Issue - meetings

To consider the report of the Investment Manager

Submitted - the report of the Investment Manager highlighting a process for monitoring the performance of the pension fund investments. Though a request had been made by Board members for a quarterly report, it was highlighted that this was not effective as trends which were broader than the quarterly period needed to be considered (it was too short a period to assess the performance of investors).

It was reported that the Pensions Committee met as an Investment Panel every quarter where they received detailed information from the investment managers on their performance. It was suggested that the Pension Board could assess performance annually, as well as assess the process.

In response to a question regarding submitting adequate information for the Pension Board to scrutinise, it was suggested that the CEM Benchmarking guidelines could be looked at. Whilst noting that this was possibly premature for the time being, the suggestion that Pension Board members needed to be able access information for them to better understand the process was accepted, and that the best way of implementing this needed to be considered.

The information was accepted.