Wirral Council invests £38 million in company mired in allegations of bribery of foreign politicians and civil servants

Wirral Council invests £38 million in company mired in allegations of bribery of foreign politicians and civil servants

                                                                    

Pensions Committee (Merseyside Pension Fund) 16th November 2015 L to R Peter Wallach, Cllr Paul Doughty (Chair)
Pensions Committee (Merseyside Pension Fund) 16th November 2015 L to R Peter Wallach, Cllr Paul Doughty (Chair)

Towards the end of the BBC ten o’clock news yesterday evening after the stories about Syria, climate change and the doctors’ strike being called off there was a piece about British American Tobacco.

For those who don’t know Wirral Council (who manage the Merseyside Pension Fund) had (valued at March 2015) £38 million invested in shares in British American Tobacco. In fact it is their largest shareholding (see page 15 here). I will declare an interest as a close relative of mine is paid a pension by the Merseyside Pension Fund.

As the BBC only keep clips of the news available on BBC Iplayer for 24 hours, I felt it would be useful to have a transcript of the piece so that it reached a wider audience.

Huw Edwards: A BBC investigation has uncovered evidence of corruption and bribery at the UK’s fifth biggest company. BBC Panorama found British American Tobacco paid bribes to politicians and civil servants in countries across East Africa.

The illegal payments even undermined a United Nations initiative designed to save lives! The company could face prosecution around the world for failing to prevent bribery. BAT says it does not tolerate corruption.

Our special correspondent Richard Bilton reports.

Richard Bilton: This is northern Uganda, it’s tobacco country. Thousands of farmers work these hills, but there is another way to make money from this crop. We’re on our way to meet a very important man. This is a guy who helps to decide who gets to buy and sell tobacco and what we know about the man we’re on our way to meet is he’s corrupt.

This is Doctor Kasirivu Atwooki and we’ve seen documents that show he was paid $20,000 by BAT to change a parliamentary report. He doesn’t know, I know he’s corrupt.

If an MP, a sitting MP took a bribe, how would you feel about that?

Dr Kasirivu Atwooki: Well, that’s not acceptable.

Richard Bilton: You took a bribe though, didn’t you?

Dr Kasirivu Atwooki: Why should I?

Richard Bilton: You took $20,000 from BAT!

Dr Kasirivu Atwooki: From when?

Richard Bilton: In 2012.

Dr Kasirivu Atwooki: No, no, no, that’s not true!

Richard Bilton: Are you corrupt?

Dr Kasirivu Atwooki: I’m not!

Richard Bilton: The evidence suggests he is and we know because of this man. Paul Hopkins was in the Irish Special Forces before he joined BAT. He says he was told bribery was the cost of doing business in Africa.

Paul Hopkins: I was a commercial hit man. My job was to ensure that the competition never got a breathing space.

Richard Bilton: So BAT, they knew what they wanted you to do and they expected you to get on with it?

Paul Hopkins: Yes.

Richard Bilton: And that included bribing?

Paul Hopkins: Yes.

Richard Bilton: Breaking the law?

Paul Hopkins: Yes.

Richard Bilton: Applying pressure?

Paul Hopkins: Yes.

Richard Bilton: Undermining commercial rivals?

Paul Hopkins: Yes.

Richard Bilton: And you were happy to do that?

Paul Hopkins: Yes.

Richard Bilton: BAT sold 667 billion cigarettes last year and made £4.5 billion profit, but the documents Paul has supplied show employees paid bribes to change anti-tobacco legislation, damage rivals, even undermine the UN effort to save lives.

Bribes were paid to three officials connected to a World Health Organisation supported campaign which aimed to reduce tobacco related deaths. I showed our evidence to the woman who runs the campaign.

Richard Bilton: That’s BAT paying a representative $3,000. What do you feel about that?

Dr Vera Luiza Da Costa E Silva (WHO): It’s a company that is err irresponsible to say the least. It’s using bribery to profit at the cost of people’s lives, simple as that.

Richard Bilton: BAT failed to answer any of our questions directly. Mr Durante? So I caught up with Chief Executive Nicandro Durante as he arrived at work. Sir, can I ask you a quick question? I’m from Panorama, why did you not respond to our emails about bribery? Is that the nature of BAT Sir, that you just put up with bribery?

