Agenda and minutes
PDF 152 KBVenue: Ground Floor Meeting Room G02C - 160 Tooley Street, London SE1 2QH. View directions
| No. | Item |
|---|---|
|
Apologies
To receive any apologies for absence. Minutes: Apologies were received from Councillor Emily Hickson, Barry Berkengoff, Helen Laker and Roger Stocker.
|
|
|
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 and Caroline Watson were confirmed as voting members.
|
|
|
NOTIFICATION OF ANY ITEMS OF BUSINESS WHICH THE CHAIR DEEMS URGENT
Minutes: There were none. |
|
|
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. |
|
|
Training Session - Local Government Pension Scheme Pooling Update
Minutes: Tracey Milner, the Interim Pension Investments Manager, provided training on the local government pension scheme pooling update.
The chair requested that going forward that there should be a standing item on local government pension scheme pooling.
|
|
|
Minutes
To agree as correct records, the open minutes of the meetings held on 26 February 2024. Supporting documents: Minutes: RESOLVED:
That the minutes of the meeting held on 26 February 2024 be agreed as a correct record.
|
|
|
Matters Arising
Minutes: There were none. |
|
|
Update on the Local Pension Board
Supporting documents: Minutes: Mike Ellsmore, the Chair of the Local Pension Board, updated the pensions advisory panel on the last meeting of the local pension board.
RESOLVED:
That the update from the local pension board (LPB) meeting of 3 July 2024 be noted.
|
|
|
Pension Services - Administration and Operational 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 presented the report.
There were questions on the report and a brief discussion.
RESOLVED:
That the update on the pensions administration function be noted. |
|
|
Asset Allocation and Net Zero Strategy Update - 30 June 2024
Supporting documents: Minutes: Caroline Watson, the Chief Investment Officer, introduced the report.
There were questions on the report and a discussion.
RESOLVED:
That the fund’s asset allocation at 30 June 2024, overall performance and other matters considered by the officers and advisers of the fund during the quarter to the end of June and post quarter end, be noted.
|
|
|
Multi-Asset Credit Update
Supporting documents: Minutes: Tracey Milner, the Interim Pension Investments Manager presented the report.
There were questions on the report and a discussion.
RESOLVED:
That the decision, made at the special meeting of 4 March 2024, to appoint LCIV (Alternative Credit Fund) as multi-asset credit manager with a £100 million allocation, be ratified.
|
|
|
Advisors' Updates - Quarter to September 2024
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.
|
|
|
Carbon Footprint Update - 30 June 2024
Supporting documents: Minutes: Spandan Shah, the 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 30 June 2024 be noted.
|
|
|
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 Fund’s engagement and voting activity for the quarter ended 30 June 2024 for the underlying investments of the Fund be noted.
|
|
|
Equality, Diversity, and Inclusion policy
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 standalone Equality, Diversity, and Inclusion (‘EDI’) policy (or ‘the Policy’) for the Fund, attached as Appendix 1 to the report be agreed, subject to benchmarking. |
|
|
Pension Fund Statement of Accounts & Audit Findings Reports 2021-22 and 2022-23
Supporting documents: Minutes: Caroline Watson, the Chief Investment Officer, introduced the report.
There were questions on the report and a discussion.
RESOLVED:
1. That the update provided in this report on the audit of the pension fund statement of accounts for 2021-22 and 2022-23 be noted.
2. That the Pension Fund Audit Findings reports as issued by Grant Thornton, as Appendix 1, be noted.
|
|
|
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.
|
|
|
QUARTERLY INVESTMENT UPDATE - AON CLOSED REPORT
Minutes: The voting members of the penisons advisory panel considered the closed information relating to this item. |
|
|
Actuarial Funding Update - June 2024
Minutes: The voting members of the penisons advisory panel considered the closed information relating to this item. |
|
|
Update on Stewardship Code Application
Minutes: The voting members of the penisons advisory panel considered the closed information relating to this item. |