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The Committee:

a)   
Considered, noted and commented on the
update.

b)   
Noted the confirmation that there are no plans for
Clwyd Pension Fund to invest directly with Pemberton Asset
Management.

c)   
Agreed that the Clwyd Pension Fund will engage with
WPP on the justification of allocating to Pemberton, seeking
further clarification and explanation from Pemberton Asset
Management on the matter in line with the WPP Responsible
Investment Policy