Richard Bilton: BAT has since told us, the truth is that we do not and will not tolerate corruption no matter where it takes place. Our accusers in this programme left us in acrimonious circumstances and have a vendetta against us. The whistleblower is due to meet investigators from the UK’s Serious Fraud Office this week to discuss the bribery secrets of one of the UK’s biggest companies. Richard Bilton, BBC News.

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EXCLUSIVE: Leaked minutes of Merseyside Pension Fund’s Investment Monitoring Working Party

EXCLUSIVE: Leaked minutes of Merseyside Pension Fund’s Investment Monitoring Working Party

                                                              

Pensions Committee (Merseyside Pension Fund) 16th November 2015 L to R Peter Wallach, Cllr Paul Doughty (Chair)
Pensions Committee (Merseyside Pension Fund) 16th November 2015 L to R Peter Wallach, Cllr Paul Doughty (Chair)

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The public meeting of Wirral Council’s Pensions Committee held on the 16th November 2015

I will start this piece by declaring that I have a close family relative paid a pension by the Merseyside Pension Fund.

Monday night’s public meeting of Wirral Council’s Pensions Committee (you can view the video above) chucked out the public for two agenda items (issues about the tender exercise for CB Richard Ellis Capital Advisers Ltd (CBRE) and the minutes of the Investment Monitoring Working Party meeting of the 17th September 2015 and the 8th October 2015.

Originally one of the governance policies agreed by councillors that run the Merseyside Pension Fund stated that minutes of the Investment Monitoring Working Party and Governance Working Party should be published. I did query a while back why they weren’t, which led to the situation now where the minutes are split on the agenda and the public gets to see which councillors turned up, who sent their apologies and what the declarations of interest are.

However the rest of the minutes of those meetings (despite it being councillors that sit on these committees), councillors decide to keep the rest of the minutes a secret (on the advice of Wirral Council officers).

As it states on Wirral Council’s website the law states “Information is exempt to the extent that, in all the circumstances of the case, the public interest in maintaining the exemption outweighs the public interest in disclosing the information” and the reason given on Monday evening was “Information relating to the financial or business affairs of any particular person (including the authority holding that information)”.

Strictly speaking politicians are supposed to carry out their own public interest test based on the above and I suppose I should kick up more of a fuss at this point of the meeting if they’re about to chuck us out for no reason.

The Merseyside Pension Fund is a large pension fund with billions of pounds invested. Of course as a member of the press I’m going to take a view that it’s wrong for the public sector to be engaging in these inappropriate levels of secrecy when the total number of people in the fund comes to over 100,000.

Actually persuading politicians to actually go against an officer recommendation on this though is probably beyond my powers of persuasion. So here is a leak instead of the Investment Monitoring Working Party minutes of 8th October 2015. Think of all the money I’ve saved Wirral Council by not making a FOI request for this (although no doubt they will now carry out another leak investigation!)

I’ve corrected Cllr Ann McLachlan’s name in section 1 which was misspelt as McLachalan.

NOT FOR PUBLICATION
By virtue of paragraph(s) 3 of Part 1 of Schedule 12A
of the Local Government Act 1972.

EXEMPT APPENDIX 2

Minutes of the Investment Monitoring Working Party,

8 October 2015

In attendance:

Councillor Ann McLachlan (WBC) (Vice Chair) Peter Wallach (Head of MPF)
Councillor Geoffrey Watt (WBC) Joe Blott (Strategic Director Transformation and Resources
Councillor Treena Johnson (WBC) Noel Mills (Independent Adviser)
Rohan Worrall (Independent Adviser)
Councillor Paulette Lapin (SC) Louise-Paul Hill (Aon Hewitt)
Emma Jones (PA to Head of Pension Fund)
 

Apologies were received from:

Councillor Paul Doughty (WBC) Councillor Brian Kenny (WBC)
Councillor Cherry Povall (WBC) Councillor George Davies (WBC)
Councillor John Fulham (SHC) Councillor Adrian Jones (WBC)
 

Declarations of Interest

 

Councillor Geoffrey Watt declared an interest due to a relation being a beneficiary of the Merseyside Pension Fund.

