Agenda and minutes

Pensions Advisory Panel - Monday 6 March 2023 10.30 am

Venue: Meeting Room 225 - 160 Tooley Street, London SE1 2QH. View directions

Contact: Andrew Weir

Items
No.	Item
1.	Apologies Share this item To receive any apologies for absence. Minutes: There were no apologies.
2.	Confirmation of voting members Share this item Voting members of the committee to be confirmed at this point in the meeting. Minutes: Councillor Stephanie Cryan, Councillor Andy Simmons, Councillor Rachel Bentley and Caroline Watson were confirmed as voting members. Everyone introduced themselves.
3.	NOTIFICATION OF ANY ITEMS OF BUSINESS WHICH THE CHAIR DEEMS URGENT Share this item Minutes: There were none.
4.	DISCLOSURE OF INTERESTS AND DISPENSATIONS Share this item Members of the committee to declare any interests and dispensation in respect of any item of business to be considered at this meeting. Minutes: There were none.
5.	Minutes Share this item To agree as correct record, the open minutes of the meeting held on 5 December 2022. Supporting documents: Minutes from 5 December 2022 , item 5. PDF 237 KB Minutes: That the minutes of the meeting held on 5 December 2022 be agreed as a correct record, with the minor amendment that Roger Stocker was present.
6.	Asset Allocation December 2022 Share this item Supporting documents: Report: Asset Allocation December 2022 , item 6. PDF 182 KB Minutes: Jack Emery, Divisional Accountant - Pensions and Investments presented the report. There were questions on the report and a discussion. RESOLVED: That the fund’s asset allocation at 31 December 2022 be noted.
7.	Carbon Footprint Update - 31 December 2022 Share this item Supporting documents: Report: Carbon Footprint Update - 31 December 2022 , item 7. PDF 722 KB Minutes: Jack Emery presented the report. There were questions on the report and a discussion. RESOLVED: That the fund’s carbon footprint at 31 December 2022 be noted.
8.	Quarterly Investment Update Share this item ¾ david cullinan ¾ AON Supporting documents: Report: Quarterly Investment Update , item 8. PDF 302 KB Appendx 1: Independent adviser’s report , item 8. PDF 2 MB Appendix 2: Aon’s quarterly investment dashboard , item 8. PDF 818 KB Minutes: David Cullinan presented his report updated the panel. Colin Cartwright from Aon presented his report and updated the panel. There were questions and a discussion on the reports. RESOLVED: That the quarterly investment updates be noted.
9.	Revised Investment Strategy Statement Share this item Supporting documents: Report: Revised investment strategy statement , item 9. PDF 136 KB Appendix 1: Investment Strategy Statement , item 9. PDF 1 MB Minutes: Caroline Watson introduced the report. There were questions on the report and a discussion. RESOLVED: That the panel agreed the revised version of the Investment Strategy Statement as Appendix 1 of the report.
10.	Zero Carbon Investment Strategy: Implementation Progress Update Share this item Supporting documents: Report: Zero Carbon Investment Strategy: Implementation Progress Update , item 10. PDF 138 KB Minutes: Caroline Watson introduced the report. There were questions on the report and a discussion. RESOLVED: That the panel noted the report.
11.	Cash Flow Management Policy Share this item Supporting documents: Report: Cash Flow Management Policy , item 11. PDF 310 KB Appendix A: Cashflow Management Framework , item 11. PDF 867 KB Appendix B: London Borough of Southwark Pension Fun Asset Structure Tier Allocation , item 11. PDF 608 KB Minutes: Jack Emery introduced the report. There were questions on the report and a discussion. It was confirmed that selection of money market funds is an operational decision, and therefore does not require PAP approval. Officers undertook to bring an update on the money market funds selected to a future meeting. RESOLVED: The panel agreed the recommended approach to the Fund’s cash flow management as set out in the report.
12.	Draft Conflict of Interest Policy Share this item Supporting documents: Report: Draft conflict of interest policy , item 12. PDF 290 KB Appendix 1: Draft Conflict of interest policy , item 12. PDF 811 KB Minutes: Geraldine Chadwick introduced the report. There were questions and debate on the report. Officers undertook to circulate the updated policy. Officers undertook to bring the item back in June 2023 with a legal concurrent. Officers undertook to reframe the policy to confirm that members referred to all members of PAP, including officers, and not just elected members. RESOLVED: The panel deferred this item until June 2023.
13.	Pension Services - Administration Function Update Share this item Supporting documents: Report: Pension Services - Administration Function Update , item 13. PDF 164 KB Appendix 1: Civica UPM Improvement/Action Plan , item 13. PDF 670 KB Minutes: Barry Berkengoff introduced the report. There was debate on the report. Officers undertook to update the format of appendix 1 to ensure it is fit for purpose. Officers undertook to bring performance data to the panel to review. Officers undertook to confirm the HR contact details with Julie Timbrell. RESOLVED: That the panel noted the report.
14.	Local Pension Board Update Share this item Supporting documents: Report: Local Pension Board Update , item 14. PDF 144 KB Minutes: Mike Ellsmore introduced the report. There were no questions. RESOLVED: That the panel note the report.
15.	Minutes Share this item View the reasons why item 15. is restricted To agree as correct record, the closed minutes of the meeting held on 5 December 2022. Minutes: The closed minutes of the meeting on were agreed as a correct record.
16.	Quarterly Investment Update Share this item View the reasons why item 16. is restricted Minutes: There was no debate. RESOLVED: The panel noted the report.