The Investment Committee

Introduction

The Investment Committee is a forum established under Trustee authority with the purpose of dealing with and overseeing the management of the Plan assets. The Committee has no formal decision making powers but is tasked to review and make recommendations to the Trustee on all investment matters. It is constituted as follows:-

1 Independent Chairman of the Trustee Board
1 Independent Trustee Director 
1 Company nominated Trustee Directors 
1 Member Nominated Trustee Director

and by invitation:

The Investment Adviser from Mercer

• David Davies - Chairman of the Trustee Board
• BESTrustees plc (represented by Bruce McNess) - Independent Trustee and Chairman of the ADB
• Clive Gilchrist Company Nominated Trustee Director
• Tim Rossiter – Member Nominated Trustee

David Davies - Chairman of the Trustee Board

David is a qualified actuary (FIA 1973). He has been involved in the Life & Pensions industry since leaving university in 1968 with a degree in Economics & Statistics. He has been Chief Executive of several Life insurance Companies including Pearl Group and is currently Executive Chairman of Sun Life Financial of Canada (UK). He is also a Non-Executive Director of Co-operative Insurance society (CIS) and the Co-operative Bank.

David has had an active interest in the pensions arena largely through being a Trustee of the BT Pension Scheme (the UK’s largest private pension scheme) for 9 years (1997 – 2005) and more recently by being a Non-Executive Director of Hermes Pensions Management Limited (the principal Investment Manager of the BT scheme).

BESTrustees plc (represented by Bruce McNess) - Independent Trustee and Chairman of the ADB

Bruce has worked in pensions since 1979. For ten years he was an investment manager responsible for the bond and property portfolios of Reed International’s pension schemes. Bruce qualified as a Fellow of the Royal Institution of Chartered Surveyors and as an Associate of the Society of Investment Analysts.

In 1989 Bruce transferred to the role of professional pension scheme trustee, firstly with Law Debenture and, from July 2006, with BESTrustees. Bruce has a very wide experience as trustee of all types of occupational pension schemes and the issues they face (including investment, funding, governance and risk reviews, mergers, benefit changes, Clearance Notices and Assessment Periods). He has acted as trustee of large and small schemes throughout the British Isles and has direct experience of working with all of the principal suppliers of services to pension schemes. He has carried out special assignments to neutralise conflicts of interest etc. and spoken and published articles on investment and governance issues. He has worked successfully with management, member and pensioner trustees to achieve and maintain best practice in a field that has been subject to considerable change.

Clive Gilchrist Company Nominated Trustee Director

Clive Gilchrist is managing director of BESTRustees plc. He has many years’ experience of the pensions and investment industries including 10 years at PosTel (Managers of the BT and Post Office Pension Schemes). He has been Vice President of the National Association of Pension Funds following his Chairmanship of its Investment Council, and has served on a number of City and Industry bodies. He has served as Chairman of the Pension Committee of The Association of Corporate Trustees and as a Member of its Council. Clive represented BESTRustees on the Board of the Nortel Networks UK Pension Trust from July 1995 to June 2007.

Tim Rossiter – Member Nominated Trustee

Tim worked for Nortel (and formerly STL) for over 30 years until March 2009  in a number of R&D, Managerial and Technical sales support and consultancy roles.  He was elected to the board in December 2006 and is a member of the Investment and Finance Sub  committees.

He is a Chartered Engineer (MIET), holds an MSc in Electronics & Computer Science and has completed the Pensions Regulator "Trustee Toolkit" training programme.

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