1. Introduction

Cllr Ann McLachlan (AM) chaired the meeting on behalf of Cllr Paul Doughty.

Action Points

None

2. External Manager Presentation

2.1 M&G Investments

Matthew Vaight (MV), Fund Manager and Orla Haughey (OH), Client Director, presented their global Emerging Markets Mandate to IMWP. Their agenda covered their mandate, market overview, a re-cap on their process, performance and finally their funding positioning.

Merseyside Pension Fund current holdings are valued at £112.8m. They briefed members on their bottom-up stock picking style and currently hold 50-70 stocks on behalf of the Fund.

A discussion ensued with regard to the risk in developed markets compared to emerging markets but MV argued that although a portfolio could remain cautious there are improving fundamentals in countries such as Taiwan for example which still offer opportunities as markets on cheaper valuations.

Specific risks of stocks and value was examined and how specific risks can be stock specific rather than country specific. However the sharp currency devaluations in some markets such as Brazil and Russia over the past 12 months had hit the fund’s performance where stock fundamentals had been overridden by the market’s performance. Oil prices were discussed and how this affected the markets. To further mitigate risks M&G said they have also developed a framework to look at currency which will further aid stock selection.

Questions were raised with regard to governance and M&G clarified how they work with particular companies and examine management within the organisation closely.

Ethical investments were discussed and M&G clarified they have no exposure in tobacco products or defence. M&G explained their view is that good corporate governance is an indication of quality management and is a good indicator of how a company is run. It combined to make an attractive investment and is integral to their analysis of a company.

Action points

None.

3. External Manager Presentation part 2

3.1 Maple-Brown Abbott

Geoff Bazzan (GB), Head of Asia Pacific Equities, and Susan Douse (SD), European Marketing and Client Services, presented at IMWP an overview of their organisation. They spoke about their value style and investment process and philosophy. They looked at their total performance up to 31 August 2015 and the major contributors and detractors during that period.

A discussion ensued with regard to their cyclical turn down and the classic value trap over the long term. The Chinese economy was discussed and the fact that GB believes there is still opportunities in China but be wary of companies exposed to too much US debt.

Maple-Brown Abbott’s asset allocation and in particular their specific stock selection was debated and how this has impacted on performance. GB asserted that there has been a slight improvement in performance and hopes to see this improving in the future. GB expressed the view that exposure of Chinese stocks will improve.

Maple-Brown Abbott were asked about their ethical investments and it was asserted that restrictions are imposed on companies but in the broader portfolio they do not screen out but look at the sustainability over the long term and subsequently ethical questions come into play.

Action points

None.

External Manager Presentation part 3

4.1 Amundi

Mickaël Tricot (MT), Head of Emerging Markets Equities and Peter Brackets (PB) presented the Amundi Actions Emergent Team, Process and Portfolio Review to the IMWP. MT gave Merseyside’s portfolio’s investment summary and talked about the team structure and its resources. MT explained that they combined a top-down and bottom-up featured approach which supported a high quality stock selection process which was well suited for emerging markets with higher volatility.

Ethical investments were discussed and MT asserted this was very subjective but they coupled this with knowing the companies and looking carefully at aspects of the organisation thoroughly. MT explained that although aspects of ethical investments were not mandatory, companies were coming under pressure from the stock exchange to comply with guidelines. This was becoming very important and companies are finding it beneficial to conform.

The question of how the stock exchange can apply pressure was discussed and it was stressed that there was a common current exchange of disclosure and reporting which raises issues when concerns are expressed. It was also argued that collaboration and initiatives within global firms have a consistent framework which can put pressure on managers to comply. There are also the UN PRI principles which encourage disclosure.

Amundi’s exposure in Brazil and currencies was discussed and value versus growth was debated further. Amundi noted they were always looking at changing their approach to look at more complex valuations by using supplementary tools and databases to help with analysis.

Action points

None.

5.

5.1 Noting items

None

5.2 Action Points

None

5.3 Summary of Recommendations

None

5.4 Discussion Points (including any other business)

None

Date of Next Meeting

Thursday 10 December 2015 at 10.00 am, 6th floor, Cunard Building.

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Did Wirral Council’s Pensions Committee really approve the accounts of the £6.9 billion Merseyside Pension Fund?

