Decision details

(Exempt information as defined in Paragraph 3 of Part 1 of Schedule 12A to the Local Government Act, 1972. It was considered that in all the circumstances of the case the public interest in maintaining the exemption outweighed the public interest in disclosing the information).

The Committee received a report from the Investment Panel setting out the work of the Panel since the last meeting of the Committee. Whilst the Panel had not met, it had conducted business via e-mail or telephone conference. The Committee's attention was specifically drawn to the following key areas considered by the Panel:

·  The Investment and Market Context in which the Fund was operating;

·  Performance Report;

·  Transactions approved or those it was agreed not to proceed with;

·  New ways of operating following the establishment of the Local Pensions Partnership.

Reference was made to central bank activity, the collapse of a number of high profile merger deals in April, and uncertainty over the outcome of the European Union referendum.

Resolved: - That the report, now presented, be noted.