Agenda and minutes

Members of the Committee are invited to declare any financial or pecuniary interest related to specific matters on the agenda.

No declarations of interest were made.

To answer any written questions about matters that are within the powers and duties of the Committee. The closing date/time for the receipt of questions is 10.00am on 22nd January 2021.

No public questions were received. 

To answer any written members’ questions. The closing date/time for the receipt of questions is 10.00am on 22^nd January 2021.

No Members’ questions were received. 

To approve as a correct record the Public Minutes of the meeting held on 4^th December 2020.

The minutes of the meeting held on the 4th December 2020 were approved as a correct record and signed by the Chairperson. 

Resolved

That the public minutes of the meeting held on the 4th December 2020 be approved as a correct record. 

To approve the revised strategic objectives for the Independent Adviser.

Matthew Trebilcock, Head of Pensions presented the report in detail. 

It was explained that a review had been undertaken by the Head of Pensions and revised objectives were proposed to be included within the Independent Adviser (IA) contract alongside the already agreed services contained in the services agreement, these strategic objectives were noted as:

“Provide strategic investment advice focused on:

(a)       Delivering the Pension Fund’s target of achieving and maintaining a 100% funding level, balancing risk and return in the achievement of this objective and having regard to the Fund’s Investment Strategy Statement

(b)       Ensuring there are sufficient liquid resources available to meet the Fund’s current liabilities and investment commitments as they fall due

(c)        Achieving the target investment return as set out in the Fund’s Investment Strategy Statement, as amended from time to time.” 

Members were advised as part of the annual review of the IA, the objectives would be reviewed for appropriateness and performance against these would be assessed accordingly. It was explained if agreed these objectives would form the basis of compliance and certification requirements of the Competition and Markets Authority Order on Investment Consultancy Services.

As this point the Chairman confirmed with the IA that he was content with the objectives. 

During the discussion, members agreed that objective A be amended to: “delivering the Pension Fund’s target of achieving and maintaining at least 100% funding level, balancing risk and return in the achievement of this objective and having regard to the Fund’s Investment Strategy Statement”.  

Recommendation

The Committee agreed the revised strategic objectives for the IA as set out in this report, for inclusion in the IA services agreement

This was agreed subject to the amendment of condition A to “delivering the Pension Fund’s target of achieving and maintaining at least 100% funding level, balancing risk and return in the achievement of this objective and having regard to the Fund’s Investment Strategy Statement”

Resolved

 That in accordance with Section 100 A (4) of the Local Government Act 1972 the public be excluded from the meeting for the following agenda items, because it is likely that if members of the public were present there would be disclosure to them of exempt information as defined in paragraph 3 of Part 1 of Schedule 12 A to the Act and the public interest in withholding the information outweighs the public interest in disclosing the information to the public.

Resolved

That in accordance with Section 100 A (4) of the Local Government Act 1972 the public be excluded from the meeting for the following agenda items, because it is likely that if members of the public were present there would be disclosure to them of exempt information as defined in paragraph 3 of Part 1 of Schedule 12 A to the Act and the public interest in withholding the information outweighs the public interest in disclosing the information to the public.

To approve as a correct record the exempt minutes of the meetings held on 4^th December 2020.

The exempt minutes of the meeting held on the 4th December 2020 were approved as a correct record and signed by the Chairman.

Resolved

That the exempt minutes of the meeting held on the 4th December 2020 be approved as a correct record.

To approve the revised strategic equity allocations.

The Head of the Pensions Fund presented the report in detail. 

Resolved

That the Committee unanimously approved the Officer’s recommendation. 

To approve the proposed future team structures and resultant costs.

The Head of the Pensions Fund presented the report in detail.  The Committee duly considered the report. 

Resolved

That the Committee approved the Officer’s recommendation.