Agenda and minutes

None.

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.

*(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.

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 5 December 2022 be confirmed as an accurate record of proceedings and the Chair be authorised to sign them.

In response to a query about the performance of technology stocks on the  CIV platform, Karen Shackleton undertook to check with fund managers on their holding of this type of stock.

The Chair queried the performance from Pantheon, the Fund’s Infrastructure manager, at almost -7% for the last quarter, whereas yearly performance was indicated at 27%? Karen Shackleton undertook to look into this and to report back.  She also undertook to speak to LCIV about the position on the LCIV Global Equity Fund (Newton), where Islington owned 54.78% of the sub-fund, should other investors leave the fund and costs associated with exit.  Members considered the possibility of considering other funds within the CIV in the future.

RESOLVED:

(a) That the performance of the Fund from 1 July to 30 September 2022, 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 Hudson on fund managers’ quarterly performance, attached as Appendix 1 to the report, be noted.

(c)To note the LCIV prepared climate exposure report for their 2 active equity portfolios attached as Appendix 2 to the report.

(d) To note for information the Mercer “Current LGPS Issues February 2023” at Appendix 3 to the report.

RESOLVED:

(a) To note the presentation from Mercer attached as Exempt Appendix 1 to the report of the Corporate Director of Resources.

(b) To note the strategy review and risk and return analysis.

(c) To agree that further consideration be given to the strategic allocation, congruent with risk and return, that was affordable and sustainable.

(d) That officers work with Mercers on the formulation of a portfolio strawman 3, with a goal to increase illiquidity at a lower risk profile to strawman 2,to be considered at a future meeting.

The Sub-Committee noted that the Pensions Board, which had met immediately prior to this meeting, had postponed making a decision on this item pending further information, particularly on responses from employers.

RESOLVED:

(a) That the draft Funding Strategy Statement attached as Appendix 1 to the report of the Corporate Director of Resources and the employer comments received from the consultation exercise, attached as Appendix 2 to the report, be noted.

(b) That the Section 151 Officer and Fund Actuary be authorised to finalise any agreed amendments and regulatory changes.

(c) That the Section 151 Officer and Fund Actuary be authorised to publish the final Funding Strategy Statement as part of the Actuarial Valuation Report.

RESOLVED:

(a) That the progress made at the London CIV in launching funds, running of portfolios, reviewing governance and investment structure, over the period from November 2022 to January 2023, as detailed in the report of the Corporate Director of Resources, be noted.

(b) That the January 2023 business update session of the London CIV, detailed in exempt Appendix 1 to the report, be noted

RESOLVED:

That, subject to the report on “Draft Pension Annual report” being brought forward from the meeting of the Sub-Committee scheduled for 21 November to 26 September 2023, with the Annual General Meeting scheduled for October 2023, Appendix A attached to the report of the Corporate Director of Resources, comprising the forward plan of business for the Sub-Committee, be noted

Noted.

Noted.