Kensington and Chelsea Pension Fund Investments

Edward Jones made this Freedom of Information request to Royal Borough of Kensington and Chelsea

This request has been closed to new correspondence. Contact us if you think it should be reopened.

The request was partially successful.

Dear Royal Borough of Kensington and Chelsea,

I would like to request the following information:

1) The full details of what the Kensington and Chelsea Pension Fund currently invests in, including the name and amounts of each asset class or investment being held.

2) The investments broken down into different categories/types of holding, including: Index Linked Securities, Unit trust Property, Cash Instruments, Unit Trust Equities, Infrastructure, Fixed Interest Securities, Equities Segregated Unlisted, Equities Segregated UK, Equities Segregated Foreign as well as any other investments that the Pension Fund holds.

3) The industrial sector of each investment e.g. Aerospace & Defense, Oil & Gas Producers, Pharmaceuticals & Biotechnology, Media, Banks, Mining, Government, Automobiles, Financial Services, Housing and any other sectors that the Pension Fund holds investments in. Examples of Pension Funds which have previously included this data in their publicly released investments include Buckinghamshire and Derbyshire. (i)

4) A full list of all the companies which the Pension Fund currently invests in (this should be covered in the above requests). This list should include the names of each company and the amount invested in each company.

5) Can you clearly specify the total value of all investments that the Pension Fund holds in sterling.

6) I would like to receive this information in an unlocked excel sheet without protected cells (.xls). If you have to password protect the excel sheet, can you also provide the password to the excel sheet. When considering the request for this data in excel format, please refer to Innes v Information Commissioner [2014] EWCA Civ 1086 (ii), which allows a requestor to express a preference for communication by a particular means, specifically: "an applicant's right to choose to have information provided to him in electronic form extends to a right to choose the software format in which it is embodied." (iii)

I would like to receive the information in electronic format. If one part of the request can be answered sooner than others, please send that information first followed by any subsequent data. If you need further clarification, please contact me by email.

Many public authorities release their contracts, minutes and other information of interactions with private vendors in line with the Freedom of Information Act. The exemption for commercial interest under the Act (section 43) is a qualified exemption, which means information can only be withheld if it is in the public's interest. The public have an interest in knowing what the Pension Fund is investing in, the terms of contracts and the minutes of meeting with public authorities, whether or not public money changes hands immediately.

If you are relying on section 41 (the exemption for legal breach of confidence) then I would like to know the following:

* When these confidentiality agreements were agreed
* All correspondence and email in which these confidentiality agreements were discussed
* The precise wording of the confidentiality agreements.

I ask these questions because guidance issued by both the Lord Chancellor (draft guidance on FOI implementation) and the Office of Government Commerce (Model terms and conditions for goods and services) specifically state that public authorities should not enter into these types of agreements; they go directly against the spirit of the laws of disclosure. I would also point to the Information Commissioner's guidance on accepting blanket commercial confidentiality agreements: 'Unless confidentiality clauses are necessary or reasonable, there is a real risk that, in the event of a complaint, the Commissioner would order disclosure in any case.' (iv)

Finally, within the law of confidence there is also a public interest test. Therefore, the information should be disclosed in full. If any parts are redacted they must be for information that can be proven to be a legal breach of confidence in court, and only then where secrecy can be shown to be in the public interest. These are difficult positions to argue when public money is at stake or where a public authority is offering a private company a monopoly to charge its stakeholders.

I reserve the right to appeal your decision to withhold any information or to charge excessive fees, and understand that under the act, I am entitled to a response within 20 working days. I would be grateful if you could confirm in writing that you have received this request.

Yours faithfully,

Edward Jones

(i) Buckinghamshire https://www.whatdotheyknow.com/request/2... Derbyshire https://www.whatdotheyknow.com/request/2...

(ii) Innes v Information Commissioner [2014] EWCA Civ 1086 http://www.bailii.org/ew/cases/EWCA/Civ/...

(iii) Section 11 FOIA and the Form of a Request https://panopticonblog.com/2014/08/01/se...

