Agenda and minutes

Apologies were received from Mr Tim Jackson.

It was noted that Cllr Peter Stoddart was no longer a Swindon Borough Councillor, and therefore no longer a member of the Committee.

There were no announcements.

There were no declarations of interest.

The Council welcomes contributions from members of the public.

Statements

If you would like to make a statement at this meeting on any item on this agenda, please register to do so at least 10 minutes prior to the meeting. Up to 3 speakers are permitted to speak for up to 3 minutes each on any agenda item. Please contact the officer named above for any further clarification.

Questions

To receive any questions from members of the public or members of the Council received in accordance with the constitution. Those wishing to ask questions are required to give notice of any such questions in writing to the officer named above, no later than 5pm on Wednesday 02 May 2012. Please contact the officer named on the first page of this agenda for further advice. Questions may be asked without notice if the Chairman decides that the matter is urgent.

Details of any questions received will be circulated to Committee members prior to the meeting and made available at the meeting and on the Council’s website.

There were no questions.

The date of the next meeting was confirmed as 23 May 2012 at the Council Offices at Bradley Road, Trowbridge.

There were no urgent items.

To consider passing the following resolution:

To agree that in accordance with Section 100A(4) of the Local Government Act 1972 to exclude the public from the meeting for the business specified in Item Number 8 because it is likely that if members of the public were present there would be disclosure to them of exempt information as defined in paragraphs 1 & 3 of Part I of Schedule 12A to the Act and the public interest in withholding the information outweighs the public interest in disclosing the information to the public.

Resolved:

To agree that in accordance with Section 100A(4) of the Local Government Act 1972 to exclude the public from the meeting for the business specified in Minute Number 56 because it is likely that if members of the public were present there would be disclosure to them of exempt information as defined in paragraphs 1 & 3 of Part I of Schedule 12A to the Act and the public interest in withholding the information outweighs the public interest in disclosing the information to the public.

A confidential report is circulated to the Committee to consider whether to put the Fund forward to be a lead plaintiff in a forthcoming Class Action.

Consideration was given to a confidential report presented by the Service Director (Finance) and the Head of Pensions, asking the Committee to consider whether or not to put the Fund forward to be a lead plaintiff in a forthcoming Class Action in the USA.

The Committee also discussed the lessons that could be learned by the Fund’s relevant Investment Manager, as a result of the actions leading to the potential Class Action.

After discussion, it was,

Resolved:

1)    To note the potential gains associated with this action, and agree to delegate authority to the Chairman and Director of Finance to agree signature of the consent forms to be considered as lead plaintiff in this case.

2)    For the Committee to receive regular updates on the progression of the Class Action at subsequent meetings.

3)    To receive a learning paper reviewing the process and the activities leading to a potential Class Action, once further evidence and facts are available.