Agenda and draft minutes

RESOLVED – That the Minutes of the meeting held on 6 September 2017 be approved.

An apology of absence was received from Councillor Rohit Grover who was substituted by Councillor Anthony Finn.

All members declared a non-disclosable pecuniary Interest by virtue of being beneficiary of LGP Scheme and/or having shareholdings in a number of companies that the fund had invested in.

None.

None.

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The Assistant Director for Finance introduced the report.

The Committee considered the report.

After considering the contents of the report, the Committee unanimously RESOLVED:

1.    That the committee approves the attached policy for reporting breaches of the law.

2.    That the policy is made available to all those involved in the management and administration of the scheme.

The report was presented by Andrew Elliot the independent investment advisor from Hymans.

The Committee considered the report and following discussion the Chairman moved an additional recommendation that was seconded by Councillor Zinkin, to bring a report back to the next meeting with recommendations on further reduction of DGFs

The additional recommendation was unanimously agreed.

After considering the contents of the report, the Committee unanimously RESOLVED:

1.    The strategic equity allocation is increased by 4% to 40% with 2% reductions to each of DGFs and corporate bonds.

2.    Realisations to meet funding commitments will be drawn from the strategic bond fund, DGFs and corporate bonds in that order.

3.    Training is provided on UK property, private equity and emerging market equities and opportunities to invest in these assets classes via the London CIV will be monitored.

4.    To bring a report back to the next meeting with recommendations on further reduction of DGFs

The Assistant Director for Finance introduced the report.

The Committee considered the report.

After considering the contents of the report, the Committee unanimously RESOLVED:

That the Pension Fund Committee approves the revision of table 1 within the ISS as shown on appendix 1 and that the table on appendix 2 is attached to the ISS but does not form a part of the ISS.

The report was presented by Andrew Elliot the independent investment advisor from Hymans.

The Committee considered the report and following discussion Councillor Marshall moved two additional recommendations that were seconded by Councillor Zinkin as follows:

·         A fund manager shall be invited to present to the committee at each appropriate meeting

·         To delegate to the responsible officer authority to meet/liaise with the various fund managers and report their findings to the subsequent Committee meeting.

The additional recommendation was unanimously agreed.

Councillor John Marshall stated that the timetable should be reviewed so that performance reports can be considered at the earliest opportunity.

Governance was asked to reschedule the January2018 meeting to Mid-February and then the next meeting to Late May. This would ensure that the Committee was considering the most recent performance data. This was unanimously agreed.

After considering the contents of the report, the Committee unanimously RESOLVED:

1.    Having considered the performance of the Pension Fund for the quarter to 30 June 2017, the Committee instructs the Director of Resources to implement the following recommendations:

a.    A fund manager shall be invited to present to the Committee at each appropriate meeting.

b.    To delegate to the responsible officer authority to meet/liaise with the various fund managers and report their findings to the subsequent Committee meeting.

The Chairman stated that the Pension Fund Committee needed to receive the Admitted Bodies report to each meeting. This would be included into the work programme for all future committees

This was unanimously agreed.

None.