(iv) 'Freedom of Information Awareness Guidance 5: Commercial Interests' Office of the Information Commissioner, Page 10, https://www.humanrightsinitiative.org/pr...

Royal Borough of Kensington and Chelsea

Information request
Our reference: 3564834

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Royal Borough of Kensington and Chelsea

Information request
Our reference: 3554035
Your reference: [FOI #672380 email]

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Royal Borough of Kensington and Chelsea

2 Attachments

Information request
Our reference: 3554035
Your reference: [FOI #672380 email]

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Dear Edward Jones
 
Thank you for your request for information received on 24 June 2020.
 
Please find attached our response to your request.
 

If you are dissatisfied with your response please send your Internal
Review request to the email address below

[1][RBKC request email]

 
Yours faithfully
 
 
Information Management Team
 
NOTE: Please do not edit the subject line when replying to this email.
 

References

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1. mailto:[RBKC request email]

Dear Royal Borough of Kensington and Chelsea,

Please pass this on to the person who conducts Freedom of Information reviews.

I am writing to request an internal review of Royal Borough of Kensington and Chelsea's handling of my FOI request 'Kensington and Chelsea Pension Fund Investments'.

Please pass this on to the person who conducts Freedom of Information reviews.

Reference No: 3564834

Please can you furnish me with a full breakdown of the assets invested in by the fund managers.
So what I require is a list of all the companies invested in and the discrete investment figures for each company.
We have prevously had such a breakdown from nearly all the 101 LGPS in the UK previously.

Yours sincerely,

Edward Jones

Freedom of Information: CP-ICT: RBKC, Royal Borough of Kensington and Chelsea

Dear Mr Jones,

Thank you for your email. We do apologise that your request for information has not been met in full. The team have been contacted and we will send you all requested information no later than 7th August.

Kind regards

Information Management Team

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Freedom of Information: CP-ICT: RBKC, Royal Borough of Kensington and Chelsea

Dear Mr Jones,

We do apologise for the delay. Further to the message below, we have just been informed that we are just waiting on information from one of the Fund Managers which is expected this week. Once received it will be forwarded to you.

Kind regards,

Information Management Team

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Freedom of Information: CP-ICT: RBKC, Royal Borough of Kensington and Chelsea

11 Attachments

Good afternoon Mr Jones,

We thank you for your patience. Please find attached our response to your request.

If you are dissatisfied with your response please send your Internal Review request to the email address below
[RBKC request email]

Kind regards,

Information Management Team

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Dear Freedom of Information: CP-ICT: RBKC,

Thanks for this but I can't use csv files. As per my original request I did specify Excel.

Please can you resend as Excel.

Yours sincerely,

Edward Jones

Dear Freedom of Information: CP-ICT: RBKC,

Thanks for this but I can't use csv files. As per my original request I did specify Excel.

Please can you resend as Excel. This is the second time I am asking for this kindly to be carried out.

Yours sincerely,

Edward Jones

Freedom of Information: CP-ICT: RBKC, Royal Borough of Kensington and Chelsea

2 Attachments

Good afternoon,

Thank you for your email. We apologise for the delay. Please see attached that should now be satisfactory.

Kind regards

Information Management Team

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Dear Freedom of Information: CP-ICT: RBKC,

I believe therre are major errors in your figures.

Please can you explain why Pyrford Holdings are at 2.6bn and Baillie Gifford also in the bns whereas your total holdings are listed as 1.3bn

Yours sincerely,

Edward Jones

Dear Freedom of Information: CP-ICT: RBKC,

Please can you get back to me...

i wrote to you 10 days ago. Please answer my question.

Yours sincerely,

Edward Jones

Freedom of Information: CP-ICT: RBKC, Royal Borough of Kensington and Chelsea

1 Attachment

Dear Mr Jones,

Thank you for your email. We apologise that there are still issues with your Freedom of Information request.

Both investments that were queried relates to pooled funds and therefore the values provided were at fund level. An additional column has been added and we have done the calculations to assist in resolving the query.

We hope that the attached is now satisfactory.

Yours sincerely,

Information Management Team

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