Agenda and minutes

RESOLVED that the minutes of the meeting held on 29 August 2014 are correctly recorded and that they be signed as a correct record.

To note the following dates for meetings in 2015:

The following dates for meetings of the Committee in 2015 were noted:

That under Section 100A of the Local Government Act 1972 the press and public be excluded from the meeting for the following business on the grounds that it involves the likely disclosure of exempt information as defined in paragraph 3 of part 1 of Schedule 12A of the Act.

RESOLVED that under Section 100A of the Local Government Act 1972 the press and public be excluded from the meeting for the following business on the grounds that it involves the likely disclosure of exempt information as defined in paragraph 3 of part 1 of Schedule 12A of the Act.

(1)          Mr Vickers introduced a report which provided background information to the presentations from Hymans Robertson on diversified asset and from Woodford Investments on their UK Equity Fund.  The report also included additional background information on the 2013 actuarial valuation results and the Fund’s long term relative investment performance.

(2)          RESOLVED that the background information provided in the report be noted.

(1)          Mr Elliot and Mr McKissack from Hymans Robertson gave a presentation which provided an overview of the Fund’s current strategy and considered the role of each of the Fund’s investments within the Fund’s long term objective planning. The presentation also included an assessment of the risk and return structure of the current investment strategy and suggested some alternative strategies for the Committees consideration.

(2)          Mr Elliot and Mr McKissack replied to a number of questions asked by Committee members.

(3)          Mr Vickers explained that at the meeting of the Committee on 14 November 2014 further consideration would be given to the issues that had been raised during this discussion.

(4)          RESOLVED that the presentation be noted.

(Mr N Woodford and Mr W Deer of Woodford Investment Management were present for this item but withdrew from the meeting for the Committee’s decision making )

(1)          The Committee received a presentation by Mr Woodford on his company and the Woodford UK Equities fund.  Committee members asked Mr Woodford detailed questions in relation to the company and the fund as part of their due diligence in considering investing in the fund.  If the Committee were to decide to invest in this fund they would require assurances around an agreed exit strategy should it be decided at a later date to terminate this investment.

(2)          Mr Woodford and Mr Deer withdrew from the Meeting.

(3)          The Committee then considered whether they wished to invest in this fund and if so the level of that investment.

(4)          RESOLVED that £200m be invested in the Woodford UK Equities fund subject to the receipt of satisfactory assurances.