Archived decisions

AT A MEETING of the PENSION FUND PANEL held at The Castle, Winchester on Friday 7 November 2008.

Chairman:

p Councillor T.K. Thornber, CBE

Vice Chairman:

p Councillor M.F. Cartwright

Councillors:

p F.G. Allgood p M.N. Kemp-Gee

p B.D. Dash p A.R. Ludlow

p A.G. Dowden p J.J.W. Maxwell

a P.R.C. Hutcheson

Co-opted members:

a Councillor I.R. Carr (Test Valley Borough Council)

a Councillor P. Giddings (deputy in place of Councillor I.R. Carr)

p Mr E.W. Hughes (pensioners' representative)

p Mr P. Reynolds (employee representative)

Independent adviser:

p Mr H. Cole

223 APOLOGIES FOR ABSENCE

    Councillors P.R.C. Hutcheson, I.R. Carr and P. Giddings gave their apologies.

224 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.

225 CHAIRMAN'S COMMUNICATIONS

    No Chairman's communications were received.

226 DEPUTATIONS

    No deputations were received.

227 MINUTES

    The Minutes of the meeting held on 23 May 2008 were confirmed as a correct record and signed by the Chairman.

228 PENSION FUND PANEL REPRESENTATIVES

    The Panel considered a report of the County Treasurer (Item 6 in the Minute Book) concerning changes to the representation on the Pension Fund Panel for the unitary authorities and employees. Councillor Donna Jones had been nominated by Portsmouth City Council to replace Councillor Jeremy Moulton following the end of his two-year appointment to the Panel. Southampton City Council's Cabinet will consider Councillor Moulton's nomination for the role of deputy representative of the unitary authorities on 24 November 2008.

    The Panel discussed whether representation of the unitary authorities should be extended from one to two members so that both Portsmouth and Southampton City Councils could be represented on a permanent basis. The Panel noted that this would lead to increased pressure from other employers for more representation and that the Panel would become unwieldy.

    Julie Murdoch had been selected by the unions as the deputy employee representative but was unable to take on the role. The unions would identify a replacement in due course.

    RESOLVED:

    (a) That the appointment until 30 September 2010 of Councillor Donna Jones of Portsmouth City Council as the representative of the unitary authorities on the Pension Fund Panel to replace Councillor Jeremy Moulton of Southampton City Council be confirmed.

    (b) That the nomination of Councillor Jeremy Moulton as the deputy for the representative of the unitary authorities on the Pension Fund Panel be accepted, subject to Councillor Moulton's nomination being confirmed by Southampton City Council.

    (c) That the representation of the unitary authorities on the Pension Fund Panel should remain unchanged at one member alternating between Portsmouth and Southampton City Councils every two years.

    (d) That the remainder of the report be noted.

229 EXCLUSION OF PRESS AND PUBLIC

    RESOLVED:

    That the public be excluded from the meeting during the following items of business, as it is likely, in view of the nature of the business to be transacted or the nature of the proceedings, that if members of the public were present during those items there would be disclosure to them of exempt information within Paragraph 3 of Part 1 of Schedule 12A to the Local Government Act 1972, and further that in all the circumstances of the case, the public interest in maintaining the exemption outweighs the public interest in disclosing the information, for the reasons set out in the reports.

230 ECONOMIC AND FINANCIAL BACKGROUND (EXEMPT)

    The Panel received and noted a report of the Panel's independent adviser Mr Harvey Cole (Item 8 in the Minute Book) on the economic and financial background.
    [SUMMARY OF A MINUTE WHICH CONTAINS EXEMPT INFORMATION]

231 INVESTMENT MATTERS - UPDATE (EXEMPT)

    The Panel considered an exempt report of the County Treasurer (Item 9 in the Minute Book) on the recent performance of the Fund's investment managers.
    [SUMMARY OF A MINUTE WHICH CONTAINS EXEMPT INFORMATION]

232 ALTERNATIVE INVESTMENTS PORTFOLIO - UPDATE (EXEMPT)

    The Panel considered an exempt report of the County Treasurer (Item 10 in the Minute Book) giving an update on the Fund's alternative investments portfolio.
    [SUMMARY OF A MINUTE WHICH CONTAINS EXEMPT INFORMATION]

i:\ . . . . \ian\docs\PFP 2008 7Nov08 mins.doc 17 November 2008