Agenda and minutes
PDF 171 KBVenue: Meeting Room 225 - 160 Tooley Street, London SE1 2QH. View directions
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Apologies
To receive any apologies for absence. Minutes: Apologies were received from Barry Berkengoff, the Pensions Manager. |
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Confirmation of voting members
Voting members of the committee to be confirmed at this point in the meeting. Minutes: Councillor Stephanie Cryan, Councillor Rachel Bentley, Councillor Emily Hickson and Caroline Watson were confirmed as voting members.
Everyone introduced themselves.
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NOTIFICATION OF ANY ITEMS OF BUSINESS WHICH THE CHAIR DEEMS URGENT
Minutes: There were none. |
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DISCLOSURE OF INTERESTS AND DISPENSATIONS
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. |
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MINUTES
To agree as correct records, the open minutes of the meetings held on 6 March 2023. Supporting documents: Minutes: RESOLVED:
That the minutes of the meeting held on 6 March 2023 be agreed as a correct record. |
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MATTERS ARISING
Officers to provide an update on the money market funds selected under the fund’s new cash policy. Minutes: There were none. |
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CONFLICTS OF INTEREST POLICY
Supporting documents: Minutes: Geraldine Chadwick, Interim Senior Finance Manager, Finance and Governance, presented the report.
Alan Wells, Senior Governance Lawyer, was in attendance to answer any questions.
There was a brief discussion.
RESOLVED:
That the conflicts of interest policy for the Pensions Advisory Panel (PAP) members and for those officers dealing with matters relating to the Pension Scheme be approved.
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ASSET ALLOCATION
Supporting documents: Minutes: Jack Emery, Divisional Accountant - Pensions and Investments presented the report.
There were no questions on the report.
RESOLVED:
That the fund’s asset allocation at 31 March 2023 be noted.
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CARBON FOOTPRINT UPDATE
Supporting documents: Minutes: Spandan Shah, Interim ESG Manager, Finance and Governance, presented the report.
There were questions on the report and a discussion.
RESOLVED:
That the fund’s carbon footprint at 31 March 2023 be noted.
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Advisers' Updates - Quarter to March 2023
Supporting documents: Minutes: David Cullinan presented his report and 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.
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ZERO CARBON INVESTMENT STRATEGY: IMPLEMENTATION PROGRESS UPDATE
Supporting documents: Minutes: Caroline Watson, Senior Finance Manager, Treasury and Pensions, introduced the report.
There were questions on the report and a discussion.
Caroline Watson advised that the pensions advisory panel would be updated on the £100m Robeco investment at the next meeting.
She also informed the panel that the responsible investment policy would be brought to the next meeting.
RESOLVED:
1. That the recent progress in the implementation of the net-zero carbon strategy, as set out in the report, be noted.
2. That the decision, made at the special meeting of 9 March 2023, to appoint Robeco as multi-asset credit manager with a £100m allocation, be ratified.
3. That the decision to invest £30m in the Darwin Leisure Development Fund be ratified.
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UPDATE ON NEWTON PORTFOLIO
Supporting documents: Minutes: Tracy Milner, Interim Pensions Investments Manager, presented the report.
There were questions on the report and a discussion.
David Cullinan undertook to do a piece of work to analyse Newton’s perfomance for the next meeting.
RESOLVED:
That the recent activity to transition the Newton global equity portfolio to progress the implementation of the Fund’s net-zero carbon strategy, as set out in the report, be noted.
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Update on Taskforce on Climate-related Financial Disclosures
Supporting documents: Minutes: Caroline Watson presented the report.
There were questions on the report and a discussion.
RESOLVED:
That the update on the requirements of the Taskforce on Climate-related Financial Disclosures (TCFD) and how the fund is preparing for this be noted.
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Pension Services - Administration Function Update
Supporting documents: Minutes: In the absence of Barry Berkengoff, the Pensions Manger, Clive Palfreyman, Strategic Director, Finance, presented the report.
There were no questions on the report.
RESOLVED:
That the update on the pensions administration function be noted.
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LOCAL PENSION BOARD UPDATE
Supporting documents: Minutes: Mike Ellsmore, Chair of the Local Pension Board, updated the pensions advisory panel on the last meeting of the local pension board.
There was a brief discussion.
At this point, the Chair requested that an item on equality, diversity and inclusion (EDI) be added to the agenda for the next meeting.
RESOLVED:
That the update from the local pension board (LPB) meeting of 5 April 2023 be noted.
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ANY OTHER OPEN BUSINESS AS NOTIFIED AT THE START OF THE MEETING AND ACCEPTED BY THE CHAIR AS URGENT There was a discussion regarding the Chancellor’s Mansion House speech with reference to the pooling of funds.
It was noted that there would be a 12 week consultation.
It was agreed that the Chair and the Strategic Director would circulate the response to the consultation to the other members of the panel before it was submitted. |
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EXCLUSION OF THE PRESS AND PUBLIC
The following is a summary of the decisions taken in the closed part of the meeting.
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QUARTERLY INVESTMENT UPDATE - AON
Minutes: The voting members of the pensions advisory panel considered the closed information relating to the Aon presentation section of this item. Please see item 10 for the decision.
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ZERO CARBON INVESTMENT STRATEGY: IMPLEMENTATION PROGRESS UPDATE
Minutes: The voting members of the penisons advisory panel considered the closed information relating to this item. Please see item 11 for the decision.
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UPDATE ON NEWTON PORTFOLIO
Minutes: The voting members of the penisons advisory panel considered the closed information relating to this item. Please see item 12 for the decision.
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QUARTERLY ACTUARIAL FUNDING UPDATE
Minutes: The voting members of the penisons advisory panel considered the closed information relating to this item.
RESOLVED:
That the updated funding position at 31 March 2023 as set out in Appendix 1 of the closed agenda. |