London Borough of Sutton Pension Fund Investments

The request was partially successful.

Dear Sutton Borough Council,

I would like to request the following information:

1) The full details of what the London Borough of Sutton 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...

LBS FOI, Sutton Borough Council

Update:

Please be aware our ability to progress cases may be limited due to the
current situation, we may not be able to stay within our usual timelines
but will respond when we are able to. Local Authorities will naturally be
prioritising their resources to ensure essential services are delivered.

We recognise the rapidly evolving situation is causing uncertainty and we
appreciate your support and understanding at this challenging time as we
endeavour to maintain services while protecting our staff and customers.

If you are making a Freedom of Information (FOI) request you are now able
to request via our [1]website

Subject Access Requests (SAR) can also be made through our [2]website 

Kind Regards 

Customer Service Team

The Royal Borough of Kingston 

London Borough of Sutton 

Disclaimers apply, for full details see : 
(https://www.sutton.gov.uk/info/200436/cu...)

References

Visible links
1. https://www.sutton.gov.uk/info/200436/cu...
2. https://www.sutton.gov.uk/info/200436/cu...

Sutton Customer Care Team, Sutton Borough Council

1 Attachment

Reference: FOI-222267966
Date of request: 29/06/2020
Title of request: London Borough of Sutton Pension Fund Investments

Dear Edward Jones,

Thank you for your information request.

Your request is being considered and, if it is held, you will receive the
information requested subject to the information not being exempt or
containing a reference to a third party.The Council is facing
unprecedented challenges during the coronavirus (COVID-19) pandemic.
Whilst we take our statutory duties very seriously we ask for your
understanding that we may not be able to respond to your request within
the statutory timescale. Thank you for your cooperation.

If appropriate, the information may be provided in paper copy, normal font
size. If you require alternative formats, e.g. language, audio, large
print, etc. then please let us know. We normally provide the information
via email unless you tell us otherwise.

For your information, the Act defines a number of exemptions which may
prevent release of the information you have requested. There will be an
assessment and if any of the exemption categories apply then the
information will not be released. You will be informed if this is the
case, including your rights of appeal.

If the information you request contains reference to a third party then
they may be consulted prior to a decision being taken on whether or not to
release the information to you. You will be informed if this is the case.

Please be advised that in line with London Borough of Sutton's commitment
to transparency, in due course an anonymous copy of your request and our
response may be published on our website.

Yours sincerely,

Customer Care Team
Disclaimers apply, for full details see : 
(https://www.sutton.gov.uk/info/200436/cu...)

Lisa Doswell, Sutton Borough Council

Dear Mr Jones,
Please accept my apologies for not yet responding to FOI request reference
222267966.  The reason for this is because it has been necessary to
request information from all the Pension Fund's investment managers.  I am
still waiting for one manager to respond and another has provided their
data at the incorrect date, so I have asked them to do it again. 
I am on leave this week, but when I return next Monday I expect to have
received all of the data and I will prioritise providing a response to
your FOI.
I very much hope this is acceptable.
Many thanks,
Lisa
--

Lisa Doswell
Senior Finance Lead - Treasury and Pensions

Investment, Risk & Commercial Finance
Shared Finance Service - London Borough of Sutton & Royal Borough of
Kingston upon Thames
London Borough of Sutton
Civic Offices
St. Nicholas Way, Sutton SM1 1EA

T: 020 8770 5354

[1]www.sutton.gov.uk

Follow us on [2]LinkedIn | [3]Twitter | [4]Facebook

Disclaimers apply, for full details see : 
(https://www.sutton.gov.uk/info/200436/cu...)

References

Visible links
1. http://www.sutton.gov.uk/
2. https://www.linkedin.com/company/london-...
3. https://twitter.com/SuttonCouncil?ref_sr...
4. https://facebook.com/SuttonCouncil

Dear Lisa Doswell,

Please can you let me have the data you have so far.

Or the full data if yuhave it now.

Many thanks.

Yours sincerely,

Edward Jones

Sutton Customer Care Team, Sutton Borough Council

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Dear Edward Jones,

Reference: FOI-222267966
Date of request: 29/06/2020
Title of request: London Borough of Sutton Pension Fund Investments
Request details:

Dear Sutton Borough Council,

I would like to request the following information:

1) The full details of what the London Borough of Sutton 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 [1]https://www.whatdotheyknow.com/request/2...

(ii) Innes v Information Commissioner [2014] EWCA Civ
1086 [3]http://www.bailii.org/ew/cases/EWCA/Civ/...

(iii) Section 11 FOIA and the Form of a
Request [4]https://panopticonblog.com/2014/08/01/se...

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

-

Thank you for your information request. We have processed this request
under the Freedom of Information Act 2000/ Environmental Information
Regulations 2004.

Please use this [6]link to view the Council's draft 2019/20 Statement of
Accounts on the Council's website. The Pension Fund accounts are shown at
section 9.
Please note that Sutton's Pension Fund is invested entirely in pooled
funds.
All of our equities, bonds and diversified growth fund managers have
provided the underlying fund information you have requested as at
31/03/20. Please find attached Excel spreadsheet.
Partners Group, our infrastructure manager agreed to provide a sector
breakdown, but they do not disclose underlying holdings. All of our
property fund managers responded that they do not invest in companies and
did not provide any sector analysis.

Further information

If you are interested in the data that the council holds, we recommend
that you take a look at Sutton Council’s Open data initiative. We now have
a wide range of data about the borough available for public use all
available in one place: https://open.Sutton.gov.uk/

Right to Review

If you are dissatisfied with the way in which your information request has
been dealt with you can request an internal review. Tell us why you are
unhappy with our response within 40 working days, and it will be looked at
afresh. We will aim to provide you with our review response within 20
working days.

If you remain dissatisfied with the outcome of the review you have a
further right to appeal to the Information Commissioner, who regulates the
implementation of the Freedom of Information Act 2000 and Environmental
Information Regulations 2004. The Commissioner can be contacted at the
following address:

Information Commissioner’s Office

Wycliffe House

Water Lane

Wilmslow

Cheshire

SK9 5AF

Enquiry line: 0303 123 1113

Yours sincerely,

Customer Care Team
Disclaimers apply, for full details see : 
(https://www.sutton.gov.uk/info/200436/cu...)

References

Visible links
1. https://www.whatdotheyknow.com/request/2...
2. https://www.whatdotheyknow.com/request/2...
3. http://www.bailii.org/ew/cases/EWCA/Civ/...
4. https://panopticonblog.com/2014/08/01/se...
5. https://www.humanrightsinitiative.org/pr...
6. https://www.sutton.gov.uk/downloads/file...

Lisa Doswell, Sutton Borough Council

Dear Mr Jones,
I have now provided our response to your request through the FOI system.
I hope that meets your requirements.
Many thanks,
Lisa
On Sat, 1 Aug 2020 at 23:32, Edward Jones <[1][FOI #672853 email]> wrote:

Dear Lisa Doswell,

Please can you let me have the data you have so far.

Or the full data if yuhave it now.

Many thanks.

Yours sincerely,

Edward Jones

show quoted sections

Dear Lisa Doswell,

Please can you provide me with the total holdings value?

I need this figure urgently today or tomorrow Fri Nov 6.

Also I can't find a summary sheet in the data you sent...

If that were possible as well. If not fine but the total fig was requested and I can't locate it in the data received

Yours sincerely,

Edward Jones

Lisa Doswell, Sutton Borough Council

Dear Mr Jones,
I acknowledge that you requested the total value of holdings in question 5
of your FOI request.
In our response I provided you with a link to our draft Pension Fund
accounts.  The total value of all investments that the Pension Fund held
at 31/03/20 is shown in the Net Asset Statement on page 146.  The figure
is £632,628k.  This figure is further broken down on page 162.
There is no summary sheet in the spreadsheet that was provided.  Sutton's
Pension Fund is only invested in pooled funds, so it does not directly
invest in any shares, bonds, property, etc.  The data in the spreadsheet
has been provided by the fund managers at whole fund level.  I have shown
Sutton's holding in % terms or in Sterling at the top of each sheet, so
those values can be applied to the data to obtain an indication of
Sutton's exposure to each holding within each fund.
I hope that helps.
Lisa

show quoted sections

Dear Lisa Doswell,

Please can you gt back to me...

Much appreciated

Yours sincerely,

Edward Jones

Dear Lisa Doswell,

Thanks.

Yours sincerely,

Edward Jones