Agenda item

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