This first meeting of this Group (soon referred to as the Party Strategy Committee) was held on 20th May, 1974, chaired by Michael Wolff, the newly-created Director General of Conservative Central Office appointed by Heath. It was intended to be the first of a regular series of meetings designed to discuss strategy rather than tactics, and consisted of Sir Michael Fraser, Mrs Charles Morrison, Anthony Grant MP, David Knox MP, Sir Richard Webster, Don Harker, James Douglas, Chris Patten, and William Waldergrave.

Few papers survive of this Group, and as Wolff was dismissed by Thatcher upon assuming the Party leadership in 1975 and the post of Director General abolished, it is assumed that it was short-lived. Topics covered by the Group include: