MINUTES OF THE FIFTH MEETING OF THE PENSION TRUSTEES
MONDAY 5 FEBRUARY 2001 AT 12.30 PM
IN THE PRIVATE DINING ROOM

1. Appointment of Investment Manager
2. Presentation by Royal London Asset Management
3. Date of next meeting

Present:Mr D Watson
Mr J Kelly
Mr M Carrick
Mr J Dallat
Mr D McClarty

In the Chair:Mr D Watson

In Attendance:Mr T Evans, Mr E Hobson, Mrs C McGowan and Mr G Ballantine
Ms D Kavanagh, Ms D Murphy, Mr R Dentith and Mr H Daldorph were in attendance for Agenda item 2

The purpose of the meeting was to meet with the Fund Manager to clarify the approach to the investment of the pension funds.

1. Appointment of Investment Manager

Mr Ballantine updated the Trustees on the recent selection process for the Investment Manager. The Trustees reviewed and agreed the questions to be asked to the Investment Manager.

2. Presentation by Royal London Asset Management

Mr Dentith and Mr Daldorph made a short presentation to the Trustees outlining the organisational profile and investment portfolio for Royal London Asset Management.

Trustees asked questions to RLAM representatives under 8 broad themes:

1. Ownership;
2. Commitment to Fund Management;
3. Staff Resources;
4. Funds Proposed;
5. Style / Strategy;
6. Service;
7. Performance (both absolute and relative to peers); and
8. Charges.

Trustees agreed to consider the information and would forward a decision at the next meeting.

3. Date of next meeting

Monday 19 February at 1.00 pm in room 106.

Tom Evans