Meeting documents

10:20 Tables 1 to 7 are compiled from the custodian's records. The custodian is the Pension Fund's prime record keeper. He accrues for dividends and recoverable overseas tax within his valuation figures and may also use different exchange rates and pricing sources compared with the fund managers. The custodian also treats dividend scrip issues as purchases which the fund managers may not do. This may mean that there are minor differences between the tabled figures and those supplied by the managers.

The Independent Financial Adviser will review the investment activity during the past quarter and present an overview of the Fund’s position as at 31 March 2006 using the following tables:

Table 1 - provides a consolidated valuation of the Pension Fund at 31 March 2006;

The Committee is RECOMMENDED to receive the tables, and that the information contained in them be borne in mind, insofar as they relate to items 9E, 10E and 11E on the agenda.

The Committee is RECOMMENDED that the public be excluded for the duration of items 9E, 10E, 11E, 12E and 13E in the Agenda since it is likely that if they were present during those items there would be disclosure of exempt information as defined in Part I of Schedule 12A to the Local Government Act 1972 (as amended) and specified in relation to the respective items in the Agenda and since it is considered that, in all the circumstances of each case, the public interest in maintaining the exemption outweighs the public interest in disclosing the information.

THE REPORTS RELATING TO THE EXEMPT ITEMS HAVE NOT BEEN MADE PUBLIC AND SHOULD BE REGARDED AS STRICTLY PRIVATE TO MEMBERS AND OFFICERS ENTITLED TO RECEIVE THEM.

NOTE: In the case of items 9E, 10E and 11E there are no reports circulated with the Agenda. Any exempt information will be reported orally.

THE QUARTERLY REPORTS FROM THE FUND MANAGERS RELATING TO THE EXEMPT ITEMS AT 9E, 10E and 11E, AND ANY INFORMATION TO BE REPORTED ORALLY, HAVE NOT BEEN MADE PUBLIC AND SHOULD BE REGARDED UNTIL AFTER 26 AUGUST 2006 AS STRICTLY PRIVATE TO MEMBERS AND OFFICERS ENTITLED TO RECEIVE SUCH REPORTS AND INFORMATION.

The report sets out an overview of the current and future investment scene and market developments across various regions and sectors. The report itself does not contain exempt information and is available to the public. The Independent Financial Adviser will also report orally and any information reported orally will be exempt information.

The public should be excluded during this item because its discussion in public would be likely to lead to the disclosure to members of the public present of information in the following prescribed category:

and since it is considered that, in all the circumstances of the case, the public interest in maintaining the exemption outweighs the public interest in disclosing the information, in that such disclosure would prejudice the trading activities of the fund managers involved and would prejudice the position of the authority's investments in funding the Pension Fund.

The Committee is RECOMMENDED to receive the report and tables, to receive the oral report, to consider any further action arising on them and to bear the Independent Financial Adviser’s conclusions in mind when considering the Fund Managers’ reports.

10:55 The Independent Financial Adviser will report orally on the main issues arising from the officer meetings with Alliance Bernstein and Baillie Gifford in conjunction with information contained in the tables (Agenda item 7).

The public should be excluded during this item because its discussion in public would be likely to lead to the disclosure to members of the public present of information in the following prescribed category:

and since it is considered that, in all the circumstances of the case, the public interest in maintaining the exemption outweighs the public interest in disclosing the information, in that such disclosure would prejudice the trading activities of the fund managers involved and would prejudice the position of the authority's investments in funding the Pension Fund.

The Committee is RECOMMENDED to note the main issues arising from the presentations and to take any necessary action, if required.

In support of the above is their report for the period to 31 March 2006.

At the end of the presentation, members are invited to question and comment and the Fund Managers to respond.

The public should be excluded during this item because its discussion in public would be likely to lead to the disclosure to members of the public present of information in the following prescribed category:

and since it is considered that, in all the circumstances of the case, the public interest in maintaining the exemption outweighs the public interest in disclosing the information, in that such disclosure would prejudice the trading activities of the fund managers involved and would prejudice the position of the authority's investments in funding the Pension Fund.

The Committee is RECOMMENDED to note the main issues arising from the presentation and to take any necessary action, if required.

In support of the above is their report for the period to 31 March 2006.

At the end of the presentation, members are invited to question and comment and the Fund Managers to respond.

The public should be excluded during this item because its discussion in public would be likely to lead to the disclosure to members of the public present of information in the following prescribed category:

and since it is considered that, in all the circumstances of the case, the public interest in maintaining the exemption outweighs the public interest in disclosing the information, in that such disclosure would prejudice the trading activities of the fund managers involved and would prejudice the position of the authority's investments in funding the Pension Fund.

The Committee is RECOMMENDED to note the main issues arising from the presentation and to take any necessary action, if required.

12:00 The Independent Financial Adviser will, if necessary, summarise the foregoing reports of the Fund Managers and answer any questions from members.

The public should be excluded during this item because its discussion in public would be likely to lead to the disclosure to members of the public present of information in the following prescribed category:

and since it is considered that, in all the circumstances of the case, the public interest in maintaining the exemption outweighs the public interest in disclosing the information, in that such disclosure would prejudice the trading activities of the fund managers involved and would prejudice the position of the authority's investments in funding the Pension Fund.

12:05 Report of the Head of Finance & Procurement (PF13E)

In November 2005 Officers and the Independent Financial Adviser were given delegated authority, by the Pension Fund Committee, to short list, interview and appoint appropriate private equity managers, having regard to achieving a well diversified portfolio in terms of both geographical and financing stage. They were asked to report the outcome of this exercise to this meeting.

The report explains how the tender, evaluation and short listing of the managers was undertaken. It provides the reasons why three managers were short listed and why two of these were eventually appointed.

The public should be excluded during this item because its discussion in public would be likely to lead to the disclosure to members of the public present of information in the following prescribed category:

and since it is considered that, in all the circumstances of the case, the public interest in maintaining the exemption outweighs the public interest in disclosing the information, in that such disclosure would distort the proper process of open competition in the sale and purchase of services and would prejudice the position of the authority in that process.

The Committee is RECOMMENDED to note that officers and the Independent Financial Adviser have, in accordance with the authority the Committee delegated in November 2005, appointed Adam Street Partners to manage £13.2 million in private equity fund of funds and Partners Group to manage £6.8 million in private equity fund of secondaries funds, subject to the satisfactory completion of contracts.

12:15 Report of the Head of Finance & Procurement (PF14)

The report sets out details of a legal action which KPMG and McGrigors are progressing on behalf of a number of pension schemes. The report sets out the background to the action, indicates the potential benefit to the Fund and seeks the Committee’s approval to Oxfordshire Pension Fund joining this action and to the costs of involvement.

12:30 Report of the Head of Finance & Procurement (PF15)

This report provides a briefing on the recent changes to the LGPS in the context of the wider ('A Day') changes to the UK pension regime and updates the Committee on a number of administrative issues.

13:00 The Head of Finance & Procurement has nothing specific to report for this quarter but it should be noted that all the managers have included pages within their valuation reports which provide details on their voting at company AGMs, engagement with companies and their involvement with other socially responsible initiatives.

The Committee is RECOMMENDED to note the report.

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