"Investment Committees": 1. (ICs). A representative grouping through which external institutional investors express their collective views to the senior management of the firms in which they hold significant investments. The ICs consist principally of the Association of British Insurers (ABI) and the National Association of Pension Funds (NAPF). 2. A committee which advises internally on the investment policy selected and implemented by a particular body or institution. For example, the investment committee of an individual pension fund.