Election of Trustees

Important notice of upcoming elections

The present terms of office for the Trustees of the ESB Pension Scheme and the Superannuation Committee both end on 30th June 2006. As Secretary to both bodies, Brid Horan has invited nominations and will conduct elections if required. Contributing members and retired staff will elect two nominees for appointment as Trustees (fouryear term of office) and contributing members will elect five representatives for the Superannuation Committee (three-year term of office). Contributing members should have received a notice of both elections while retired staff will have been notified of the Trustee election.

If you have not received the appropriate notices, which have been sent to home addresses, then your recorded address may be incorrect and you should contact Bríd Horan by 10th April (details below) to ensure that you receive your ballot paper in due course.

Trustee election
ESB appoints the Trustees of the ESB Pension Scheme, with two nominees selected by contributing members and retired staff and two selected by ESB. These four Trustees will select their Chairperson, who (if not one of the four) will also become a Trustee.

The Trustees are responsible for the investment of the Fund's assets. In deciding investment strategy, their objective is to seek sustained long-term growth, sufficient to provide the benefits over a prolonged period and taking into account the nature and timing of those liabilities. They take advice from the Scheme actuary and other specialists and engage professional investment management firms to manage the Fund's assets.

The Trustees have the following key functions:

• deciding the overall mix of assets to be held, that is the mix of equities, bonds and other assets which can be expected to provide the required long-term returns and reviewing this asset mix on a regular basis.
• agreeing the appropriate investment manager structure to invest these assets and the investment mandates and target returns for these managers.
• selecting and monitoring the investment managers and in relation to certain assets which are directly managed by the Trustees, such as property, making decisions in relation to sale and purchase, tenancy and management.

If you wish to nominate a contributing member or retired staff member to serve as a Trustee, then a completed nomination form must be received by the Returning officer no later than Monday 24th April 2006.

If there are more than two candidates, a postal ballot will take place - ballot papers will issue no later than Friday 19th May and must be returned by 11am on Thursday 15th June 2006. The count will take place at 9am on Friday 16th June.

Superannuation Committee Election
The Superannuation Committee is made up of ten members, five elected by contributing members and five appointed by ESB. The Committee meets each month and oversees the payment of benefits under the Scheme.

Under the Scheme regulations, a candidate for election must be a contributing member and must be nominated by at least two other contributing members on the appropriate nomination form which is available from the Returning Officer.

Completed nomination papers must be received by the Returning Officer no later than 3pm Monday 24th April 2006.

If there are more than five candidates, a postal ballot will take place - ballot papers will issue no later than Friday 19th May and must be returned by 11am on Thursday 15th June 2006. The count will take place at 9am on Friday 16th June.

Nomination Forms for both elections are available from the Returning Officer, Brid Horan, Group Pensions Manager, 43 Merrion Sq, Dublin 2.

Email brid.horan@esb.ie or telephone 01-70 27380.