Agenda and minutes
PDF 240 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 and Helen Laker.
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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 Emily Hickson, Councillor Rachel Bentley and Caroline Watson were confirmed as voting members.
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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: The voting members confirmed their interest in the actuarial funding item. |
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Minutes
To agree as correct records, the open minutes of the meetings held on 27 September 2024. Supporting documents: Minutes: RESOLVED:
That the minutes of the meeting held on 17 July 2023 be agreed as a correct record.
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Equalities, Diversity and Inclusion Oral Update
Minutes: Spandan Shah, Interim ESG Manager, Finance and Governance, provide a short verbal update on the topic of equalities, diversity and inclusion (EDI).
He advised that he had reached out to the head of diversity (EDI) within the council in order to align with the wider council on EDI.
RESOLVED:
That the EDI oral update be noted.
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Update on the Local Pension Board
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, particularly about training for members and staff representatives.
RESOLVED:
That the update from the local pension board (LPB) meeting of 24 January 2024 be noted.
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Pension Services – Administration Function Update
Supporting documents: Minutes: Barry Berkengoff, the Pensions Manager, sent apologies and was therefore not at the meeting to present the report.
The Strategic Director of Finance advised that there were no more members in the pensions team.
There was a brief discussion regarding the rebranding of the pension fund website and expanded content.
RESOLVED:
That the update on the pensions administration function be noted.
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Asset Allocation and Net Zero Strategy Update - December 2023
Supporting documents: Minutes: Caroline Watson, Senior Finance Manager, Treasury and Pensions, introduced the report.
There were questions on the report and a discussion.
RESOLVED:
That the fund’s asset allocation at 31 December 2023, overall performance and other matters considered by the officers and advisers of the fund during the six months to the end of December and post quarter end, be noted.
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Glennmont Clean Energy Fund IV
Supporting documents: Minutes: Tracey Milner, Interim Pension Investments Manager presented the report.
There were questions on the report and a discussion.
RESOLVED:
1. That it be noted that, in line with the governance arrangements for new investments, voting members of the pensions advisory panel made an offline recommendation to the Strategic Director of Finance to progress a commitment in the Glennmont Clean Energy Fund IV.
2. That the decision to progress the commitment to Glennmont Clean Energy Fund IV be ratified.
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Advisers' Updates - Quarter to December 2023
¾ david cullinan ¾ AON
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.
It was agreed that Newton would be invited to one of the upcoming advisory panel meetings.
RESOLVED:
That the quarterly investment updates be noted.
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Multi-asset Credit
Supporting documents: Minutes: Tracey Milner, Interim Pension Investments Manager presented the report.
There were questions on the report and a discussion.
RESOLVED:
1. That the progress in evaluating the market for multi-asset credit managers be noted.
2. That the officer proposal to invite managers and LCIV to attend a meeting for voting members of the pensions advisory panel on 4 March be agreed.
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Carbon Footprint Update - 31 December 2023
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 December 2023 be noted.
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Update on Approach to Engagement and Voting
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 update on the engagement and voting activity for the underlying investments of the fund be noted.
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Actuarial Funding Update - December 2023
Supporting documents: Minutes: Caroline Watson, Senior Finance Manager, Treasury and Pensions, introduced the report.
There were no questions on the report
RESOLVED:
1. That he updated funding position at 31 December 2023 be noted. 2. That the amended funding strategy statement attached at Appendix 1 to the report be noted.
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EXCLUSION OF THE PRESS AND PUBLIC That the press and public be excluded from the meeting for the following items of business on the grounds that they involve the likely disclosure of exempt information as defined in category 3 of paragraph 10.4 of the access to information procedure rules of the Southwark Constitution.
The following is a summary of the decisions taken in the closed part of the meeting.
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Glennmont Clean Energy Fund IV
Minutes: The voting members of the penisons advisory panel considered the closed information relating to this item. Please see item 10 for the decision.
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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 11 for the decision.
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Multi-asset Credit
Minutes: The voting members of the pensions advisory panel considered the closed information relating to this item. Please see item 12 for the decision.
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Actuarial Funding Update - December 2023
Minutes: The voting members of the pensions advisory panel considered the closed information relating to this item. Please see item 15 for the decision.
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