January 2025
The Trustee Company purchases investments directly and does not use Investment Managers or Pooled Funds for its investments. They utilise the experience and knowledge of the Investment Advisor to the Scheme to provide advice in its investments decisions. The Trustee reviews the investment performance with the Investment Advisor to the Scheme on a quarterly basis and regularly engages with them over various investment opportunities to meet the long term objectives of the Scheme for the benefit of its members.
At 30 April 2024 the investment asset allocation that is directly controlled by the Trustee Company is as follows:
| Equities | 45% |
| UK Gilts | 54% |
| Cash | 1% |
| INVESTMENTS and CASH | 100% |
At the previous year end equities accounted for approximately 50% of total investments, Gilts approximately 48%, with the remainder being in cash.
During the year the Trustee Company invested surplus cash into stocks that would provide positive returns. Of the equity investments purchased during the year 67% was in banking and 33 % in insurance. Of the equity investments disposed of during the year 83% was in real estate, 14% in construction and 3% in financial.
VOTING BEHAVIOUR
The Trustee Company has put in place a sub-committee to vote on its equity investments, where considered necessary. The Trustee Company considers that it has a full legal right to vote directly as it holds 93% of equity investments directly and the remaining 7% though a nominee. The nominee advises the Trustee Company when voting is required.
The Trustee Company, in principle, does not vote in the resolutions raised at General Meetings as the companies that they invest in are aligned with their Statement of Investment Policy. Each investment is de-minimis in relation to the issued share capital of each entity. When the Trustee does vote they vote in such a way where it believes it is in the best interests of its members.
In the year under review the Trustee Company had the opportunity to vote in approximately 878 resolutions. They voted in nil resolutions.
There has been no proxy voting utilised during the year.