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 21 November 2023 be confirmed as an accurate record of proceedings and the Chair be authorised to sign them.

In response to questions, Karen Shackleton undertook to seek information from Newton on their overweight holding of tech stocks.

The underperformance of Quinbrook was noted, and also that this was a long-term investment. Real level of performance to be ascertained.

RESOLVED:

(a) That the performance of the Fund from 1 October to 31 December 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, independent investment advisers, on fund managers’ quarterly performance and attached as Appendix 1 to the report, be noted.

(c) To note LGPS Current Issues for February 2024, also attached to the report, for information.

(d) That LCIV be asked to assume greater monitoring of RBC’s underperformance.

RESOLVED:

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

(b) To note progress on the emerging market portfolio review, as detailed in the report.

(c) To agree that officers, with Mercers, review the private debt commitment and identify any gap to fulfil its commitment to a European strategy.

(d) To note the briefing scope prepared by Pension for Purpose of the currently available impact funds with an inclusive local economy approach and biotech/life sciences themes (attached as exempt Appendix 2 to the report).

(e) That, with regard to the other impact themes for its 5% allocation, officers to seek out a broader range of institutions and organisations who may have routes to the inclusive economy, especially those in London and the south east.

(f) That officers mainstream social impact themes (“Basic needs” and “Wellbeing/empowerment”) into existing asset classes, possibly 2-3% in the “Biodiversity and natural capital” theme (Mercer appendix), and that the overall asset allocation be rebalanced to expand the asset classes within which the “mainstreamed” items be included.

(g) To agree to receive a further progress report at the next meeting.

RESOLVED:

(a) To note exempt appendix 1 to the report, comprising the January 2024 business update session, and further updates on fund launches.

2.2 To note exempt appendix 2, comprising notes from the Annual General Meeting held on 30 January 2024.

The Committee noted that this year’s Annual Meeting would be held on 30 September 2024.

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

Noted.

Noted.

PIRC

The Chair reminded the Committee of the advisory service provided in the past by PIRC and sought the Committee’s agreement to renew the service, especially for engaging with them for a proxy voting service.

RESOLVED:

To agree to buy into relevant PIRC services, such as the proxy voting advisory

service.

VOTE OF THANKS

The Chair thanked all members of the Committee, officers and Pension Board members for their support during the year.