Agenda and minutes

There were none.

RESOLVED that the Minutes of the meeting held on 6 June 2008 are correctly recorded and that they be signed by the Chairman.

(Item D1 – Mr G Brown of the Audit Commission was in attendance for this item)

RESOLVED that:-

(a)       the report be noted, and

(b)       a further report be submitted to the next meeting.

(Item D2 – Report by Director of Finance)

RESOLVED that, subject to the inclusion of Members on the Committee at the end of September, the Annual Report and Accounts for 2007/08 be formally adopted and printed.

(Item D3 – Report by Director of Finance)

RESOLVED that the report be noted.

(Item D4 – Report by Director of Finance)

RESOLVED that:-

(a)       the use of the Manifest Voting Service cease,

(b)       the UN Principles of Responsible Investing be adopted;

(c)        the draft ESG Policy Statement for consultation with scheme employers and other interested parties be approved; and

(d)       the proposed formal response to Unison as set out in paragraph 18 of the report be approved.

(Item D5 – Report by Director of Finance)

RESOLVED that the current AB policy be changed, with effect from 1 December 2008, using the following wording:-

“It is the policy of Kent County Council not to abate a pension in payment where the pensioner takes up a re-employment position with a Local Government employer.  The council reserves the right to abate a pension in payment, in exceptional circumstances”.

(The Chairman agreed to take this as an urgent item in order to keep the Committee informed regarding the increased workload within the Pensions Section following legislation)

RESOLVED that the report be noted.

EXEMPT ITEMS

(Open Access to Minutes)

RESOLVED that the Minutes of the meeting held on 7 March 2008 are correctly recorded and that they be signed by the Chairman.

(Item C2)

(Mr G Day, Mr A Simpson and Mr J Stuttard from Schroders were in attendance for this item)

RESOLVED that the report be noted.

SUMMARY OF EXEMPT ITEMS

(Where Access to Minutes Remains Restricted)

(Item C3)

The Committee agreed a number of issues relating to the structure and management of the Fund.

(Item C4)

The Committee noted progress on the implementation of the Investment Strategy of increasing the allocation to alternative investments and made decisions on the proposed options.