AGENDA for the INVESTMENT COMMITTEE meeting in Committee Room B,
County Hall, Hertford on Wednesday2December 2009at10.00 am.
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MEMBERS OF THE COMMITTEE (11 - QUORUM - 3 voting members)
P J Bibby, N K Brook (Chairman), P V Goggins, T W Hone, S Markiewicz,
C A Mitchell, R G Parker, S Quilty (Vice – Chairman).
Representatives of Hertfordshire Local Government Association
(Hertfordshire Section) (3) (Non voting)
K A Ayling, J Lloyd, J Mansfield.
Observer
R Norton (Unison)
In attendance
Nick Sykes (Mercers), Investment Consultant
DECLARATIONS OF INTEREST BY COMMITTEE MEMBERS
Committee Members are invited to declare any financial or pecuniary interests they have in respect of business detailed in the agenda papers or to be discussed at today’s meeting.
PART II (‘CLOSED’) AGENDA
EXCLUSION OF PRESS AND PUBLIC
That under Section 100(A)(4) of the Local Government Act 1972, the press and public
be excluded from the meeting for the following items of business on the grounds that they involve the likely disclosure of exempt information as defined in paragraph 3 of Part 1
of Schedule 12A to the said Act and the public interest in maintaining the exemption outweighs the public interest in disclosing the information.
1.PENSION FUND - SUMMARY STATEMENT AS AT 30SEPTEMBER2009
Report of the Director of Resources and Performance (copy attached).
PENSION FUND MANAGERS PRESENTATIONS TO THE COMMITTEE
- PRESENTATION BY DEUTSCHE INVESTMENT MANAGEMENT- PORTFOLIO FOR THE QUARTER ENDED 30SEPTEMBER2009
Presentation by Oliver Kratz and Ajeet Manjrekar.
- PRESENTATION BY BAILLIE GIFFORD- PORTFOLIO FOR THE QUARTER ENDED 30SEPTEMBER2009
Presentation by Lynn Dewar and Anthony Tait.
Items 2 to 8: PENSION FUND - INVESTMENT MANAGERS QUARTERLY REPORTS
UPTO 30 SEPTEMBER 2009
To note the activities undertaken by the various Investment Managers on behalf of the Pension Fund in the last quarter upto 30 September 2009 detailed in the Investment Managers glossy booklets circulated with this agenda The Committee is invited to ask the Director of Resources and Performance to raise questions / issues with those Investment Managers who did not make presentations to today’s meeting.
Due to the size of the Investment Managers’ reports and in line with the current practice they will be circulatedto Committee Members only.
4.ALLIANCE BERNSTEIN INSTITUTIONALPORTFOLIO
5.JUPITER ASSET MANAGEMENTPORTFOLIO
6.J P MORGAN INVESTMENT MANAGEMENTPORTFOLIO
7.RCM INVESTMENT MANAGEMENTPORTFOLIO
8.BLACKROCKPORTFOLIO
9.PENSION FUND STRUCTURE – PROPERTY MANAGER SELECTION
Report of the Director of Resources and Performance (copy attached).
10.PENSION FUND – COST OF INVESTMENT MANAGEMENT
To review the costs incurred in the investment management of the Hertfordshire Pension Fund during 2008 / 2009
Report of the Director of Resources and Performance (copy attached).
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Conclusion of consideration of exempt information business contained on this agenda for this meeting.
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PART 1 (PUBLIC) AGENDA
Meetings of the Committee are open to the public (this includes the press) and attendance is welcomed. However, due to the issues and financial information considered by the Investment Committee much of its business needs to be heard when the public are excluded from the meeting for these particular items of business.
Any such items are taken before the public part of the meeting and are listed above under “Part II” (‘closed’) agenda.
As a consequence, items of business which the public are permitted to listen to are Items at the end of the closed session of the meeting, Items 11and 12 likely to be at approximately 11.45am on the day of the meeting.
11.MINUTES
That subject to the amendment of Item 2 (Audit Commission Annual Governance Report on Herts Pension Fund Accounts) so that that the fifteen and sixteenth lines read as follows :-
“first bullet point– to notadjust the 2008 / 2009 Accounts and not reimburse
£0.48m audit to the Pension Fund “
the Minutes of the meeting held on 17September2009(previously circulated) be confirmed as a correct record.
12.REVIEW OF PENSION FUNDADMINISTRATION
Report of the Director of Resources and Performance (copy attached).
- MEMBER TRAINING – SEMINAR
To note that a Seminar is to be held this afternoon at County Hall, Hertford in
Room NB 3[New Building, Ground Floor,Room NB3 - between lifts/stairs/”Ribena” vending machine and First Aid Room {Room 172} / Youth Connexions {Room 171}].
14.DATES OF THE NEXT FEW MEETINGS
The dates of next few meetingsare as follows : -
a)Wednesday 10 March 2010 at 10.00 am
b)Tuesday 15 June 2010 at 10.00 am
c)Wednesday 29 September 2010 at 10.00 am
If you wish to know more about issues covered in these reports please contact
Nicola Webb on 01992 555148.
If you require a copy of any of the reports mentioned above or require further information about this agenda please contact Adrian Service, Legal and Member Services, on telephone no. 01992 555564 or fax. 01992 555518
Please note that full papers have been dispatched to Committee members only.