Issue - meetings

To report the following in respect of the three months to 31^st December 2012:

·       Investment asset allocation

·       Investment performance

·       Responsible investment activity

·       Budget management

·       Late payment of contributions

·       Communications

The Committee received the Pension Fund quarterly update. It was noted that the asset allocation changes agreed by the Committee in January had been implemented on 1 February. Further to discussion with BlackRock, it was confirmed that as a result of a change in policy, information on the names of companies they had engaged with would now be provided to the Committee in future reports.

In response to a question from the Committee regarding performance, particularly with regard to the property portfolio, it was confirmed that officers were liaising with the property manager regarding performance, but it was noted that the relative illiquidity of this asset class meant that time was needed in order to implement changes.

RESOLVED

That the information provided in respect of the activity in the three months to 31^st December 2012 be noted.