Agenda item

The Committee considered, noted, and commented on the update.

Mr Hibbert asked if the Fund was able to consider a counterparty other than JP Morgan within the Cash and Risk Management Framework. Mr Dickson explained that while there are other large banks available, when the mandate was initiated, JP Morgan was selected through a comprehensive review process which considered factors including implementation, ESG and fees. He noted that the alternative counterparties are likely to also be investment banks and there is no perfect option available.

Mr Hibbert asked how often this selection is under review. Mr Dickson explained that there is an annual review process, however the process of selecting a manager is initiated based on whether JP Morgan are fulfilling their role.

RESOLVED:

The Committee considered, noted, and commented on the update.