Archived decisions

AT A MEETING of the PENSION FUND PANEL held at The Castle, Winchester on Friday 20 March 2009

Chairman:

p Councillor T.K. Thornber, CBE

Councillors:

p F.G. Allgood a P.R.C. Hutcheson

p M.F. Cartwright p M.N. Kemp-Gee

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

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

Co-opted Members:

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

p Councillor D. Jones (Portsmouth City Council)

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

a Mr P. Reynolds (employee representative)

Independent adviser:

p Mr H. Cole

263 APOLOGIES

Apologies for absence were received from Councillors Dowden, Hutcheson and Ludlow and Mr Reynolds.

264 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, save for exercising any right to speak in accordance with paragraph 12 of the Code.

265 MINUTES

The Minutes of the meeting held on 3 March 2009 were confirmed as a correct record and signed by the Chairman.

266 CHAIRMAN'S COMMUNICATIONS

There were no communications.

267 PROPERTY INVESTING

The Panel considered a report of the County Treasurer (Item 5 in the Minute Book) regarding a proposal from Kent County Council for collaborative investing of pension funds in property assets in the South East of England.

The Panel noted that Hampshire Pension Fund already has CB Richard Ellis as its UK property manager selected through full EU procurement arrangements, which has the full power to invest in any indirect fund, such as that proposed by Kent. It was agreed that CB Richard Ellis should be left to apply their judgement in terms of which particular vehicle to invest funds.

The Panel reiterated its long standing policy of avoiding direct investments in Hampshire because of real or perceived conflicts of interest and considered that the proposal would potentially compromise this policy.

RESOLVED:

That Kent County Council be thanked for their proposal but on this occasion be informed that the Hampshire Pension Fund is not interested in this specific option for collaborative investing of pension funds.

268 EXCLUSION OF PRESS AND PUBLIC

RESOLVED:

That the public be excluded from the meeting during the following item 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 report.

269 REVIEW OF THE ALTERNATIVE INVESTMENTS PORTFOLIO (EXEMPT)

The Panel considered an exempt report of the County Treasurer on the alternative investments portfolio (Item 7 in the Minute Book).
[SUMMARY OF A MINUTE WHICH CONTAINS EXEMPT INFORMATION]