5. After regulation 9, insert the following regulation:–
9A.—(1) An administering authority must, after consultation with such persons as they consider appropriate, prepare, maintain and publish a written statement of the principles governing their decisions about investments.
(2) The statement must cover their policy on–
(a)the types of investments to be held;
(b)the balance between different types of investments;
(c)risk;
(d)the expected return on investments;
(e)the realisation of investments;
(f)the extent (if at all) to which social, environmental or ethical considerations are taken into account in the selection, retention and realisation of investments; and
(g)the exercise of the rights (including voting rights) attaching to investments, if they have any such policy.
(3) The first such statement must be published on or before 3rd July 2000.
(4) The written statement must be revised from time to time by the authority in accordance with any material change in their policy on the matters referred to in paragraph (2) and the statement as revised must be published.”.