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Agenda and minutes

Items
No. Item

93.

Apologies for absence

Minutes:

Received from Councillor Andy Hull.

94.

Declaration of substitutes

Minutes:

None.

95.

Declaration of interests

If you have a Disclosable Pecuniary Interest* in an item of business:

         if it is not yet on the council’s register, you must declare both the existence and details of it at the start of the meeting or when it becomes apparent;

         you may choose to declare a Disclosable Pecuniary Interest that is already in the register in the interests of openness and transparency. 

In both the above cases, you must leave the room without participating in discussion of the item.

 

If you have a personal interest in an item of business and you intend to speak or vote on the item you must declare both the existence and details of it at the start of the meeting or when it becomes apparent but you may participate in the discussion and vote on the item.

 

*(a)      Employment, etc - Any employment, office, trade, profession or vocation carried on for profit or gain.

(b)        Sponsorship - Any payment or other financial benefit in respect of your expenses in carrying out duties as a member, or of your election; including from a trade union.

(c)        Contracts - Any current contract for goods, services or works, between you or your partner (or a body in which one of you has a beneficial interest) and the council.

(d)        Land - Any beneficial interest in land which is within the council’s area.

(e)        Licences- Any licence to occupy land in the council’s area for a month or longer.

(f)        Corporate tenancies - Any tenancy between the council and a body in which you or your partner have a beneficial interest.

 (g) Securities - Any beneficial interest in securities of a body which has a place of business or land in the council’s area, if the total nominal value of the securities exceeds £25,000 or one hundredth of the total issued share capital of that body or of any one class of its issued share capital. 

 

This applies to all members present at the meeting.

 

Minutes:

None.

96.

Minutes of the previous meeting pdf icon PDF 139 KB

Minutes:

RESOLVED

That the minutes of the meeting held on 12 June 2017 be confirmed as a correct record and the Chair be authorised to sign them.

97.

Pension Fund performance from 1 April to 30 June 2017 pdf icon PDF 267 KB

Minutes:

Following consideration of recommendation 2.3 in the report, which sought approval to the delegation of the decision on the implementation of an appropriate insurance mechanism to protect the Pension Fund’s current high funding level, members expressed a strong preference for the Sub-Committee to consider and agree options for this, rather than delegating responsibility to officers on this occasion. Whilst recognising the requirement for expediency, members agreed that an additional meeting of the Sub-Committee be arranged to consider the options.

 

RESOLVED:

(a) That the performance of the Fund from 1 April to 30 June 2017, as per the BNY Mellon interactive performance report, detailed in the report of the Corporate Director of Resources, be noted.        

(b) That the report by Allenbridge Investment Advisers on fund managers’ quarterly performance, detailed in Appendix 1 to the report and their presentation, be noted.

(c) That an additional meeting of the Sub-Committee be held at 2.30pm on 16 October 2017 for the purposes of agreeing how recent gains in equity values might be protected.

 

98.

Presentation from AllenbridgeEPIC Investment Advisers on quarterly performance pdf icon PDF 730 KB

99.

Investment Strategy update pdf icon PDF 119 KB

Minutes:

RESOLVED:

(a) That approval be given to the procurement of an infrastructure manager(s).

(b) That an update on progress be submitted to the Sub-Committee in November 2017.

 

 

100.

Infrastructure - Presentation by AMP Capital

Minutes:

Matt Evans, Principal, Global Infrastructure and Alice Franks, Institutional Director, AMP Capital, gave a presentation on infrastructure investment.

 

Matt Evans described the characteristics of infrastructure assets, such as provision of essential services and sustainable long-term cash flows, through investment in prisons, pipelines and hospital and a range of other assets. He also detailed AMP’s Environmental, Social and Governance principles.

 

Noted.

101.

Presentation by PIRC on voting and governance

Minutes:

Tessa Younger, Engagement Services Manager and Lara Blecher, Engagement Executive at PIRC Ltd, a research and engagement partner to the Local Authority Pension Fund Forum (LAPFF), gave a presentation to the Sub-Committee on the work of LAPFF and, in particular, its work on voting and governance. They described

the practical support provided to LAPFF representatives attending AGMs.

 

Members asked that LAPFF information on dates of company AGMs be circulated to LAPFF members and for LAPFF to consider how briefings produced by LAPFF might be shared with all members.

 

Noted.

 

 

102.

Implementation of the Markets in Financial Instruments Derivative (MiFID II) pdf icon PDF 266 KB

Additional documents:

Minutes:

 

RESOLVED:

(a) That the potential impact on the investment strategy of this administering authority becoming a retail client with effect from 3 January 2018, under the Markets in Financial Instrument Directive 2014/65, as detailed in paragraph 3.4 of the report of the Corporate Director of Resources, be noted.

(b) That officers commence applications for elected professional client status with all relevant institutions immediately, in order to ensure the implementation of an effective investment strategy.

(c) That, in electing for professional client status, acknowledgement be given to the fact that the protections available to retail clients as detailed in schedule 1 of Appendix 4 will be foregone.

(d) That the Corporate Director of Resources, in consultation with the Director of Law and Governance, be authorised to complete the necessary applications and determine the basis of those applications as either full or single service.

 

103.

London CIV update pdf icon PDF 139 KB

Minutes:

RESOLVED:

That the progress made at the London CIV in launching funds and running of portfolios from the period from May to July 2017, as detailed in the report of the Corporate Director of Resources, be noted.

104.

Forward Plan pdf icon PDF 181 KB

Minutes:

RESOLVED:

(a) That the contents of Appendix A to the report of the Corporate Director of Resources, detailing proposed agenda items for future meetings, be noted.

(b) That it be noted that there will be an additional meeting of the Sub-Committee on 16 October 2017, at 2.30pm, for the purposes of considering how recent gains in equity values might be protected

(c) That it be noted that a speaker from the Carbon Trust will attend the annual meeting on 16 October 2017.