Issue - meetings

Report of the Director of Corporate Resources to:

i)                    Consider the latest investment performance data for the Pension Fund and for each of the Fund’s investment managers;

ii)                  To report on key responsible investment issues using information provided by the Fund Managers and the Local Authority Pension Fund Forum (LAPFF);

iii)                To report on budget monitoring against the Pension Fund budget;

iv)                To report on late payments of contributions to the Pension Fund.

The Committee considered a report on the performance data for the Fund and the Fund’s investment managers, key responsible investment issues using information provided by the Fund Managers and the Local Authority Pension Fund Forum (LAPFF), budget monitoring against the Pension Fund budget and late payment of contributions. Nicola Webb advised the Committee that it had recently been announced that ING Real Estate Investment Management was to be sold to CB Richard Ellis, subject to regulatory approval. The Committee would be kept updated of the impact of this change on the Fund as the situation progressed.

In respect of performance, the Committee noted that the investment return achieved in the quarter to December 2010 was 0.57% behind the benchmark and 0.98% behind the target. The Fidelity bond mandate was the only area in which there had been a positive performance against both benchmark and target.

RESOLVED

i)                    That the Fund performance position as at end of December 2010 be noted.

ii)                  That the responsible investments information provided be noted.

iii)                That the pension fund budget monitoring position be noted.

iv)                That the late payments of contributions be noted.