Disclosure of commission
28 January 2008
The ICO ruled that 32 local authorities must disclose documents showing commission payments made by investment managers to brokers for its employees' pension fund. The councils refused to disclose the information due to exemptions for confidentiality and commercial interests in the Freedom of Information Act 2000.
The ICO ruled that the commercial interests exemption applied, but the public interest in disclosing the information overrode the public interest in maintaining the exemption (although some of the information on the identity of the brokers was exempt). The main argument for disclosing the information was the need for transparency and accountability of public bodies when investing public money.