This meeting took place on 12 March 2014. Read the transcript here.
What safeguards are in place to protect the £4.6bn London Pensions Fund Authority (LPFA) from directors' conflicts of interest?
The Greater London Authority Oversight Committee will tomorrow question LPFA Chairman Edmund Truell and Bob Scruton, Head of Public Sector pensions, The Pensions Regulator, about governance arrangements to avoid conflicts of interest at LPFA.
On 11 December 2013 Mr Truell told the Committee that approximately half the LPFA Board members had some aspects of co-investment with the Fund, in many cases because of other pension funds that they sit on [1].
Following the meeting, the Mayor wrote to the Committee to clarify the LPFA’s position on co-investments. He said that ‘there are currently no co-investments between the LPFA and Board Members’ [3]. The letter clarifies that there are currently no co-investments between the LPFA and its Board Members as private individuals, nor is there a risk that investments lead to real or perceived personal gain.
The Committee will ask:
- How co-investments are defined;
- What conflict of interest policy exists; and
- The role of the Pensions Regulator in the administration of the LPFA.
The meeting will take place on Wednesday, 12 March from 2pm in The Chamber at City Hall (The Queen’s Walk, London SE1).
Media and members of the public are invited to attend. The meeting can also be viewed via webcast
Notes to editors
- Transcript of GLA Oversight Committee meeting 11 December 2013,
- Letters from the Mayor and Edmund Truell about co-investment
- Full agenda papers
- As well as investigating issues that matter to Londoners, the London Assembly acts as a check and a balance on the Mayor.