Agenda and minutes

Received from Valerie Easmon-George and George Sharkey, both members of the Pensions Board.

Apologies for lateness were received from Councillor Dave Poyser, Chair of the Pensions Board, and Councillor Satnam Gill OBE.

None.

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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.

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This applies to all members present at the meeting.

Councillor Convery declared an interest in items on the agenda as a deferred member of the Scheme.

RESOLVED:

That the minutes of the meeting held on 26 September 2023 be confirmed as an accurate record of proceedings and the Chair be authorised to sign them.

The Committee noted the overall performance of individual managers, with issues for some. 

The Committee was keen to explore new investment trends to achieve better returns, via the Investment Strategy.

RESOLVED:

(a) That the performance of the Fund from 1 July to 30 September 2023, as per the BNY Mellon interactive performance report and detailed in the report of the Corporate Director of Resources, be noted.

(b) That the presentation by Apex on fund managers’ quarterly performance, attached as Appendix 1 to the report, be noted.

During discussion, members considered that their preference would be for two emerging market portfolio managers, noting that the current emerging markets portfolio comprised about 6% of the Fund.

Members also expressed an interest in investing in an inclusive economy approach and biotech/life sciences businesses with a view to increasing employment opportunities for the local community.

RESOLVED:

(a) To note the progress made to date on the implementing the agreed strategy, as detailed in the report of the Corporate Director of Resources.

(b) That, with regard to the questions in paragraph 3.2.2 of the report, a longer list of one or more managers be considered for the emerging markets portfolio, for decision at the next meeting of the Committee.

(c) That the impact investment mandate include an inclusive local economy approach and biotech/life sciences themes.

(d) That officers and advisors formulate an implementation plan on resolution (c) above.

(e) To note the Mercer training presentation (attached as exempt appendix 1 to the report)

(f) To agree to receive a further progress report at the next meeting in March 2024.

RESOLVED:

(a) To note that the legal requirement for trustees of occupational pensions (including LGPS) to set strategic objectives for investment consultancy providers, came into effect from 10 December 2019.

(b) To note the objectives agreed in December 2022 for the Fund’s investment consultancy providers, and to agree the performance ratings, as set out in exempt Appendix 1 of the report.

(c) To agree to review these objectives at least annually and/or where there was a change in the Fund’s requirements.

(d) To delegate authority to the Corporate Director of Resources, following consultation with the Director of Law and Governance, to report on compliance via the TPR’s (Pensions Regulator) annual scheme return.

RESOLVED:

To note the progress made at the London CIV in launching funds, running of portfolios, reviewing governance and investment structure, over the period September to November 2023, and the October business update session (exempt appendix 1) and further updates on fund launches, all as detailed in the report of the Corporate Director of Resources.

RESOLVED:

The Committee noted that this year’s Annual Meeting would be held on 27 November 2023.

RESOLVED:

That Appendix A attached to the report of the Corporate Director of Resources, comprising the forward plan of business for the Committee, be noted.

RESOLVED:

That the exempt minutes of the meeting held on 26 September 2023 be confirmed as a correct record and the Chair be authorised to sign them.

Noted.

Noted.

Noted.