Agenda and minutes

John Thomas (UNISON)

Councillors’ Corthorne, Cooper, Cox and Harmsworth declared an interest, as they are members of the Local Government Pension Scheme.

Agreed as a correct record.

Agreed as a correct record.

It was agreed that item 9, 10 and 11 would be considered in private for the reason stated in the agenda. Members of the press and public were therefore excluded from the meeting during the consideration of these items.

The Chairman introduced the report. This report reviewed the fund management performance for the London Borough of Hillingdon Pension Fund for the quarter to 31 March 2009. It was noted that there was further under performance against the benchmark.

Resolved

1.      That the contents of the report be noted and performance in the fourth quarter of 2008/09 be noted.

The Chairman introduced the report. This report explained the revisions made to the Statement of Investment Principles (SoIP) following the launch six revised Myners’ principles in October 2008.  In addition it had been updated to reflect the termination of Capital International as a Fund Manager and the change to Goldman Sachs benchmark. Specific reference was made to Principle 1 – Effective Decision Making – and the Chairman explained that he would be meeting with the Leader to discuss setting up an Investment Sub Committee and following this would report back to the Committee.   

Resolved –

1.      That the Committee approved the revised Statement of Investment Principles.

2.      Officers will update Principle 9, and bring an update back to Committee to the 23^rd September meeting.

The Chairman introduced the report. This report summarised the number of early Retirements in the last year.

Resolved -

1. That the contents of the report were noted.

This item was discussed as a Part 2 item without the press or public present since the information under discussion contains confidential or exempt information as defined by law in the Local Government (Access to Information) Act 1985.

This is because it will discuss ‘information relating to the financial or business affairs of any particular person (including the authority holding that information)’ (paragraph 3 of the schedule to the Act).

This item was discussed as a Part 2 item without the press or public present since the information under discussion contains confidential or exempt information as defined by law in the Local Government (Access to Information) Act 1985.

This is because it will discuss ‘information relating to the financial or business affairs of any particular person (including the authority holding that information)’ (paragraph 3 of the schedule to the Act).

This item was discussed as a Part 2 item without the press or public present since the information under discussion contains confidential or exempt information as defined by law in the Local Government (Access to Information) Act 1985.

This is because it will discuss ‘information relating to the financial or business affairs of any particular person (including the authority holding that information)’ (paragraph 3 of the schedule to the Act).

Members noted the Annual Report, which was going to Audit Committee for approval.

Members agreed to 2 Fund Manager meetings in the afternoon before the next Committee meeting on 23September 2009.

Meeting Closed: 6.32pm

Next Meeting: 23^rd September 2009, 5.30pm