Did Wirral Council’s Pensions Committee really approve the accounts of the £6.9 billion Merseyside Pension Fund?

Did Wirral Council’s Pensions Committee really approve the accounts of the £6.9 billion Merseyside Pension Fund?

Pensions Committee (Merseyside Pension Fund) 15th September 2015 Left Peter Wallach Head of Pensions Right Cllr Paul Doughty Chair of the Pensions Committee
Pensions Committee (Merseyside Pension Fund) 15th September 2015 Left Peter Wallach Head of Pensions Right Cllr Paul Doughty Chair of the Pensions Committee

Below is a copy of my statutory objection to the approval of the accounts of the Merseyside Pension Fund (a £6.9 billion pension fund that form part of Wirral Council’s accounts) which go to Wirral Council and its auditors Grant Thornton.

It’s rather dull and technical, but in the interests of openness and transparency I am publishing it below. It relates to yesterday’s meeting of the Pensions Committee that can be viewed below. I was so cheesed off I made two spelling mistakes in the email (a corrected version is below).

Plus ça change, plus c’est la même chose!

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Wirral Council’s Pension Committee public meeting of the 15th September 2015 Part 1 of 2 (Merseyside Pension Fund)

I reckon receiving this email will probably be about as welcome at Wirral Council as someone breaking wind in an open plan office. However such is life! The press are independent for a reason!


Subject: Statutory objection to Pensions Committee approval of Merseyside Pension Fund Accounts for 2014/15

CC: Pat Philips
CC: Colin Hughes
CC: Surjit Tour
CC: Peter Wallach
CC: Joe Blott
CC: Tom Sault

CC: Cllr Paul Doughty
CC: Cllr Ann McLachlan
CC: Cllr George Davies
CC: Cllr Treena Johnson (email address unknown)
CC: Cllr Adrian Jones
CC: Cllr Brian Kenny
CC: Cllr Geoffrey Watt
CC: Cllr Kathy Hodson
CC: Cllr Cherry Povall
CC: Cllr Pat Cleary
CC: Cllr Anita Leech

CC: Cllr Nick Crofts (Liverpool City Council)
CC: Cllr John Fulham (St Helens Council)
CC: Cllr William Weightman (Knowsley Council)
CC: Paulette Lappin (Sefton Council)

CC: Cllr Jim Crabtree
CC: Cllr Ron Abbey
CC: Cllr Chris Blakeley
CC: Cllr Angela Davies
CC: Cllr David Elderton
CC: Cllr Phil Gilchrist
CC: Cllr John Hale
CC: Cllr Matthew Patrick

CC: Fiona Blatcher
CC: Heather Green
CC: Chris Blakemore

Dear all,

I am a local government elector in the Wirral Metropolitan Borough Council area and make this statutory objection to the Pensions Committee approval of the the Merseyside Pension Fund Accounts for 2014/15 (see Audit Commission Act 1998, s.16).

For the purposes of clarity to the auditor this is a statutory objection to a matter not in relation to a matter covered by Audit Commission Act 1998, s.17-18 but Audit Commission Act 1998, s.8.

As required I am sending a copy of this objection to the auditor, those I have contact details for on Wirral Council’s Pensions Committee (I do not have an email address for Cllr Treena Johnson), Wirral Council’s Audit and Risk Management Committee and those tasked with corporate governance at Wirral Council such as the Monitoring Officer Mr. Tour, the Head of Pensions Peter Wallach, the Strategic Director for Transformation and Resources Joe Blott and Tom Sault the Acting 151 Officer as well as other relevant people.

I do not have contact details for some on the Pensions Committee. I am sending this to the officer who took the minutes of the Pensions Committee meeting on the 14th September 2015 in the hope that it can be forwarded to those I do not have contact details for (the non-councillor members and Cllr Treena Johnson).

As this is a rather technical objection, I provide below a summary of the key points.

However I first need to declare an interest. I have a close family relative who is currently paid a pension by Merseyside Pension Fund, therefore a close interest in the corporate governance of the Fund being done properly.

On the 14th September 2015, I and three other members of the public (two of whom were employed by Grant Thornton and are Wirral Council’s auditors) attended a public meeting of Wirral Council’s Pensions Committee.

