Archived decisions

AT A MEETING of the PENSION FUND PANEL held at The Castle, Winchester on Thursday, 23 May 2002.

PRESENT:

Councillors: J. Waddington (Vice-Chairman in the Chair) B.D. Dash; Mrs. S.M. Glasspool DL; D.A. Kirk

Pensioners' Representative: Mr. E.W. Hughes.

Employees' Representative: Mr. D. Offord

13 EXCLUSION OF THE PRESS AND PUBLIC

RESOLVED:

That, by virtue of Paragraph 7 of Part I of Schedule 12A of the Local Government Act 1972, the press and public be excluded from the meeting.

14 MINUTES

The Minutes of the meeting held on 13 October and 7 November 2001 were confirmed as a correct record and signed by the Chairman.

15 COSTS OF TRANSFER FROM MORLEY TO SG ASSET MANAGEMENT AND ADOPTING THE NEW BENCHMARK

The Panel received and noted a confidential report of the County Treasurer (Item 3 in the Minute Book) summarising the costs of broking commission and stamp duty incurred by SG Management in restructuring the portfolio transferred to them from Morley. It was also noted that Deutsche had incurred broking commission to restructure their portfolio following the adoption of the Fund's scheme specific benchmark.

[SUMMARY OF CONFIDENTIAL MINUTE]

16 REVIEW OF MANAGERS' TARGETS

Councillor J. Waddington declared a non-pecuniary interest in connection with Friends Ivory and Sime following their acquisition of Royal and Sun Alliance's UK asset management business.

The Panel considered and approved a confidential report of the County Treasurer (Item 4 in the Minute Book) on the progress towards adopting a scheme specific benchmark for the Fund and on the extension of the fund managers' contracts.

[SUMMARY OF CONFIDENTIAL MINUTE]

17 MANAGERS' INVESTMENT POLICIES AND PERFORMANCE

The Panel received and noted a confidential report of the County Treasurer (Item 5 in the Minute Book) summarising the Managers' portfolios on 31 March and 30 April 2002, their actions and their performance returns.

The Panel also received presentations from the Fund's Managers and questioned them about their actions and results and the prospects for the future.

[SUMMARY OF CONFIDENTIAL MINUTE]

18 PROPERTY

The Panel considered and approved a confidential report of the County Treasurer (Item 6 in the Minute Book) on developments regarding the Fund's property portfolio since the Panel's meeting in October 2001. The Panel also received a presentation from Savills, the Fund's Property Manager

[SUMMARY OF CONFIDENTIAL MINUTE]

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