Agenda and minutes

Received from Alan Begg (observer) and Councillor Mick O’Sullivan.

None.

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.

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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 member of the Scheme.

RESOLVED:

That the minutes of the meeting held on 21 June 2021 be confirmed as an accurate record of proceedings and the Chair be authorised to sign them.

Members noted the overall satisfactory performance of the Fund. However, members noted that the Diversified Growth Fund, held by Schroders, was behind the target over three years and agreed to keep this under review.

RESOLVED:

(a) That the performance of the Fund from 1 April to 30 June 2021, 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 MJ Hudsons Allenbridge, on fund managers’ quarterly performance, attached as Appendix 1 to the report, be noted.

(c) That the August 2021 “LGPS Current Issues”, attached as Appendix B to the report, be noted.

(d) That the Fund’s annual performance report to March 2021 compared to the LA Universe, attached as Appendix 2 to the report, be noted.

Maggie Elliott, Vice-Chair of the Pensions Board, reported that the Board had also considered this report and had agreed that the draft Funding Strategy Statement attached to the report be used for consultation with employers over proposed changes, with the addition of a two-page introductory letter from the Head of Pension Fund and Treasury Management, highlighting the changes.

RESOLVED:

(a) That the summary of the main updates to the draft Funding Strategy Statement, appended to the report of the Corporate Director of Resources, be noted as the basis for consultation with employers between September and October 2021.

(b) That officers update the Funding Strategy Statement, with the Fund Actuary, for consultation with employers admitted into the Islington Fund.

Members noted that there was no explicit mention of “net zero carbon” in the key objectives of the business plan set out in paragraph 3.4 of the report and discussed whether the action plan needed to be more specific on how this was to be achieved.

RESOLVED:

(a) That the action plan to achieve the objectives of the Pension Fund Business Plan, appended to the report of the Corporate Director of Resources, be noted.

(b) That it be noted that the Head of Pension Fund and Treasury Management would amend the action plan to include specific actions as to how net zero carbon is to be achieved by 2050 and that an amended version of the action plan be submitted to the next meeting for review and approval.

RESOLVED:

That, subject to the addition of a report to the schedule of items for the meeting on 23 November 2021 on the next steps on net zero carbon targets, the appendix to the report of the Corporate Director of Resources, detailing agenda items for forthcoming meetings, be approved.

RESOLVED:

RESOLVED:

That the progress and activities presented at the July business update session of the London CIV (exempt Appendix 1) and news briefing Collective Voice-June, attached as exempt Appendix 1A to the report of the Corporate Director of Resources, be noted.

Noted.

Noted.