This meeting was filmed by myself and published shortly after, see

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and

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.

One of the functions of the Pensions Committee as detailed in Wirral Council’s constitution is to approve the statement of accounts and financial statements of the Merseyside Pension Fund and recommend these to the Audit and Risk Management Committee.

This is because the Merseyside Pension Fund forms part of Wirral Council’s accounts. There is a statutory deadline to approve the statement of accounts for the 2014/15 financial year by the 30th September 2015.

As mentioned at the Pensions Committee itself by one of the councillors this Fund is valued at ~£6.9 billion.

Item 4 and 5 on the agenda of that meeting were the pension fund accounts 2014/15 and draft annual report.

As the Pensions Committee is a public meeting of a local authority, legislation that governs public meetings applies to it. The statement of accounts formed part of a document known as the “Report & Accounts 2014/15” which was given to those on the Pensions Committee present on the afternoon of the meeting itself.

Please note the reference below to principal council, by virtue of Local Government Act 1972, s.100E also apply to committees and sub-committees of a principal council. The Pensions Committee is a committee of a principal council.

Local Government Act 1972, s.100B(4), is quite clear on the procedure that should be followed in the case of agenda items that are not open to inspection by members of the public five clear days before the meeting.

(4) An item of business may not be considered at a meeting of a principal council unless either—

(a) a copy of the agenda including the item (or a copy of the item) is open to inspection by members of the public in pursuance of subsection (1) above for at least [five clear days] before the meeting or, where the meeting is convened at shorter notice, from the time the meeting is convened; or

(b) by reason of special circumstances, which shall be specified in the minutes, the chairman of the meeting is of the opinion that the item should be considered at the meeting as a matter of urgency.

It is clear that the Report & Accounts 2014/15 for the Merseyside Pension Fund did not fall under the description in s. 100B (4)(a) and therefore the procedure in 100B(4)(b) applies. The Chairman of the Pensions Committee Cllr Paul Doughty did not specify at the meeting itself his opinion that the item should be considered as a matter of urgency, nor would the reasons for this be specified in the minutes.

This is an important corporate governance safeguard written into legislation.

Firstly, if the documents are not made available to the public five clear days before the meeting, the public and press cannot scrutinise them. Secondly (as was mentioned at the meeting itself) at least one councillor expressed the view that half an hour was insufficient to scrutinise a highly technical 46 page document.

This is not a one off occurrence. Officers in previous years have frankly played these games of brinkmanship with accounts routinely handed to those tasked with corporate governance to approve on the evening of the meeting itself. The safeguard above in s.100(4)(b) above, details a procedure to be followed if the matter is urgent.

Therefore my objection is that because of what I have detailed above, the Pensions Committee did not approve the statement of accounts for the Merseyside Pension Fund because:

(a) the report was late and
(b) it is clear from the legislation that a procedural step was missed making the decision ultra vires.

I am however not an unreasonable person and suggest the following course of corrective action. If this is followed I will happily withdraw my objection.

i) That the Pensions Committee holds a further meeting between now and 30th September 2015.
ii) The Audit and Risk Management Committee recommendation is altered (agenda item 12 meeting of the 22nd September 2015) to be conditional on the meeting outlined in i) and the same for any Cabinet meeting that has to approve the same item
iii) That at this special meeting it considers the items referred to in this objection in a way that is not open to legal challenge or perceived to be ultra vires and that the information for this meeting is published on Wirral Council’s website five clear days before the meeting.

As Wirral Council’s auditors Grant Thornton will no doubt make clear, the matter that forms this objections needs to be resolved before the accounts are signed off. I look forward to reading and hearing responses to this objection.

However as this is a perceived serious corporate governance failing, I am making this objection public.

