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12.—(1) An administering authority must, after consultation with such persons as it considers appropriate, prepare, maintain (in accordance with paragraph (5)) and publish a written statement of the principles governing its decisions about the investment of fund money.
(2) The statement must cover its policy on—
(a)the types of investment to be held;
(b)the balance between different types of investments;
(c)risk, including the ways in which risks are to be measured and managed;
(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;
(g)the exercise of the rights (including voting rights) attaching to investments, if the authority has any such policy; and
(h)stock lending.
(3) The statement must also state the extent to which the administering authority complies with guidance given by the Secretary of State, and, to the extent the authority does not so comply, the reasons for not complying.
(4) The first such statement must be published no later than 1st July 2010.
(5) The statement must be reviewed, and if necessary, revised, by the administering authority from time to time and, in the case of any material change in the authority’s policy on the matters referred to in paragraphs (2) and (3), before the end of a period of six months beginning with the date of that change.
(6) A statement revised under paragraph (5) must be published.
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