Agenda and minutes

Apologies were received from Henry Pollard and Stuart Fraser.

Although not required to do so, Deputy Ken Ayers and Ian Seaton advised the Board that they were both Members for the ward in which Schroders have business voting rights. The declarations were not required under the declarations of interests procedure but were disclosed in the interest of openness and transparency.

To agree the public minutes and non-public summary of the meeting held on 19 September 2012.

RESOLVED: That the public minutes and non-public summary of the meeting held on 19 September 2012 be approved as an accurate record.

One Member suggested we should look at investing in fine art for the Pension Fund, given that he was aware that other local authorities had done so, as part of our alternative asset strategy.

There was no other business.

MOTION - That under Section 100(A) of the Local Government Act 1972, the public be excluded from the meeting for the following items on the grounds that they involve the likely disclosure of exempt information as defined in Part I of the Schedule 12A of the Local Government Act.

RESOLVED: That under Section 100(A) of the Local Government Act 1972, the public be excluded from the meeting for the following items on the grounds that they involve the likely disclosure of exempt information as defined in Part I of the Schedule 12A of the Local Government Act.

To agree the non-public minutes and of the meeting held on 19 September 2012.

RESOLVED: That the non-public minutes of the meeting held on 19 September 2012 be approved as an accurate record.

Report of the Chamberlain.

The Corporate Treasurer outlined the current status of the Securities Investment - Strategy Review.

RECEIVED

A) Presentation by Adrian Frost, Artemis

B) Fund Manager Analysis

Report of Aon Hewitt.

9A      

The Chairman welcomed Adrian Frost and Victoria Heffer from Artemis who presented on the benefits of retaining a UK equities specialist. They answered a number of questions from the Board Members and the Chairman thanked them for their attendance. After they had left the meeting, the Board briefly discussed the presentation ahead of the Fund Manager selection process which would be happening at the next meeting on 1 November 2012.

9B

The Board noted Aon Hewitt’s analysis of Artemis.

RECEIVED

A) Presentation by Antony Burgess, Veritas

B) Fund Manager Analysis

Report of Aon Hewitt.

10A

The Chairman welcomed Antony Burgess who set out Veritas’s approach to managing global equities and answered a number of questions from the Board Members.

The Chairman thanked Mr Burgess and after he had left the meeting, the Board briefly discussed the presentation ahead of the Fund Manager selection process at the next meeting.

10B

The Board noted Aon Hewitt’s analysis of Veritas.

RECEIVED

A) Presentation by Justin Abercrombie and Lyndon Bolton, Schroders

B) Fund Manager Analysis

Report of Aon Hewitt.

11A

The Chairman welcomed Justin Abercrombie and Lyndon Bolton from Schroders who set out their approach to managing global equities and answered a number of questions from the Board Members. The Chairman thanked the Schroders representatives and they left the meeting.

At this point, the time limit for Committee meetings as set out in Standing Order 40 had been reached, but there being a two-thirds majority of the Committee present who voted in favour of an extension, the Committee agreed to continue the meeting in order to discuss the presentation ahead of the Fund Manager selection process at the next meeting.

11B

The Board noted Aon Hewitt’s analysis of Schroders.

RECEIVED

There were no non-public questions.

There was no other business.