Issue - meetings

Report of the Chief Financial Officer to consider the latest performance data for the Pensions Fund and for each of the Fund’s investment managers.

The Chief Financial Officer presented this report, which set out fund performance to the end of December 2008, compared responsible investments information provided by our Fund Managers and LAPFF and reported budget management to the end of January 2009 (period 10). It was reported that overall performance for the quarter to the end of December 2008 was above benchmark and above target.

The Committee was advised that Hewitts had recently downgraded one of our Fund Managers. A further report would be provided to the Committee on this issue, following further discussion with Hewitts.

It was reported that some Pension Funds were involved in legal action against RBS in relation to the share issue statement made in June 2008; Haringey was considering its position in respect of this matter, and a further report would be provided to Committee Members on this issue.

The Committee requested that performance data for Fund Managers over a longer time period be provided in future reports for ease of comparison, and that performance data for a previous Fund Manager for the Haringey Pension Fund, Wellington Management, also be provided.

RESOLVED

i)                    That the Fund performance position as at end December 2008 be noted.

ii)                  That responsible investments information provided be noted.

iii)                That the budget management position to the end of January 2009 (period 10) be noted.