Yours sincerely,

John Brace

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11 pages of "secret" documents show the gap between the assets and liabilties of Merseyside Pension Fund is growing

11 pages of “secret” documents show the gap between the assets and liabilties of Merseyside Pension Fund is growing

11 pages of “secret” documents show the gap between the assets and liabilties of Merseyside Pension Fund is growing

                                            

Councillor Paul Doughty Chair of the Pensions Committee deciding on Monday 23rd March on the advice of officers to keep all this a secret
Councillor Paul Doughty Chair of the Pensions Committee (on the right of the photo) deciding on Monday 23rd March on the advice of officers to keep all this a secret

I will declare at the start that I have a close relative paid a pension from the Merseyside Pension Fund. Below are 11 pages of the minutes of the Investment Monitoring Working Party meeting held on the 5th March 2015. On the advice of officers, councillors on the Pension Committee on Tuesday resolved to keep these minutes out of the public domain on the basis that it was “Information relating to the financial or business affairs of any particular person (including the authority holding that information)” and that “in all the circumstances of the case, the public interest in maintaining the exemption outweighs the public interest in disclosing the information”.

I disagree and think there is a public interest in these minutes being in the public domain in the interests of openness and transparency.

Investment Monitoring Working Party Minutes 5th March 2015 Page 1
Investment Monitoring Working Party Minutes 5th March 2015 Page 1
Investment Monitoring Working Party Minutes 5th March 2015 Page 2
Investment Monitoring Working Party Minutes 5th March 2015 Page 2
Investment Monitoring Working Party Minutes 5th March 2015 Page 3
Investment Monitoring Working Party Minutes 5th March 2015 Page 3
Investment Monitoring Working Party Minutes 5th March 2015 Page 4
Investment Monitoring Working Party Minutes 5th March 2015 Page 4
Investment Monitoring Working Party Minutes 5th March 2015 Page 5
Investment Monitoring Working Party Minutes 5th March 2015 Page 5
Investment Monitoring Working Party Minutes 5th March 2015 Page 6
Investment Monitoring Working Party Minutes 5th March 2015 Page 6
Investment Monitoring Working Party Minutes 5th March 2015 Page 7
Investment Monitoring Working Party Minutes 5th March 2015 Page 7
Investment Monitoring Working Party Minutes 5th March 2015 Page 8
Investment Monitoring Working Party Minutes 5th March 2015 Page 8
Investment Monitoring Working Party Minutes 5th March 2015 Page 9
Investment Monitoring Working Party Minutes 5th March 2015 Page 9
Investment Monitoring Working Party Minutes 5th March 2015 Page 10
Investment Monitoring Working Party Minutes 5th March 2015 Page 10
Investment Monitoring Working Party Minutes 5th March 2015 Page 11
Investment Monitoring Working Party Minutes 5th March 2015 Page 11

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Why did Wirral Council pay £2,943.61 for travel to Rome, Madrid, Frankurt, Paris, Montreux, Dublin & Vienna?

Why did Wirral Council pay £2,943.61 for travel to Rome, Madrid, Frankurt, Paris, Montreux, Dublin & Vienna?

Why did Wirral Council pay £2,943.61 for travel to Rome, Madrid, Frankurt, Paris, Montreux, Dublin & Vienna?

                                                   

Councillor Paul Doughty Chair of the Pensions Committee deciding on Monday 23rd March on the advice of officers to keep all this a secret
Councillor Paul Doughty Chair of the Pensions Committee (on the right of the photo) deciding on Monday 23rd March on the advice of officers to keep all this a secret

I will declare at the start that I have a close relative paid a Merseyside Pension Fund pension.

Rome, Madrid, Paris and Vienna were all destinations travelled to by Wirral Council employees working in its Merseyside Pension Fund section paid for out of Merseyside Pension Fund funds. On the advice of officers, councillors on the Pension Committee on Tuesday resolved to keep this list out of the public domain on the basis that it was “Information relating to the financial or business affairs of any particular person (including the authority holding that information)” and that “in all the circumstances of the case, the public interest in maintaining the exemption outweighs the public interest in disclosing the information”.

I disagree with councillors on that assessment and the table of overseas travel by those in its Merseyside Pension Fund section for 2014 is below.

