Pension Committee 27/6/2011 – Part 9 – Passive Management Contract, Governance Policy Statement

Peter Wallach said the tender exercise for the passive management contract had been deferred due to the inadvertent disclosure of sensitive information. There was a six month standstill recommendation and the existing contractual arrangements which had been in place for a number of years would need extended. He said was regrettable what happened and asked for any questions.

Cllr Ann McLachlan asked what the effect was on just extending the contract? Peter replied that the likely effect was nothing as there would be no increase in risk, it had performed in line with the benchmark and there were no additional costs.

The Chair noted the deferral and that the contract had been extended to March 31st 2012.

A training opportunity had arisen regarding a seminar in Manchester. It was an opportunity for new and existing members of the committee to better understand private equity as an asset class. The Chair asked if anyone wished to attend to note the date. Cllr Harry Smith asked for nominations and pointed out it was only morning sessions. Peter said further information on the event was sketchy.

The governance policy and associated appendix was considered next. The officer said there were a number of amendments drafted to the governance policy statement, regarding staffing and to confirm the confidentiality of the Investment Monitoring Working Party minutes. It was recommended for approval and attached as an appendix was the draft governance policy statement. There were three signficant issues which were detailed in section 4.3.

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