Meeting documents

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To Members of the Pension Fund Committee

Notice of Meeting

Chris Impey
Assistant Chief Executive

26 September 2002

Membership

Councillor Dickie Dawes in the chair

Councillors:

Co-opted Members:

The agenda follows. Decisions taken at the meeting will become effective at the end of the working day on Tuesday 15 October 2002 unless called in by that date for review by the appropriate Scrutiny Committee.

AGENDA

1. Apologies for Absence and Temporary Appointments
   
   
2. Declarations of Interest
   
   
3. Petitions and Public Address

Exempt Items

The Sub-Committee will be invited to resolve to exclude the public for the consideration of the following exempt item (marked E) by passing a resolution in relation to the item in the following terms:-

"that the public be excluded during the consideration of the following item in the Agenda since it is likely that if they were present during that item there would be a disclosure of "exempt" information as described in Part I of Schedule 12A to the Local Government Act, 1972 and specified below each item in the Agenda."

4. Review of the Oxfordshire Pension Fund’s Management Structure.

The Director for Business Support & County Treasurer reports as follows:

Hymans Robertson will present their report and discuss their main findings and conclusions. The major part of the presentation will consider the most appropriate management structure for the Oxfordshire Fund and will include discussions on risk tolerance, the merits of active versus passive management, balanced and specialist management structures and the use of a multi manager.

(Information Exempt in that it relates to the financial or business affairs of any particular person (other than the authority).)

The Committee are asked to note the main conclusions of the Hymans Robertson report and agree an appropriate management structure for the Pension Fund, in the light of the recent asset liability study.

(Members are asked to bring along their copy of the Hymans Robertson report which was circulated in July. Spare copies can be obtained from Julie Dean (01865 815322)).

ITEMS FOLLOWING THE RE-ADMISSION OF THE PRESS AND PUBLIC

5. Statement Of Investment Principles (SIP)

Report by Director for Business Support & County Treasurer (PF5).

New regulations came into force on 9 August, which requires administering authorities to prepare a revised Statement of Investment Principles setting out the extent to which they comply with the ten investment principles contained in the CIPFA document "Principles for Investment Decision Making in the Local Government Pension Scheme in the UK". The Oxfordshire SIP has been updated in accordance with the regulations and has also incorporated other important changes such as the results of the asset liability study and changes in the Fund’s voting guidelines.

A report is attached at PF5.

The Committee is RECOMMENDED to adopt the revised Statement of Investment Principles (SIP) as set out in Annex 2 of this report.

6. Draft Programme for The Annual Pension