A report was presented detailing the proposal to launch a factor-based indexed equity fund. The paper set out the background of the work that has already taken place and gave suggested timelines, dependant on Pensions Committee approvals. It was noted that the Company’s Board had interrogated the timeline and were happy with the proposals.

The committee considered the proposal and following discussion around key areas noted their support.

RESOLVED - To note the overview of the Factor Based Indexed Equities