Agenda and minutes

Received from Councillors Mick Gilgunn and 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.

*(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 Paul Convery declared an interest in items on the agenda as a member of the Pension Fund.

RESOLVED:

That the minutes of the meeting held on 23 November 2021 be confirmed as an accurate record of proceedings and the Chair be authorised to sign them.

A suggestion was made that it would be helpful if the chart on fund managers’ performance included the financial allocation for each asset allocation and the figure on the current value of the Fund for the future.

RESOLVED:

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

(c) That the “LGPS Current Issues – February 2022”, attached as Appendix 2 to the report, be noted.

RESOLVED:

That the progress and activities presented at the February 2022 business update session of the London CIV (exempt Appendix 1) and minutes of the 27 January 2022 shareholders’ AGM, attached as exempt Appendix 1A to the report of the Corporate Director of Resources, be noted.

The Pension Fund Manager reported that a training session on the triennial review would take place in September 2022, both for members of the Board and the Sub-Committee.

RESOLVED:

(a) That Appendix A to the report of the Corporate Director of Resources, detailing agenda items for forthcoming meetings, be approved.

(b) That Appendix B to the report, setting out the proposed timetable for the 2022 Triennial Valuation, be noted.

RESOLVED:

(a) That the Fund’s current belief and future objectives to transition to Net Zero Carbon by 2050 and the achievement of the short to medium term targets, as detailed in the report of the Corporate Director of Resources, be noted and confirmed.

(b) That the preferred provider be informed that the preference was for an emerging markets equivalent to PAB-aligned and that they be asked to reconsider fees.

(c) That the comparative data on PAB indices and the LCIV PEPPA fund, detailed in in exempt Appendix1 to the report, be noted.

(d) That the summary report prepared by Mercer on the preferred third generation climate transition index provider and index, attached as exempt Appendix 2 to the report, be agreed.

(e) That the pathway to achieving the short to medium term targets of transition to Net Zero Carbon by 2050 be confirmed.

(f)  That the Paris Aligned Benchmark Index be approved.

(g)  That a progress report on implementation be submitted to the June 2022 Sub-Committee.

RESOLVED:

(a) That exempt appendix 1 to the report of the Corporate Director of Resources, comprising investment managers’ responses to date on known direct holdings in Russia and Ukraine, the impact and actions taken and considerations to mitigate investment risk and uncertainty to funding levels, be noted.

(b) That the action checklist set out in paragraph 3.7 of the report be agreed.

(c) That further due diligence be carried out to ensure that there are no links with named sanctioned individuals.

Noted.

Noted.

Noted.