Issue - meetings

Report of the Chief Financial Officer to consider the latest investment performance data for the Pensions Fund and for each of the Fund’s investment managers, to compare responsible investments information provided by our Fund Managers with that supplied by LAPFF and to report 2009/10 budget monitoring to the end of September 2009.

The Chief Financial Officer introduced the Fund Performance report for the quarter ending 30 September 2009. It was reported that the annualised performance of the Fund had underperformed the gross benchmark by 2.65% and underperformed the gross target by 4.29% up to 30 September 2009. The report covered the performance of the individual fund managers, responsible investment issues and the budget position.

In response to concerns raised by the Committee regarding recent media reports relating to Shell, one of the Fund’s main holdings, Colin Duck, Corporate Finance, advised that the information provided in the Fund Performance report only covered the period to September 2009 and that more recent activity would be reported to the next quarterly meeting. Mr Duck requested that Members supply him with details of any information of concern in relation to responsible investment issues, for forwarding to the Fund Managers in question for action. It was reported that such issues would also be highlighted by the LAPFF. The Committee emphasised the importance of responsible investment issues.

RESOLVED

i)                    That the Fund performance position as at end of September 2009 be noted.

ii)                  The responsible investments information be noted.

iii)                That the budget monitoring position to the end of September 2009 be noted.