DEPARTMENT OFFICER LOCATION DATE PURPOSE COST *
MERSEYSIDE PENSION FUND GREG CAMPBELL MADRID 13-17 JAN 2014 ATTEND INVESTMENT CONFERENCE TO VIEW 16 COMPANY PRESENTATIONS WHO ARE POTENTIAL VIABLE INVESTMENTS. TO PROVIDE EUROPEAN MANAGER WITH BETTER UNDERSTANDING OF INDIVIDUAL COMPANIES AND INDUSTRY KNOWLEDGE. £642.63
MERSEYSIDE PENSION FUND PETER WALLACH ROME 5-7 FEB 2014 ATTEND INTERNATIONAL INVESTOR EUROPEAN PENSIONS SYMPOSIUM. INVITED TO SPEAK AT THE EVENT AND OPPORTUNITY TO HEAR FROM PENSIONS AND INVESTMENT EXPERTS. TO MEET WITH OTHER PUBLIC AND PRIVATE FUNDS. £260.22
MERSEYSIDE PENSION FUND SUSANNAH FRIAR MIAMI 18-21 MARCH 2014 ATTEND PARTNERS GROUP ANNUAL CONFERENCE TO DISCUSS PROGRESS OF FUNDS. ATTEND PRESENTATIONS BY PARTNERS FUND MANAGERS AND INVITED SPEAKERS TO LOOK AT CASE STUDIES OF COMPANIES INVESTED. NIL
MERSEYSIDE PENSION FUND LEYLAND OTTER MONTREUX 27-30 APRIL 2014 ATTEND EUROPEAN PENSIONS AND INVESTMENTS CONFERENCE. AN OPPORTUNITY TO NETWORK WITH OUR PEERS IN THE INVESTMENT FIELD AND TO ASSIMILATE CURRENT THINKING ON PROSPECTIVE INVESTMENTS ACROSS A WIDE RANGE OF ASSET CLASSES £305.58
MERSEYSIDE PENSION FUND OWEN THORNE DUBLIN 6-8 MAY 2014 ATTEND BLACKROCK RENEWABLES CONFERENCE. ATTENDANCE AT INVESTOR DAY WHICH IS INTEGRAL PART OF THE FUND’S INVESTMENT MONITORING PROCESS. TO EVALUATE PROGRESS OF THE TEAM AND OTHER NETWORKING AND MARKET INTELLIGENCE GATHERING BENEFITS £60.00
MERSEYSIDE PENSION FUND LEYLAND OTTER BRUSSELS 12-13 MAY 2014 ATTEND ANTIN IP INVESTOR DAY. OPPORTUNITY FOR UPDATE ON INFRASTRUCTURE FUND AND SITE VISIT NIL
MERSEYSIDE PENSION FUND SUSANNAH FRIAR FRANKFURT 13-15 MAY 2014 ATTEND INVESCO PROPERTY CONFERENCE TO DISCUSS PROGRESS OF THE FUND. TO ATTEND PRESENTATION BY INVESCO MANAGERS AND INVESCO SPEAKERS. MEET WITH OTHER INVESTORS £391.00
MERSEYSIDE PENSION FUND GREG CAMPBELL PARIS 17 JUNE 2014 TO ATTEND INVESTMENT CONFERENCE WITH OVER 20 COMPANY PRESENTATIONS. MANY WHO ARE HELD IN THE EUROPEAN PORTFOLIO. TO PROVIDE BETTER UNDERSTANDING OF INDIVIDUAL COMPANIES TO INCREASE INDUSTRY KNOWLEDGE. £713.89
MERSEYSIDE PENSION FUND SUSANNAH FRIAR PARIS 17-17 NOV 2014 ATTEND CARLYLE GROUP ANNUAL CONFERENCE. TO PROVIDE PROGRESS OF INVESTMENTS, ATTEND GENERAL CONFERENCE TO LEARN THOUGHTS OF GUEST PRESENTERS AND OTHER CARLYLE FUNDS. NETWORK WITH LIKE MINDED INVESTORS. £564.59
MERSEYSIDE PENSION FUND PETER WALLACH VIENNA 19-21 NOV 2014 ATTEND IPE CONFERENCE & ANNUAL AWARDS. AN OPPORTUNITY FOR MPF TO BE REPRESENTED AT THE AWARDS CEREMONY AND THE BENEFIT FROM THE SEMINAR AND NETWORKING OPPORTUNITIES WITH OTHER FUNDS. £5.70

* Costs to Fund. A number of events were subsidised by the organisers who pay for or contribute towards travel, and/or accommodation and/or attendance costs.

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