Agenda item

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