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• Question by: Fiona Twycross
• Meeting date: 02 December 2015

Fiona Twycross AM: I wanted to correct the impression that was given that the way it has been operating at the moment has been simply about opposition Members [on LFEPA] getting at the Mayor. The fact is that the Mayor has insisted on managing by Direction even when there has not been an impasse, including on issues over which there has been cross‑party agreement by LFEPA Members. I just wondered if you could focus a little bit on what impact the Mayor’s insistence on management by Direction has had. To be honest, we have had Directions on all sorts of...

• Question by: Fiona Twycross
• Meeting date: 02 December 2015

Fiona Twycross AM: We obviously have to make sensible use of resources in the face of cuts. Some of the new technology that could come online is really interesting and will offer exciting possibilities, but do you agree with the Londoner who contacted me yesterday to say that £283,000 for a website rebuild is bordering on scandalous?

• Question by: Murad Qureshi
• Meeting date: 17 January 2007

I just wanted to go into the whole area of possible exposure to hedge funds, and what that may mean for our pension holders. Both directly and indirectly, our exposure to the derivative market is of concern to a lot of people, given how much coverage it gets in the business pages.

• Question by: Murad Qureshi
• Meeting date: 17 January 2007

Which mirrors much of the behaviour of the hedge funds we have got in London, because I mean London has become a centre of all that. I am just concerned whether, to the extent of our exposure, both directly and indirectly, and to what extent that limits our ability to be ethical as well.

• Question by: Jennette Arnold OBE
• Meeting date: 17 January 2007

Can I then ask what is the current investment in, specifically, tobacco? I ask this because I raised this question in September 2005 with the Mayor, and his answer then was that he was of the opinion that LPFA was looking towards developing an ethical investment policy that would take account of this type of issue. Can I just add, you talked about employment and you said it was fine, if you like, to be investing in BAE (British Aerospace) because it gave us great employment. Is it fine to stay investing in tobacco companies that kill hundreds of thousands...

• Question by: Jennette Arnold OBE
• Meeting date: 17 January 2007

Can I just say that for me the meeting started well but from that last response I am really quite disappointed. Can we go back to the answers to Mike's [Tuffrey] question? If we are talking about openness, then why do we not see something like that in this document? Where would you see this approach that you have outlined in this document? Basically, from what you have said, you have a very narrow definition of a pension fund that seeks to be socially responsible. Let me just say to you, you used the phrase, `It would be lunatic to...

• Question by: Jennette Arnold OBE
• Meeting date: 17 January 2007

How long will that stock remain with your fund?

• Question by: Jennette Arnold OBE
• Meeting date: 17 January 2007

But can you tell me the share? And can I just follow you on and say, if you are thinking long term, are you not aware that tobacco companies, themselves, are disinvesting in the poisonous weed, and are going into different stocks and different products? So, can you not say that on this issue, you, as the Chair of this body, will be working with your officers to be shifting whatever that investment that is currently within the portfolio somewhere else?

• Question by: Nicky Gavron
• Meeting date: 17 January 2007

How is it reflected then in your own policies on your investments? How is that corporate social responsibility reflected in your own investment?

• Question by: Nicky Gavron
• Meeting date: 17 January 2007

Could I ask what your policy is on corporate social responsibility and how that affects your investment strategy?