Agenda and minutes

Pension Fund Committee - Thursday 4th September, 2014 7.00 pm

Venue: Hendon Town Hall, The Burroughs, London NW4 4BQ. View directions

Contact: Governance Service 020 8359 2761 Email: governance.service@barnet.gov.uk 

Items
No. Item

1.

Minutes pdf icon PDF 36 KB

Minutes:

The Chairman noted that the minutes of the meeting held on 29 July 2014 at section 3 should highlight that all declarations of interest should reflect ‘non disclosable pecuniary interest which was amended.

 

Resolved - That the minutes of the meeting held on 29 July be approved as a correct record.

2.

Absence of Members

Minutes:

Apologies for absence were received from Councillor Peter Zinkin and Councillor Kitty Lyons.

3.

Disclosable Pecuniary interests and Non Pecuniary interests

Minutes:

Councillor

Item

Interest

John Marshal

Barnet Council Pension Fund Performance

for Quarter April to June 2014

Non Disclosable Pecuniary interest as Councillor Marshal may have small shareholdings in a number of companies that the fund has investments in.

Non Pecuniary interest as a member of the Local Government Pension Fund Scheme

Mark Shooter

Non Disclosable Pecuniary interest as Councillor Shooter may have small shareholdings in a number of companies that the fund has investments in.

Andreas Ioannidis

Non Pecuniary interest as a member of the Local Government Pension Fund Scheme

Alison Moore

Non Pecuniary interest as she has modest shares with company.

 

4.

Public Question and Comments (if any)

Minutes:

None

5.

Report of the Monitoring Officer (if any)

Minutes:

None

6.

Members' Items (if any)

Minutes:

None

7.

Barnet Council Pension Fund Performance for Quarter April to June 2014 pdf icon PDF 131 KB

Additional documents:

Minutes:

The Head of Treasury Services introduced the report. 

 

A representative from JLT employee benefits summarised the report. and   confirmed that if JLT thought that either a fund manager or the strategy was not performing in the interest of the fund then they would report their concerns to the Pension Fund Committee and gave assurance that when there were any concerns regarding the performance of LBB’s Fund then  the Committee was notified immediately.

 

The Committee noted the improved funding level during the quarter.

 

The Committee was addressed by representatives fund management companies, Newton Investment Management Limited and Schroders Investment Management Limited. The Committee questioned the fund managers on their presentations, their performance for the quarter April 2014 to June 2014 and their plans for the coming months.

 

RESOLVED –

·         That the Committee note the performance of the Pension Fund for the quarter April 2014 to June 2014

 

 

8.

Update on Admitted Body Organisations pdf icon PDF 177 KB

Minutes:

The Head of Treasury Services introduced the report.

 

RESOLVED

 

·         The Committee noted the update to the issues in respect of admitted body organisations within the Pension Fund, as detailed in Appendix 1 attached to the report.

·         That officers take immediate action to improve progress on putting bond arrangements in place within a fourteen day deadline.

 

 

9.

Change of Custody Arrangements pdf icon PDF 323 KB

Additional documents:

Minutes:

The Head of Treasury Services introduced the report.

 

RESOLVED - The Committee approve the appointment of Bank of New York Mellon as custodian of the investments managed by Newton Investment Management Limited for a period of up to two years.

 

10.

Any item(s) that the Chairman decides is urgent

Minutes:

There were no urgent items