Meeting documents

It was agreed at the briefing meeting that agenda item 24 would be taken after item 12.

Attached is a revised copy of the Minutes of the last meeting. These have been changed to reflect the absence of City Councillor Jean Fooks at the last meeting and to correct the minute numbering, which had gone awry.

Attached is table 8 that relates to the above item on the agenda. It shows the investment performance for each manager against their benchmark indices for the two months ended 30 September 2003.

The investment performance at the total fund level against the benchmark index is provided for the three and six month periods ended 30 September 2003.

Below is a corrected agenda summary for this item:

‘The report describes the activity of stock lending and explains how the Pension Fund’s custodian, ABN AMRO Mellon addresses areas of associated risk, including that of collateral, daylight exposure, the credit worthiness of counterparties and default. The report advises that the Local Government Pension Scheme (Management and Investment of Funds) Regulation S 1998 allow local authority pension funds to lend 25% of their total funds, which for Oxfordshire would equate to approximately £150 million. On a sum of £150 million they would estimate total earnings of around £30,000, of which £18,000 would be paid to the Fund. Accordingly, the Committee are therefore be recommended to request ABN AMRO Mellon to lend stock on behalf of the Oxfordshire Pension Fund.’

Time Weighted Returns at the Total Fund level