Meeting documents
Pension Fund Committee
Friday, 24 February 2006
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To Members of the Pension Fund Committee Notice of Meeting
* PLEASE NOTE REVISED START TIME
MembershipChairman
– Councillor Rodney Rose Councillors:
Co-opted Members:
AGENDA
Councillors Bradshaw, Harvey, Hayward, Moley and Rose are members of the Pension Fund under the provisions of Section 18 of the Local Government and Housing Act 1989. To approve the minutes of the meeting held on 25 November 2005 (PF3) and to receive for information any matters arising from them.
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 December 2005 using the following tables: 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 7E, 8E and 9E on the agenda. EXEMPT ITEMS The Committee will be invited to resolve to exclude the public for the consideration of the following exempt items (marked E) by passing a resolution in relation to each such item in the following terms: "that the public be excluded during the consideration of the following items in the Agenda since it is likely that if they were present during those items 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." Note: In the case of items 7E, 8E and 9E, 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 7E, 8E and 9E and any information to be reported orally have not been made public and should be regarded as strictly private to members and officers entitled to receive them until after 26 May 2006 subject to the provisions of the Freedom of Information Act. 6.E Overview and Outlook for the Investment Markets 10:45 Report of the Independent Financial Adviser (PF6E) (download as .doc file). 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. (Information Exempt in that it relates to the financial or business affairs of any particular person (other than the authority).) 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 reports from Baillie Gifford and Legal & General in conjunction with information contained in the Tables (Agenda item 5). (Information Exempt in that it relates to the financial or business affairs of any particular person (other than the authority).) The Committee is RECOMMENDED to note the main issues arising from the presentations and to take any necessary action, if required.
11:00 (1) The Independent Financial Adviser will report orally on the performance and strategy of UBS Global Asset Management drawing on the tables at items 5 and 6E. (2) The representatives (Mr K Barker and Mr S Foster) of the Fund Manager will: (a) report and review the present investments of their part of the Fund and their strategy against the background of the current investment scene for the period ended 31 December 2005; (b) report on whether or not voting rights have been exercised and if so details of the rights exercised; (c) give their views on the future investment scene. In support of the above is their report for the period to 31 December 2005. At the end of the presentation, members are invited to question and comment and the Fund Managers to respond. (Information Exempt in that it relates to the financial or business affairs of any particular person (other than the authority).) The Committee is RECOMMENDED to note the main issues arising from the presentation and to take any necessary action, if required. 11:30 (1) The Independent Financial Adviser will report orally on the performance and strategy of Alliance Bernstein drawing on the tables at items 5 and 6E. (2) The representatives (Mr G Blunden and Mr P Rudden) of the Fund Manager will: (a) report and review the present investments of their part of the Fund and their strategy against the background of the current investment scene for the period ending on 31 December 2005; (b) report on whether or not voting rights have been exercised and if so details of the rights exercised; (c) give their views on the future investment scene. In support of the above is their report for the period to 31 December 2005. At the end of the presentation, members are invited to question and comment and the Fund Managers to respond. (Information Exempt in that it relates to the financial or business affairs of any particular person (other than the authority).) 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. (Information Exempt in that it relates to the financial or business affairs of any particular person (other than the authority).) ITEMS FOLLOWING THE RE-ADMISSION OF THE PRESS AND PUBLIC
12:05 Report of the Head of Finance & Procurement (PF11). The report details draft Regulations published by the Office of the Deputy Prime Minister in December for consultation. The Committee is RECOMMENDED to note the content of this report, and to agree subject to any amendments proposed, the draft response set out in Annex 1 for submission to the ODPM.
12: 20 Report of the Head of Finance & Procurement (PF12). The report sets out a recommended business plan for both investments and administration for 2006/07. It also sets out an investment management and scheme administration budget for 2006/07 and details on member training courses and events. The Committee is RECOMMENDED to: (a) approve the Oxfordshire Pension Fund Business Plan, as set out in Annex 1, for 2006/07; and (b) approve the Oxfordshire Pension Fund’s Investment Management and Scheme Administration Budget, as set out in Annex 2, for 2006/07.
12:30 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.
12:35 Report by the Head of Finance & Procurement (PF14). The report details an application for admission. The Committee is RECOMMENDED to approve the application of Oxford Inspires subject to its agreeing to the terms of the Admission Agreements and this Committee being informed when the agreement is signed.
12:40 Report by the Head of Finance & Procurement (PF15). The report informs the Committee about new Regulations which require both governance and communication policies to be in place by 1 April 2006. The report details the proposed policies for the Committee’s comment and approval. The Committee is RECOMMEND to: (a) approve the draft Governance Policy Statement as set out in Appendix 1; (b) approve the draft Communications Policy Statement as set out in Appendix 2; (c) authorise officers to enter a negotiated arrangement with the Prudential Assurance Company Limited to produce the quarterly pensions newsletter at a subsidised cost to the Council.
12: 50 Report by the Head of Finance & Procurement (PF16). The report advises the Committee of the death of Mr Langridge, who dealt with second stage disputes, and arrangements for dealing with such disputes in the future. The
Committee is RECOMMENDED to endorse the approach to appoint a new
stage two nominated person.
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