Agenda item

(To receive a report from Jo Ray (Pension Fund Manager), which sets out the main policies of the Pension Fund for review)

Consideration was given to a report by the Pension Fund Manager, which detailed the main policies of the Pension Fund for Review.

The Pension Fund Manager highlighted that the Pension Fund Code of Conduct and Conflicts of Interest policy had not been included within the recommendations contained within the report and wished to amend the recommendation to read as follows:

That the Board note the report and consider:

1)    the Fund's Investment Strategy Statement (ISS);

2)    the Fund's Communications Policy;

3)    the Fund's Governance Compliance Statement;

4)    the Fund's Stewardship Code Statement;

5)    the Fund's Breaches Reporting Policy; and

6)    the Fund's Code of Conduct and Conflicts of Interest Policy.

In response to a question, the Pension Fund Manager felt it was unlikely that Border to Coast's partner fund membership would increase in the future, but it was within the shareholders' remit to allow partner funds to enter and leave the pool company.

It was noted that there was the possibility of two of the Funds within the Border to Coast partnership merging, which would mean a slight increase in governance costs going forward (i.e. increased from one twelfth to one eleventh).

RESOLVED:

1)   That the report be noted.

2)   That the Committee approve the main policies of the Pension           Fund, as set out above.