Agenda and minutes

To note the appointment of Councillor David Ashton at the Special Meeting of Licensing and General Purposes on 5 June 2006 as Chair of the Pension Fund Investments Panel for the Municipal Year 2006/2007.

RESOLVED:  To note the appointment of Councillor David Ashton at the Special Meeting of Licensing and General Purposes Committee on 5 June 2006 as Chairman of the Pension Fund Investments Panel for the Municipal Year 2006/2007.

To note the attendance at this meeting of any duly appointed Reserve Members.

Reserve Members may attend meetings:-

(i)                 to take the place of an ordinary Member for whom they are a reserve;

(ii)               where the ordinary Member will be absent for the whole of the meeting; and

(iii)             the meeting notes at the start of the meeting at the item ‘Reserves’ that the Reserve Member is or will be attending as a reserve;

(iv)              if a Reserve Member whose intention to attend has been noted arrives after the commencement of the meeting, then that Reserve Member can only act as a Member from the start of the next item of business on the agenda after his/her arrival.

RESOLVED:  To note the attendance at this meeting of the following duly appointed Reserve Member:-

To receive declarations of personal or prejudicial interests, arising from business to be transacted at this meeting, from:

(a)               all Members of the Committee, Sub Committee, Panel or Forum;

(b)               all other Members present in any part of the room or chamber.

RESOLVED: To note that the following interests were declared:

To consider whether any of the items listed on the agenda should be considered with the press and public excluded on the grounds that it is thought likely, in view of the nature of the business to be transacted, that there would be disclosure of confidential information in breach of an obligation of confidence or of exempt information as defined in the Local Government (Access to Information) Act 1985.

RESOLVED:  That all items be considered with the press and public present with the exception of the following item for the reasons set out below:

To appoint a Vice-Chairman of the Pension Fund Investments Panel for the Municipal Year 2006/2007.

RESOLVED:  That Councillor Thaya Idaikkadar be appointed Vice-Chairman of the Pension Fund Investments Panel for the Municipal Year 2006/2007.

That the minutes of the meeting held on 20 March 2006, having been circulated, be taken as read and signed as a correct record.

RESOLVED:  That the minutes of the meeting held on 20 March 2006, having been circulated, be taken as read and signed as a correct record.

To note the terms of reference of the Pension Fund Investments Panel.

RESOLVED:  That the terms of reference be noted.

To receive questions (if any) from local residents or organisations under the provisions of Committee Procedure Rule 15 (Part 4B of the Constitution).

RESOLVED:  To note that no public questions were put, or petitions or deputations received at this meeting under the provisions of Committee Procedure Rules 18, 16 and 17 (Part 4B of the Constitution) respectively.

Report of the Director of Financial and Business Strategy.

The Panel received a presentation by Merrill Lynch UK on their Property Fund of Funds.  The Panel was informed that the Property Fund of Funds would help diversify the portfolio.

RESOLVED:  That the report be noted.

Report of the Director of Financial and Business Strategy.

The Panel received a report of the Director of Financial and Business Strategy which updated Members on tenders for Private Equity and Currency. Members were advised that a shortlist was being drawn up.  The intention was to invite three currency managers and two or three private equity managers to give a presentation to Members of the Panel on 28 September 2006.

RESOLVED:  That (1) officers update Members on shortlisting;

(2)  Members receive the presentations of the tenders on 28 September 2006.

The purpose of this item is to receive a presentation from the Fund Managers, UBS and Merrill Lynch Investments Managers on their fixed interest and property portfolios. 

Representatives from Merrill Lynch Investments Managers and UBS Global Asset Management made formal presentations to the Panel detailing their strategies and performance, in the areas of Fixed Interest and Property, since the last Fund Manager reports.

Members of the Panel asked questions of the Fund Managers and discussed issues arising.  Upon conclusion of each of the presentations the Fund Managers were thanked for their attendance.

RESOLVED:  That the Fund Manager presentations be received and noted.

Report of the Director of Financial and Business Strategy.

The Panel received a report of the Director of Financial and Business Strategy which informed Members of the performance of the Fund Managers in the financial year 2005/2006.

RESOLVED:  That the report be noted.

In accordance with the provisions of Committee Procedure Rule 15 (Part 4B of the Constitution), at 10.00 pm, it was

RESOLVED:  (1)  At 10.00 pm to continue until 10.05 pm.