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ITEM PF20

 

PENSION FUND COMMITTEE – 13 DECEMBER 2007

 

FUTURE PROGRAMME AND TIMETABLE FOR INVESTMENT MANAGER MONITORING ARRANGEMENTS

 

Report by the Assistant Chief Executive & Chief Finance Officer

 

Introduction

 

 

1.                  Following the appointment of the current investment managers in July 2003, it was agreed that they would be invited to Committee meetings on a rotational basis, subject to the proviso that they may be asked to attend additional meetings if there were any causes for concern or key changes in personnel.

 

2.                  This report produces a new programme for the period February 2008 to February 2009.

 

Proposed Arrangements

 

3.                  The proposed timetable is as follows:

 

Date of meeting	Investment Manager
	UBS	Baillie Gifford	Alliance Bernstein	Legal & General
Committee  21 February 2008	ü		ü
Officer/IFA  16 May 2008		ü	ü
Committee  28 May 2008	ü			ü
Committee  27 August 2008	ü	ü
Officer/IFA  14 November 2008		ü		ü
Committee  26 November 2008	ü		ü
Committee  25 February  2009	ü	ü

 

4.                  In accordance with the existing arrangements the following factors have been taken into consideration in devising the proposed programme.

 

·        UBS Global Asset Management, as the multi asset manager, will be asked to attend all the Committee meetings. Their attendance and coverage of all asset classes will assist the strategic and tactical asset allocation decision-making processes.

·        Legal & General, as the UK fixed interest manager, will be asked to attend meetings on a less frequent basis than the other managers.

·        Officer/Independent Financial Adviser (IFA) meetings will be scheduled to supplement Committee meetings. This will ensure that members or officers and the Independent Financial Adviser will get to see all the managers at least once every six months.

 

5.                  Manager meetings with officers/IFA have been scheduled to take place a week before Committee meetings to allow officers/IFA to report on the outcome of the meetings. The managers’ quarterly valuation reports, which provide full details of the investment activity undertaken during the quarter, will be sent out separately to members.

 

RECOMMENDATION

 

6.                  The Committee is RECOMMENDED to agree the programme of manager meetings as set out in the report.

 

 

SUE SCANE

Assistant Chief Executive & Chief Finance Officer

 

Background Papers:            Nil

 

Contact Officer:                     Tony Wheeler Tel (01865) 815287

 

December 2007

 

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