Agenda and minutes

RESOLVED that the minutes of the Pensions Investment Committee held on   November 15 2012 be confirmed and signed.

Councillor Muldoon declared a personal interest in Item 6 as a friend of Sir Paul Judge, the Chair of Schroder Income Growth Fund plc.

            Selwyn Thompson informed the Committee that the transition from active to passive management had been completed in November 2012.

            Members then received a presentation from Simon Hutchinson and Kate Lander who tabled a written report. (copy filed with minutes).

            Members thanked the Northern Trust representatives for their presentation.

            RESOLVED that the report be noted.

            Mr Donaldson presented this item and circulated a written report.

RESOLVED that the report be noted.

Report to follow.

The Chair confirmed consideration of this item would form part of the previously agreed training session.

RESOLVED that this item be deferred pending a training event.

A presentation will be made by Schroders.

            The Committee received a presentation from three Schroder representatives, Mr Anthony Doherty, Property Fund Manage, Graeme Rutter, Head of Property Multi-Manager and Dan Hunter, Client Director. They tabled a report and a briefing paper on affordable housing.

            The Committee explored options available to them to diversify investment towards affordable housing, creative industries and related social infrastructure.

            Councillor Muldoon reminded the Committee that its first duty was to maximise returns for the Pension Fund and that it could not use the assets entrusted to its supervision as an economic development fund.

            The Chair said the Committee would continue to be interested in investment possibilities in the sectors identified and he said it was important to keep a dialogue open. He reminded the Committee of the previously agreed intention to utilise 1% of the fund to acquiring affordable housing debt. Mr Hall said officers would seek Mr Donaldson’s advice on looking at Funds that might meet that intention.

            The Committee accepted the Chair’s suggestion that they receive an update at their next meeting.

RESOLVED that the report be noted.

RESOLVED that under Section 100 (A) (4) of the Local Government Act 1972, the press and public be excluded from the meeting for the following items of business on the grounds that they involve the likely disclosure of exempt information as defined in paragraph 3 of Part 1 of Schedule 12 (A) of the Act, as amended by the Local Authorities (Executive Arrangements) (Access to Information) (Amendments) (England) Regulations 2006 and the public interest in maintaining the exemption outweighed the public interest in disclosing the information:

8.         Closed Minutes

RESOLVED that the Minutes of the meeting held on November 15 2012, which was not open to the press and public, be confirmed and signed.

The meeting ended at 9.01pm.