Meeting documents

To receive the following reports:

(a)  UK Equity Report

(b)  Allianz – Global Equities

(c)  Investec – Global Equities

(d)  Wellington – Global Equities

(e)  Royal London Asset Management – Corporate Bonds

(f)   CBREi Global Investors – Property

(g)  Insight Investment – Liability Hedging

(a) UK Equity Report

The Committee considered a report by the Finance Manager (Treasury and Investments) which highlighted the performance of the internally managed UK equities portfolio, the Standard Life UK Equities Fund, the AXA Framlington Fund and the Schroders Small Cap Fund.  The Finance Manager (Treasury and Investments) confirmed that the divestment from Standard Life had been completed in April 2016.

Noted

(b) Allianz Global Investors

The Committee considered a report from Allianz Global Investors, who were appointed to the Smart Beta Global Equities mandate in December 2015.

Noted

(c) Investec Asset Management

The Committee considered a report from Investec Asset Management, who were appointed to the active Global Equities mandate in December 2015.

Noted

(d) Wellington Investment Management

The Committee considered a report from Wellington Investment Management, who were appointed to the active Global Equities mandate in December 2015.

Noted

(e) Royal London Asset Management (rlam)

The Committee considered a report from Royal London Asset Management (rlam) on the Corporate Bond portfolio.

Noted

(f) CBRE Global Investors

The Committee considered a report from CBRE Global Investors, the Fund’s Property Manager.

Noted

(g) Insight Investment

The Committee considered a report from Insight Investment, who had the mandate for the liability matching strategy.  The Independent Adviser informed the Committee that performance had underperformed the benchmark because the manager had bought gilts not swaps but in the long term this should not be a problem.

Noted