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. 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 is operating including the impact of China's economy;

·  Performance Report;

·  LLPP Panel Due Diligence role;

·  QC opinion regarding use of derivative;

·  Annual Equity Manager Reviews;

·  Credit Strategy Annual Reviews;

·  Transactions in progress;

·  Infrastructure Due Diligence and request for investment approval;

·  Transactions outside of Panel Meeting.

Members particularly discussed the effects of the US and Chinese economies on worldwide markets. The presentation of information showing the level of worldwide exports to China as a % of GDP was welcomed and officers were asked to circulate comparative information in respect of worldwide exports from China.

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