Agenda and minutes

Apologies for absence were received from Councillors T Young, P Dilks, S Bunney and P Coupland.

Councillor M G Allan declared an interest as a pensioner member of the Pension Fund.

Steve Larter (Small Scheduled Bodies Representative) declared an interest as an active and deferred member of the Pension Fund.

Tom Hotchin (Academy Sector Representative) declared an interest as an active member of the Pension Fund.

RESOLVED

That the minutes of the meeting held on 16 March 2023 be approved as a correct record and signed by Chairman.

(To receive a report by Jo Kempton, Head of Pensions, which provides the Committee with an update on Responsible Investment activity during the final quarter of the financial year 2022/23 (January to March inclusive))

Consideration was given to a report which provided the Committee with an update on Responsible Investment activity during the final quarter of the financial year 2022/23 (January to March inclusive). Members were guided through the report, and the following matters were discussed:

·   Elections to the Local Authority Pensions Fund Forum (LAPFF) executive committee were held every year ahead of the AGM in October. The request for nominations was to be made in August with a deadline for submission at the beginning of September. Details of the process and nomination forms were to be shared with the Committee, and members were welcomed to submit a nomination.

·   The Pension and Lifetime Savings Association’s Local Authority Conference was taking place in June 2023, and was open to all members of the Committee. The Chairman welcomed any member interested to attend.

RESOLVED

That the report and comments made regarding the responsible investment activity undertaken during the quarter be noted.

In accordance with Section 100 (A)(4) of the Local Government Act 1972, the following agenda items have not been circulated to the press and public on the grounds that it is considered to contain exempt information as defined in paragraph 3 of Part 1 of Schedule 12 A of the Local Government Act 1972, as amended. The press and public may be excluded from the meeting for the consideration of this item of business.

RESOLVED

That in accordance with Section 100A of the Local Government Act 1972, the press and public be excluded from the meeting for the following items of business on the grounds that if they were present they could be a disclosure of exempt information as defined in paragraph 3 of Part 1 of Section 12A of the Local Government Act 1972, as amended.

(To receive a report by Jo Kempton, Head of Pensions, which provides a market update from the Investment Consultant, Hymans Robertson, for the quarter ending 31 March 2023)

Consideration was given to an exempt report which gave the Committee a market update from the Investment Consultant. A number of questions were asked and comments received.

RESOLVED

That the report and comments made regarding the current market view be noted.

(To receive an exempt report from Jo Kempton, Head of Pensions, which provides an update on investment performance)

Consideration was given to an exempt report which reviewed manager performance and investments of the Fund. A number of questions were asked and comments received.

RESOLVED

That the report and comments made regarding the long-term performance of the Fund's investment managers, and future investment developments be noted.

(To receive an exempt report from Jo Kempton, Head of Pensions, which covers recommendations as part of the overall Investment Strategy Review)

Consideration was given to an exempt report which reviewed the investment strategy. A number of questions were asked and comments received.

RESOLVED

That the recommendations stated in the report be agreed subject to the following amendments:

·   Recommendation 4 – correction of typographical error

·   Recommendation 5 – clarify need for due diligence discussion between partners

(To receive an exempt report by Jo Kempton, Head of Pensions, which introduces a presentation from the Border to Coast Partnership)

Consideration was given to an exempt report which introduced a presentation from the Border to Coast Pensions Partnership. A number of questions were asked and comments received.

RESOLVED

That the exempt report and presentation be noted.