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ITEM PF3(b)

PENSION FUND COMMITTEE – 7 OCTOBER 2002

Minutes of the Meeting commencing at 2.00 pm and finishing at 4.20 pm

The Committee considered the matters, reports and recommendations contained or referred to in the agenda for the meeting, together with a schedule of addenda tabled by the Chief Executive and an additional report submitted by Hymans Robertson and decided as set out below. Except insofar as otherwise specified, the reasons for the decisions are contained in the agenda, reports schedule and additional document, copies of which are attached to the signed Minutes.

57/02. APOLOGIES FOR ABSENCE AND TEMPORARY APPOINTMENTS

Apologies for absence and temporary appointments were received as follows:

Apology from	Temporary Appointments
District Councillor Fooks	-
Councillor Witcher	Councillor Hodgson

58/02. EXEMPT ITEM

RESOLVED: that the public be excluded during the consideration of item 4E in the Agenda since it was 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, i.e. information relating to the financial or business affairs of any particular person (other than the authority).

PROCEEDINGS FOLLOWING THE WITHDRAWAL OF PRESS AND PUBLIC

59/02. REVIEW OF THE OXFORDSHIRE PENSION FUND’S MANAGEMENT STRUCTURE.

(Agenda Item 4E)

Messrs Henderson and Singleton presented their report and discussed their main findings and conclusions with regard to the most appropriate management structure for the Oxfordshire Fund. This included discussions on risk tolerance, the merits of active versus passive management, balanced and specialist management structures and the use of a multi manager.

Messrs Henderson and Singleton made themselves available to answer questions from the Committee.

Following a lengthy discussion it was

RESOLVED: (on a motion by Councillor Law, seconded by Councillor Gatehouse and carried by 6 votes to 0) to:

1. note the main conclusions of the Hymans Robertson report; and
2. request the officers, following consultation with Hymans Robertson, to draw up a maximum of 3 modified structures to be based on structures (d) and (e) as recommended by Hymans Robertson in their report and on the views expressed by members of the Committee during discussion of this item; and that these be considered by a further special meeting to be held on 6 November 2002.

 

ITEMS FOLLOWING THE RE-ADMISSION OF THE PRESS AND PUBLIC

60/02. STATEMENT OF INVESTMENT PRINCIPLES (SIP)

(Agenda Item 5)

New regulations had come into force on 9 August, which required administering authorities to prepare a revised Statement of Investment Principles (SIP) setting out the extent to which they complied 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 Committee had before them (PF5) an updated copy of the SIP that had been revised to accord with the regulators and other important changes, notably the results of the asset liability study and changes in the fund’s voting guidelines.

RESOLVED: to adopt the revised Statement of Investment Principles as set out in Annex 2 of the report, subject to investigation by the appropriate officers on whether the words ‘but act in a quasi trustee role’ in the final sentence of the Principle entitled ‘Overall Responsibility’ should be deleted; and taking any subsequent appropriate action.

61/02. DRAFT PROGRAMME FOR THE ANNUAL PENSION FUND FORUM

in the Chair

Date of signing 2002

* The reports relating to the exempt items have not been made public and should be regarded as strictly private to those members and officers entitled to receive them.

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