Agenda and draft minutes

Cumbria Pensions Committee
Tuesday, 11th June, 2019 9.30 am

Venue: Conference Room A and B, Cumbria House. Botchergate, Carlisle, CA1 1RD

Contact: Nicola Harrison  Email: nicola.harrison@cumbria.gov.uk

Items
No. Item

1.

APOLOGIES FOR ABSENCE

To receive any apologies for absence.

Minutes:

Apologies for absence were received from Mr P Thornton and Mrs H Wall.

2.

Terms of Reference and membership

To note the Terms of Reference and membership of the Committee

 

At the meeting of full Council on 11 April, Mr B Wearing was appointed as a named substitute member of the Cumbria Pensions Committee.

Minutes:

The Terms of Reference of the Committee were noted.

 

At the meeting of full Council on 11 April 2019, Mr B Wearing was appointed as a named substitute member of the Cumbria Pensions Committee.

 

Mr N Hughes replaced Mr P Thornton as a member of the Committee for this meeting only.

 

The Chairman of the Committee announced the sad passing of Mr K McDonald, GMB Union representative on the Committee. Mr McDonald’s contribution and commitment to the Committee was noted. A minute silence was held.

3.

DISCLOSURES OF INTEREST

Members are invited to disclose any disclosable pecuniary interest they have in any item on the agenda which comprises

 

1          Details of any employment, office, trade, profession or vocation carried on for            profit or gain.

 

2          Details of any payment or provision of any other financial benefit (other than from the authority) made or provided within the relevant period in respect of any expenses incurred by you in carrying out duties as a member, or towards your election expenses.  (This includes any payment or financial benefit from a trade union within the meaning of the Trade Union and Labour Relations (Consolidation) Act 1992.

 

3          Details of any contract which is made between you (or a body in which you have a beneficial interest) and the authority

 

(a)       Under which goods or services are to be provided or works are to be executed; and

 

            (b)       Which has not been fully discharged.

 

4          Details of any beneficial interest in land which is within the area of the authority. 

 

5          Details of any licence (alone or jointly with others) to occupy land in the area of the authority for a month or longer. 

 

6          Details of any tenancy where (to your knowledge)

 

            (a)       The landlord is the authority; and

 

            (b)       The tenant is a body in which you have a beneficial                                                         interest.

 

7          Details of any beneficial interest in securities of a body where

 

(a)       That body (to your knowledge) has a place of business or land in the    area of the authority; and

 

 

(b)       Either –

 

(i)      The total nominal value of the securities exceeds £25,000 or one            hundredth of the total issued share capital of that body; or

 

(ii)     If that share capital of that body is of more than one class, the total nominal value of the shares of any one class in which the relevant person has a beneficial interest exceeds one hundredth of the total issued share capital of that class.

In addition, you must also disclose other non-pecuniary interests set out in the Code of Conduct where these have not already been registered.

 

Note

 

A “disclosable pecuniary interest” is an interest of a councillor or their partner (which means spouse or civil partner, a person with whom they are living as husband or wife, or a person with whom they are living as if they are civil partners).

Minutes:

No disclosures of Interest were made at the meeting.

4.

EXCLUSION OF PRESS AND PUBLIC

To consider whether there are any items on the agenda for which the press and public should be excluded.

Minutes:

RESOLVED that, the press and public be excluded from the meeting during consideration of the following reports as they contain exempt information relating the financial or business affairs of any particular person (including the authority holding that information) by virtue of Paragraph 3 of Part 1 of Schedule 12A of the Local Government Act 1972:

 

Item 18. Border to Coast Presentation on Global Equity Alpha and the Performance of UK Listed Equity

 

Item 19. Update on Developments with Border to Coast

 

Item 20. 2018/19 Provisional Budget Outturn and Delivery against Business Plan

 

Item 21. Update from the Cumbria LGPS Local Pension Board

 

Item 22. Monitoring Report for the Quarter Ended 31 March 2019

 

Item 23. Emerging Issues

 

Item 24. Cumbria LGPS Investment Sub Group Activity Report to May 2019

 

Item 25. Presentation: Annual Performance Review

 

Item 26. Closing Comments

 

5.

MINUTES pdf icon PDF 321 KB

To confirm as a correct record the minutes of the Cumbria Pensions Committee held on 7 March 2019

Minutes:

RESOLVED that, the Minutes of the meeting held on 7 March 2019 be     approved and signed as a correct record

6.

