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Approval of PECRS Investment Decision.

A formal published “Ministerial Decision” is required as a record of the decision of a Minister (or an Assistant Minister where they have delegated authority) as they exercise their responsibilities and powers.

Ministers are elected by the States Assembly and have legal responsibilities and powers as “corporation sole” under the States of Jersey Law 2005 by virtue of their office and in their areas of responsibility, including entering into agreements, and under any legislation conferring on them powers.

An accurate record of “Ministerial Decisions” is vital to effective governance, including:

  • demonstrating that good governance, and clear lines of accountability and authority, are in place around decisions-making – including the reasons and basis on which a decision is made, and the action required to implement a decision

  • providing a record of decisions and actions that will be available for examination by States Members, and Panels and Committees of the States Assembly; the public, organisations, and the media; and as a historical record and point of reference for the conduct of public affairs

Ministers are individually accountable to the States Assembly, including for the actions of the departments and agencies which discharge their responsibilities.

The Freedom of Information Law (Jersey) Law 2011 is used as a guide when determining what information is be published. While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.

A decision made (29/01/2007) regarding: Approval of PECRS Investment Decision.

Subject:

Approval of PECRS Investment Decision

Decision Reference:

MD-TR-2007-0007

Exempt clause(s):

Written Report -

3.2.1 (b)

Type of Report: (oral or written)

Written and Oral

Person Giving Report (if oral):

George Butler – Strategic Investments Manager – T&R

Telephone or

e-mail Meeting?

NA

Report

File ref:

GB/8/25/01/07

Written Report –

Title

Proposed Portfolio Changes

Written report - author

David Hager – Investment Adviser to PECRS

Decision(s):

The Minister approved the decision of PECRS Committee of Management to change an investment product as detailed in report ref: dph711 SOJ PECRS.

Reason(s) for decision:

The PECRS Law requires the Minister to approve the Investment Strategy for the PECRS fund and the appointment of Investment Managers as proposed by the PECRS Committee of Management. It can be interpreted that a decision to change the product provided by a particular manager constitutes a change in the purpose for which the manager was appointed. For completeness the Minister is therefore asked to provide his agreement to a decision to change products.

Action required:

Decision to be relayed to the PECRS Committee of Management by the Treasury’s Strategic Investments Manager

Signature:

(Minister/ Assistant Minister)

Date of Decision:

29th January 2007

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