Issue - meetings

To approve the minutes of the meeting held on  7 December 2018 (PF3) and to receive information arising from them.

Approved and signed subject to an amendment (on Addenda).

No Matters Arising.

The Minutes of the Meeting held on 7 December 2018 were approved and signed, subject to the following amendment;

To replace second paragraph of Minute76/18 with the following:

‘Mr Davies reported that with the £52m gain in the third quarter, the Fund had reached its highest ever level at just over £2.5bn. The gains in the quarter came largely from Overseas Equities, with small contributions from Private Equity, Property and Infrastructure, while UK Equities fell slightly. Subsequent falls in markets has reduced the value of Equities by some £80m at the end of November.’

There were no Matters Arising.