149. The Principal Employer's board met again on 12 September 2000, having received comments from IBM Corp. Mr Lamb was the only director who attended in person. The minutes show three employees as also having attended, two of these attended by telephone, and one, Mr Rodgers, present in person. The Board's decision was set out in its letter to the Trustee of 19 September 2000. The Principal Employer agreed to a 70% increase effective 6 October but did not agree to guarantee annual increases or to improve upon the proposal put to the Trustee. Its letter said

"The company asks the Trustee to note the company will continue to exercise discretion and take into account the factors which it may legitimately consider when determining the appropriateness of pension increases. The company requests that the Trustee reminds the pensioners of this when the Trustee communicates to pensioners the agreed increase."

One wonders what the quorum for a Principal Employer's board meeting is.  Apparently it is one.  What this really means is that it was not a board that reached this decision, it was Mr Lamb.