This evening I chaired my first Newham Investment & Accounts committee (Local Government Pension Scheme) meeting. I really pleased that we were able to able to wade our way through stacks of often complex business.
Many thanks to the new members of the Committee who despite being thrown into the deep end held our officers and advisors to account.
Councillor Veronica Oakeshott was elected Vice Chair.
Tonight I invited observers from Newham Carbon Divestment to address the next meeting of the Committee.
A number of major issues were discussed including our concerns about the London CIV (Collective Investment Vehicle) where we are (maybe) effectively outsourcing Newham's £1.3 billion pension assets while still retaining responsibility for all its pension liabilities. Watch this space.
Another big issue was what should we do about the risk that the equities market will crash as most (not all) commentators are now suggesting will happen? Watch this space as well.