course of the next year I hope we'll begin to attract some new members, increase our investment ability and gradually become more regularly active. Clearly, with the state of the FTSE100 and so forth we haven't a great 'success' to shout about but we have not done badly by any means. Performing better than the FTSE100 average is good for such a young club and we have already learned some good lessons along the way. As such I'd like to think we can start a low-key bit of promotion, starting with the newsletter. Therefore:

I propose we have a short and sweet note about the Club in the next newsletter, to catch any imutual members eyes that might not be aware of our existence.

I'd welcome any thoughts about future promotional activities we can do to increase membership and, subsequently, our investment power. Discuss here.


I am going to leave it there. I know that is quite a lot of things to consider all in one go, but as we are nearing the first anniversary of our initial 'real' investment it is definitely worth taking stock and seeing how we can improve our club.

I hope you have found these topics useful, informative and are ready to contribute your thoughts and ideas. Please remember all ideas are welcome - don't be afraid to say something no matter how minor you might think it is or contentious. For us to work well as a club we need members to be active and represent their beliefs. Conversely - don't let others responses to any such suggestions dishearten you! Everyone has views and just because someone posts their view does not mean everyone else supports it. Let's have a great discussion and come up with well thought through plans for our future :thumbup:

Many thanks,
Andrew
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Re: Chairman update

Post by William Joseph1 » Sat Jan 30, 2016 12:58 pm

This potentially is one of the most important issues ever discussed. It needs an email to all members before any action is taken. To ensure all members have had a chance to read and digest before any decisions are taken and to enable a full discussion to take place. This needs to happen ASAP and not when the next poll is announced.
I have seen a real need to improve our voting process to increase reaction time and make us a little more agile as a group. There are a number of things Rich and I discussed. Firstly - I'd like to propose changing the way members find out about new polls. If we want to be more agile we need to conclude voting more quickly - but a problem has been the delay in members knowing there is a poll to vote in. Therefore:

I propose all members will receive an email notification informing of the need to vote in a Club poll.
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Re: Chairman update

Post by Beachboy » Sat Jan 30, 2016 6:34 pm

Thanks for all of your (and Richard's) effort in pulling all the information together, it is is much appreciated. I think you have highlighted some key areas where we can have a good debate and drive the club forward from what in my opinion has been a really encouraging first year or so. I feel we have made a solid start and whilst we have not made much money we have not lost a significant amount either and and have learned quite a lot along the way. :thumbup:
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garindan
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Re: Chairman update

Post by garindan » Sun Jan 31, 2016 3:29 am

William Joseph wrote:This potentially is one of the most important issues ever discussed. It needs an email to all members before any action is taken. To ensure all members have had a chance to read and digest before any decisions are taken and to enable a full discussion to take place. This needs to happen ASAP and not when the next poll is announced.
I have seen a real need to improve our voting process to increase reaction time and make us a little more agile as a group. There are a number of things Rich and I discussed. Firstly - I'd like to propose changing the way members find out about new polls. If we want to be more agile we need to conclude voting more quickly - but a problem has been the delay in members knowing there is a poll to vote in. Therefore:

I propose all members will receive an email notification informing of the need to vote in a Club poll.
I have read your post but am a little unsure as to EXACTLY what you mean. Could you be really explicit in what you think needs to happen? That way I can be sure not to misinterpret what you have said :thumbup:

You feedback is really welcome :D
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Re: Chairman update

Post by William Joseph1 » Sun Jan 31, 2016 8:36 am

Only that an email should be sent to all 17 members to make them aware of your update and encouraging them to comment and discuss it in these forums. This should be done before the next proposed email to announce any poll.
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Re: Chairman update

Post by garindan » Mon Feb 01, 2016 7:52 am

William Joseph wrote:Only that an email should be sent to all 17 members to make them aware of your update and encouraging them to comment and discuss it in these forums. This should be done before the next proposed email to announce any poll.
Got it. I agree. However, I need to do some testing with Rich first to see how to get the correct rights on the forum to do this :thumbup:
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