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 February 2010.

The Committee considered the report on Fund Performance.

The Committee asked how the information that annualised performance of the Fund had declined in absolute terms up to December 2009 tallied with the statement that markets had risen significantly in the past period. It was reported that the decline in performance related to the performance of the Fund since its inception, whereas the rise in the markets only related to the previous quarter.

In response to a question from the Committee regarding comparison of the Haringey Fund performance with other London boroughs, it was reported that generally Haringey fell within the 70^th percentile but that the performance statistics did not reflect like for like comparison. It was emphasised that while there could be volatility in the short term, it was necessary to focus on long term Fund performance.

The Chair advised that issues around costs and fees would be looked at as part of the forthcoming strategic investment review and that it was important to acknowledge that these represented calls on the Fund.

 RESOLVED

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

ii)                  That responsible investments information provided be noted.

iii)                That the budget management position to the end of February 2010 (period 11) be noted.