A meeting of the Investment and Pension Fund Committee will be held on the above date at 10.00 am at County Hall, Exeter to consider the following matters.

P NORREY

Chief Executive

A G E N D A

1. Apologies for absence

2. Minutes

Minutes of the meeting held on 22 November 2013, attached (Page 1).

3. Items Requiring Urgent Attention

Items which in the opinion of the Chairman should be considered at the meeting as matters of urgency.

4. Update on current Local Government Pension Scheme issues

Report of the County Treasurer (CT/14/18 - text only | pdf CT/14/18), attached (Page 4).

5. Global Custodian Services Contract Review

Report of the County Treasurer (CT/14/19 - text only | pdf CT/14/19), attached (Page 7).

6. Restructuring of the Probation Service

Report of the County Treasurer (CT/14/20 - text only | pdf CT/14/20), attached (Page 10).

7. Investment Management Report

Report of the County Treasurer (CT/14/21 - text only | pdf CT/14/21) attached (Page 12).

8. Treasury Management Strategy 2014/15

Report of the County Treasurer (CT/14/22 - text only | pdf | supplementary information CT/14/22) attached (Page 16).

9. CIPFA Code of Practice on Knowledge and Skills

Report of the County Treasurer (CT/14/23 - text only | pdf CT/14/23) attached (Page 21).

10. Applications for Admitted Body Status

The following applications for admitted body status have been approved since the last meeting of the Committee:

Torbay Community Development Trust - the Trust has been set up as a partnership between Torbay Council and the voluntary sector, and will deliver the Council s Community Development functions under a service level agreement, with 2 staff transferring from the Council.

11. Annual Consultative Meeting with Staff and Retired Members

The Annual Consultative Meeting is being held in the afternoon following the Investment and Pension Fund Committee meeting, commencing at 2.15pm. Presentations will be made by Mark Gayler, Assistant County Treasurer, Charlotte Thompson, Head of Peninsula Pensions and Jonathan Neill from Fabian Pictet and Partners. Members of the Committee are welcome to attend.

12. Dates of Future Meetings

The Committee will meet at 10.00am on the following dates:

2014

16 May 2014

12 September 2014

21 November 2014

2015

27 February 2015

PART II ITEMS WHICH MAY BE TAKEN IN THE ABSENCE OF THE PRESS AND PUBLIC

13. Exclusion of the Press and Public

Recommendation: that the press and public be excluded from the meeting for the following item of business under Section 100(A)(4) of the Local Government Act 1972 on the grounds that it involves the likely disclosure of exempt information as defined in Paragraph 3 of Schedule 12A of the Act, namely information relating to financial and business affairs of another person and that of the County Council and disclosure of which would be likely to inhibit the free and frank provision of advice and exchange of views for the purposes of deliberation, in accordance with Section 36 of the Freedom of Information Act 2000, by virtue of the fact that the public interest in maintaining the exemption outweighs the public interest in disclosing the information.

14. Legal Action against the Royal Bank of Scotland

Report of the County Treasurer (CT/14/24) attached (Page 25).

MEMBERS ARE REQUESTED TO SIGN THE ATTENDANCE REGISTER

Members are reminded that Part II Reports contain exempt information and should therefore be treated accordingly. They should not be disclosed or passed on to any other person(s). Members are also reminded of the need to dispose of such reports carefully and are therefore invited to return them to the Democratic Services Officer at the conclusion of the meeting for disposal.

Membership

Devon County Council Councillors Boyd (Chairman), Brook, Dezart, Edgell, Gilbert, Greenslade, Hannon, Hill, Radford, Randall Johnson, Squires and Wright Unitary and District Councils Councillors P Smith and Stark (Plymouth), Edwards (Exeter - LGA Devon), J Thomas (Torbay) Substitute Members: Councillor Hicks (for Cllr Edwards), Councillor Fox (for Cllr Smith), Councillor Dr Mahony (for Cllr Stark) Union and Retired Members: Observers Non-Voting Mr. Franceschini, Mr. Lomax and Mrs Parker

Declaration of Interests

Members are reminded that they must declare any interest they may have in any item to be considered at this meeting, prior to any discussion taking place on that item.

Access to Information

Any person wishing to inspect any Minutes, Reports or Background papers relating to any item on this agenda should contact Vicky Moffat on 01392 383691. Agendas, Reports and Minutes of this Committee are published on the Council s Website at:http://www.devon.gov.uk/index/councildemocracy/decision_making/cma/index_inv.htm

Webcasting of Meetings

The proceedings of this meeting may be recorded for broadcasting on the internet via the County Council s website Information Devon . The whole of the meeting will be broadcast apart from any confidential items which may need to be considered in the absence of the press and public. For more information go to: http://www.devoncc.public-i.tv/core/ Members of the public may use Facebook and Twitter or other forms of social media to report on proceedings at this meeting. Anyone wishing to film part or all of the proceedings may do so unless the press and public are excluded for that part of the meeting or there is good reason not to do so. As a matter of courtesy, anyone wishing to film proceedings is normally asked to advise the Chairman so that those present may be made aware.

Emergencies

In the event of the fire alarm sounding, leave the building immediately by the nearest available exit, following the fire exit signs. If doors fail to unlock press the Green breakglass next to the door. Do not stop to collect personal belongings, do not use the lifts, do not re-enter the building until told to do so.

Mobile Phones

Please switch off all mobile phones before entering the Committee Room or Council Chamber.

If you need a copy of this Agenda and/or a Report in another format (e.g. large print, audio tape, Braille or other languages), please contact the Information Centre on 01392 380101 or email to: centre@devon.gov.uk or write to the Democratic Services and Scrutiny Secretariat at County Hall, Exeter, EX2 4QD.

Induction loop system available