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LONDON PENSION FUND AUTHORITY - NEW APPOINTMENTS TO BOARD

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Six new appointments and four reappointments to the London ...
Six new appointments and four reappointments to the London

Pensions Fund Authority (LPFA) have been announced by minister for

London, Nick Raynsford.

The new members are councillors Toby Harris, John Chatt and

Pamela Batty. Valentine Furniss, Sheila Gleig, John

Scotford were also appointed. The reappointees are Maurice Stonefrost,

Caroline Burton, David Mason and cllr Serge Lourie.

Mr Raynsford has also appointed Maurice Stonefrost as interim

chairman of the board pending the appointment of a permanent

chairman, when Mr Stonefrost will take up appointment as deputy

chairman.

These appointments make up the new board of the LPFA, whose main

task is to administer the former GLC pension fund and employer

liabilities. Under proposals in its White Paper A New Mayor and

Assembly for London the government intends to bring the LPFA under

the democratic control of the new Greater London Authority. The new

board will oversee the transition of the authority to its new status.

All members are appointed for three years, with effect from 1

July 1998 to 30 June 2001.

NOTES

Maurice Stonefrost is a pensioner of the Fund (appointed to the Board

in 1995) and former director general of the GLC. He is currently

deputy pro-chancellor of City University and chairman of the CLF

(Municipal) Bank.

Cllr Pamela Batty (Conservative) is the vice chairman of Westminster LBC's finance committee.

Caroline Burton is executive director (investments) of Guardian Royal

Exchange plc and holds directorships on a number of associated

subsidiary and nominee companies. She has been an LPFA board member

since 1993.

Cllr John Chatt (Labour) has been leader of Hounslow LBC since 1991 and currently serves as chairman of the superannuation panel and the policy and resources committee.

Valentine Furniss is a former director of Schroder Asseily & Co,

where he was chairman of the investment policy committee; he was

also investment director of the Swiss Bank Corporation (London).

Sheila Gleig is chairman of the British Coal Staff Superannuation

Scheme and of BASF UK Pension Trustees Ltd. She is also an

independent trustee of five other pension schemes.

Cllr Toby Harris (Labour) has been a Haringey LBC councillor since 1978 and became leader of the council in 1987. He has been chair of the Association of London Government (ALG) since it was formed in 1995.

Cllr Serge Lourie (Liberal Democrat), a chartered accountant,

is a Richmond LBC member where he is deputy leader and chairman of the policy & resources committee. A member of the LPFA since 1989, he is also on the boards of the BTA Pensions Fund and the London Tourist Board.

David Mason is a chartered accountant who is also a pensioner of the

fund (appointed to the board in 1995).

John Scotford recently retired as county treasurer of Hampshire

CC and is a former president of the Chartered Institute

of Public Finance and Accountancy (CIPFA) and financial adviser to

the policy committee of the Association of County Councils.

Each post attracts a salary of£4,379 with the exception of the post

of chairman, which has a salary of£21,073 and the post of deputy

chairman, which has a salary of£11,710.

THE LONDON PENSIONS FUND AUTHORITY

The London Pensions Fund Authority was established on 31 October 1989

by the London Government Reorganisation (Pensions etc.) Order 1989.

Its main function is to administer the former GLC Superannuation

Scheme, with over 65,000 members and a fund valued at some£2bn. Contributors include bodies such as housing associations,

institutions of higher education and other non-profit making bodies.

The authority is currently a non-departmental public body (NDPB) and

is required to consist of not less than 7 and not more than 11

members appointed by the secretary of state. At least half of the

members must be appointed 'following consultations with such

representatives of local government in London as appear to the

secretary of state to be appropriate.'

Last year the department invited by advertisement applications for a

variety of forthcoming vacancies on its sponsored bodies, including

the LPFA. Candidates responding to the advertisement, as well as

those identified from other sources, or from self-nomination, were

sifted by a panel including an independent member, and short-listed

candidates were subsequently invited for interview.

The Association of London Government (ALG), as required by statute,

were consulted on the nomination of four councillor members and on

the appointment of Maurice Stonefrost and David Mason, the two fund

members, whose appointments were also subject to consultations with

the LPFA fund members.

The minister decided the current appointments on the basis of the

interview panel's recommendations and of the consultations with the

ALG and fund members.

The new members replace six members who stood down on 30 June:

Cholmeley Messer (former chairman), Michael Roberts (former deputy

chairman), Nigel Althaus, Steve Bullock, Denis Barkway and Judith

Jorsling.

Recruitment of a permanent chairman following competitive interview

is in hand.

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