Decision details

Mr Harvey informed the meeting that the Scheme Advisory Board (SAB) was working with Newcastle University to establish a unit that would collate information from investment firms in relation to the costs they incur.

It was reported that the SAB had produced a code for Scheme Managers that would establish a standard level of transparency which would develop over time and provide a consistent measure of such costs. Whilst the Local Pension Partnership had already signed up to the CIPFA code it was encouraging the larger investment management companies it dealt with to sign up to the Code of Transparency.

The Board recognised the danger of comparing the investment management costs associated with Funds that could have very different investment portfolios and welcomed the introduction of a Code which would provide some consistency regarding the monitoring of costs.

Resolved: That the update regarding the development of the Scheme Advisory Board's Code of Transparency be noted.