Archived decisions

AT A MEETING of the PENSION FUND PANEL held at The Castle, Winchester on 13 May 2004.

PRESENT:

Councillors: T.K. Thornber, CBE (Chairman); B.D. Dash; Mrs. S.M. Glasspool; P.R.C. Hutcheson; A.R. Ludlow; W.H. Wheeler.

Pensioners' representative: Mr E.W. Hughes.

Independent consultant: Mr H. Cole.

106 DECLARATIONS OF INTEREST

    Members were mindful that, where they believed they had a personal or prejudicial interest in any matter to be considered at the meeting, they should, normally at the time of the debate, declare their interest and, having regard to the circumstances described in paragraphs 9, 10, 11 and 12 of the County Council's Code of Conduct, consider whether to leave the meeting whilst the matter was discussed.

107 CHAIRMAN'S COMMUNICATIONS

    No Chairman's communications were received.

108 DEPUTATIONS

    No deputations were received.

109 MINUTES

    The Minutes of the meeting held on 26 November 2003 were confirmed as a correct record and signed by the Chairman.

110 EXCLUSION OF PRESS AND PUBLIC

    RESOLVED:

    That, by virtue of paragraph 7 of Part 1 of Schedule 12A of the Local Government Act 1972, the press and public were excluded from the meeting for the following items of business.

111 MANAGERS INVESTMENT POLICIES AND PERFORMANCE (CONFIDENTIAL)

    The Panel considered a confidential report of the County Treasurer (Item 6 in the Minute Book) summarising the fund managers' portfolios, their investment actions and performance returns over periods to 31 March 2004. The Panel received presentations from each of the fund mangers and used the report to question the managers about their actions and performance.
    [SUMMARY OF A MINUTE WHICH CONTAINS CONFIDENTIAL INFORMATION]

112 COMMENTS FROM HARVEY COLE, INDEPENDENT CONSULTANT (CONFIDENTIAL)

    The Panel considered a confidential report of the County Treasurer (Item 7 in the Minute Book) introducing a paper prepared by the Panel's independent consultant and sounding board, Mr Harvey Cole, on the economic and market background and the possible implications for the Panel's investment strategy.

    [SUMMARY OF A MINUTE WHICH CONTAINS CONFIDENTIAL INFORMATION]