Agenda item

1.         Mr Vickers introduced the report and responded to comments and questions of detail from the committee.  The committee debated the options available and reached consensus on the recommendations set out in the report.

2.         It was RESOLVED that:-

a)    the progress made on implementing the Investment Strategy be noted;

b)    the position on the indirect property fund investments be noted;

c)    officers be directed to investigate options for extending the Kames fund, taking account of the reservations expressed by the committee during debate;

d)    the option to consider direct UK property investment be noted;

e)    the investment manager fee position be noted; and

f)     the Transparency Code position be noted.