Agenda and minutes

To consider whether the public should now be excluded from the remainder of the meeting on the grounds that it is likely that, in view of the nature of the business to be transacted or the nature of the proceedings, if members of the public were present during those items there would be disclosure to them of exempt information within the meaning of paragraph 1 of Schedule 12A to the Local Government Act 1972; and, if it is decided to exclude the public on those grounds, the Committee to resolve accordingly on the motion of the Chairman.

The Committee resolved to excluded the public from the meeting during discussion of the following item on the grounds that if members of the public were present it was likely that, given the nature of the business to be transacted, that there would be disclosure to them of exempt information within the meaning of paragraph 3 of Schedule 12A to the Local Government Act 1972 which could reveal information relating to the financial or business affairs of any particular person (including the authority holding that information) and it was not in the public interest to publish this information.

he Committee interviewed six potential Fund Managers for the position of Global Equity Manager. The Committee received advice from the Pension Funds Investment Advisers Hymans Robertson LLP and officers.

The six companies were bidding to fill the position of a single investment manager to manage a global equity mandate with an initial value of £60m to £70m, with a performance target expected to be an outperformance of a minimum of 2.5% p.a. (gross of fees) when assessed over a rolling three to five years against the MSCI All Country World Index or FTSE All World Index.

Each company was invited to make a presentation lasting 20 -25 minutes followed by 20 minutes for questions. Members scored each company against a number of set criteria

The Committee agreed unanimously that the preferred candidate was Baillie Gifford and authorised Hymans Robertson LLP in consultation with officers to open negotiations with Baillie Gifford to commence management of a portfolio of between £60m and £70m.