Agenda and minutes

The Democratic Services Officer read out the procedure.

At this point in the meeting declarations of interest are received from Members in any of the agenda items under consideration at the meeting. Members are asked to complete the green interest forms circulated to groups in their pre-meetings (which will be announced at the Council Meeting) to indicate:

(a) The agenda item number in which they have an interest to declare.

(b) The nature of their interest.

(c) Whether their interest is a disclosable pecuniary interest or an other interest,  (as defined in Part 2, A and B of the Code of Conduct and Rules for Registration of Interests)

Any Member who needs to clarify any matters relating to the declaration of interests is recommended to seek advice from the Council’s Monitoring Officer or a member of his staff before the meeting to expedite dealing with the item during the meeting.

There were none.

There were none.

There was none.

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There were none.

The public and exempt minutes of the meeting of the 4^th June 2014 were approved as a correct record and signed by the Chair.

Before discussing Appendix 3 to this item, Members are invited to pass the following resolution:

The Panel having been satisfied that the public interest would be better served by not disclosing relevant information, resolves, in accordance with the provisions of Section 100(A)(4) of the Local Government Act 1972, that the public be excluded from the meeting for the discussion of Appendix 3 to this item of business, because of the likely disclosure of exempt information as defined in paragraph 3 of Part 1 of Schedule 12A of the Act as amended.

The Assistant Investment Manager summarised the headline information in the report. The Fund’s assets had increased by 2.4% in the quarter ending 30 June 2014. 10 mandates were rated green in the RAG report (Exempt Appendix 3), including Stenham, who were now exceeding their target. Two managers had been downgraded to amber, namely TT and Barings. There were now five managers rated amber.

Mr Sheth gave a market summary and commented on the JLT report (Appendix 2). He said that the bull market that had commenced in August 2012 had continued. Jobs were being created in the US and there had been a reduction in unemployment in the UK. The UK was seen as a safe haven by many investors and UK bonds were doing well. Sterling had strengthened, which might eventually have a negative impact on exports. The worst performance was in Europe, where it was expected that the ECB would introduce some form of QE. The expectation was that even if interest rates began to rise, they would remain below their historic average.

RESOLVED that, the Panel having been satisfied that the public interest would be better served by not disclosing relevant information and in accordance with the provisions of section 100(A)(4) of the Local Government Act 1972, the public be excluded from the meeting for the discussion of Appendix 3, because of the likely disclosure of exempt information as defined in paragraph 3 of Part 1 of Schedule 12A of the Act as amended.

The Panel discussed issues arising from Exempt Appendix 3.

After the Panel returned to open session, it was RESOLVED

1.  To note the information as set out in the report.

2.  To delegate to officers the implementation of the actions agreed in the exempt session.

Before discussing this item, Members are invited to pass the following resolution:

The Panel having been satisfied that the public interest would be better served by not disclosing relevant information, resolves, in accordance with the provisions of Section 100(A)(4) of the Local Government Act 1972, that the public be excluded from the meeting for the discussion of this item of business, because of the likely disclosure of exempt information as defined in paragraph 3 of Part 1 of Schedule 12A of the Act as amended.

RESOLVED that, the Panel having been satisfied that the public interest would be better served by not disclosing relevant information and in accordance with the provisions of section 100(A)(4) of the Local Government Act 1972, the public be excluded from the meeting for this item of business because of the likely disclosure of exempt information as defined in paragraph 3 of Part 1 of Schedule 12A of the Act as amended.

The Investment Manager introduced this item. Mr Sheth and Mr Hopgood commented on the JLT report (Exempt Appendix 1).

After discussion, it was RESOLVED to accept the first of the alternative recommendations contained in the report.

RESOLVED to note the workplan.