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Posted by: John Brace | 27th June 2011

Pension Committee 27/6/2011 – Part 2 – Audit Fee, Bank Signatories, Internal Dispute Resolution Procedure, Management of Private Equity

The officer said the audit fees were for noting. There was a fixed element and a variable element, as well as a one-off charge of £1400 to make sure the Pension Fund had been successful at transferring investment balances from the old accounting system to the new one.

The total estimated audit fee was £54,065. The Chair and the committee agreed to note the report.

The committee then considered a report regarding the Internal Dispute Resolution Procedure, the officer said following a personnel change there were changes to the names that needed to be made. The Chair thanked them for the report and the change was agreed.

The committee received a report on the management of private equity, an officer mentioned Capital Dynamics and the terms and conditions in the appendix relating to the management of the portfolio. The exempt part related to confidential business matters. Section four had the assessment as set out in the letter, there were long standing private equity investments and it was important it was monitored. Section 4.4 set on the reliance upon the valuation of the private equity portfolio and the review of the contractual arrangements. The officer asked committee members to agree to the report and the appendix (starting at page 173). The report was agreed.


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