Agenda item

The Committee received a report from the External Auditor explaining the scope of the audit, the risks identified and the procedures that will be performed to deliver the audit for Durham County Council Pension Fund (for copy see file of Minutes).

Members discussed the potential future risks in relation to the pension fund with regards to funding cuts and further reductions in the workforce.  Councillor Carr assured members that the Pension Fund Committee do regularly check that inputs are less than outputs and hold investors to account on their performance.

Mr Hoban referred to unquoted investments and queried why a third of investments were not quoted on the stock exchange.  Ms Banks said that property type investments are not listed this way but investments are made in accordance with the agreed strategy.  Ms Banks suggested that feedback could be given from the Corporate Director of Resources and it was agreed that a short presentation by officers to the Committee giving an update on the Pension Fund would be arranged.

Resolved:-

That the report be noted.