REPRESENTATION FROM NON COUNTY COUNCIL EMPLOYERS AND DISTRICT COUNCILS

This is a standing item.  To receive concerns, queries and comments from the Cumbria Pensions Board, scheme employees, including the public.

Minutes:

There were no representations made to this meeting of the Cumbria Pensions Committee.

7.

SCHEDULE OF FUTURE MEETINGS pdf icon PDF 179 KB

To receive for information a schedule of future meetings of the Cumbria Pensions Committee

Minutes:

The schedule of future meetings that had been published with the Agenda was noted.

8.

Minutes of Border to Coast Joint Commitee Meeting held on 11 March 2019 pdf icon PDF 137 KB

To receive the draft Minutes of the BCPP Joint Committee meeting held on 11 March 2019

Minutes:

The Committee received the Minutes of the Border to Coast Joint Committee meeting held on 11 March 2019 which were presented by the Chairman of the Cumbria Pensions Committee.

 

The Chairman briefed Members on the appointment of Michael Wirz to the Joint Committee as a Scheme Member Observer and Deirdre Burnet as the substitute member. He advised on the current situation following the resignation of one of the Non-Executive shareholder Directors due to concerns over a conflict of interest, on the legal advice being sought on the matter and that there would be a deferment of election of Chair and Vice Chair until the matter was resolved. The Chair advised on his view reported at the meeting, that the speed of the introduction of new sub funds was too fast and that he was the only member there with that opinion.

 

The Investment Advisor highlighted the reference in the minutes to ‘partner funds may be required to compromise in order to facilitate a solution’. He highlighted the importance to ensure that Cumbria’s strategy was workable and that compromise could not always happen. The Chair indicated that the next step was to await the outcome of the Strategic Review.

 

RESOLVED that, the Minutes of the Border to Coast Joint Committee meeting held on 11 March 2019 be received.

9.

MONITORING REPORT FOR THE QUARTER ENDED 31ST MARCH 2019 - PART 1 pdf icon PDF 169 KB

To consider a report from the Director of Finance (s151 Officer)

Additional documents:

Minutes:

A report was considered from the Director of Finance (s151 Officer) regarding the Monitoring Report for the Quarter Ended 31 March 2019. The report advised of any material risk, administration, investment performance, governance and policy issues of the Fund for the quarter ending 31 March 2019. The report also advised of any governance issues or national regulatory changes and outlined performance of the whole portfolio and movement on liabilities over that period.

 

The Group Finance Manager – Pensions, Investments and Insurance guided Members through the work undertaken on risk management. Following a member questioning the pensions administration processes risk, the Group Finance Manager – Pensions, Investments and Insurance advised that, despite improvements in service delivery performance, the risk would not be reduced in order to ensure that service quality was kept under review.

 

A member queried the investment performance risk score and whether it should be increased in the Corporate Risk Profile due to turbulence in international markets. The Group Finance Manager – Pensions, Investments and Insurance advised that the Fund had procured equity protection and this afforded some measure of ‘downside’ protection in Fund value to assist the triennial valuation but stated that he would review this and bring it to the next meeting of the Committee.

 

Discussion turned to the performance of Your Pension Service (YPS). A member suggested that lessons could be learned from the recent experiences of the dip in performance. A member questioned whether the initial correspondence letter from YPS was receipt of correspondence or a full response to a query. The Group Finance Manager – Pensions, Investments and Insurance advised that this was a receipt of correspondence only.

 

Members were reassured that there would be a review of all YPS performance indicators so there was an increased focus on scheme members’ experiences. He briefed Members on the increase in performance of Pensions Administration and on the work being undertaken with YPS. It was noted that some figures were skewed by a number of cases taking a long time to resolve. Members were informed that the reason for delay for putting some scheme members into pension was usually due to information needed from employers.

 

The Director of Finance (Section 151 Officer) talked about the importance of scheme members’ experiences with YPS and that employers should know their requirements and responsibilities in order to reduce the delay into pension and improve performance.

 

The Group Finance Manager – Pensions, Investments and Insurance reported on the fifteen administering authority discretions exercised during the quarter to 31 March 2019.

 

When talking about Fund Performance in Quarter 4, for the purpose of clarity, the Investment Advisor wanted to ensure that the press and public drew the correct conclusion from reading the report, that if the fund was below the benchmark, this was better than above the benchmark. He explained that a negative figure was better than a positive figure. Officers would clarify the wording in the report to reflect this observation.

 

Members were advised about the response drafted between the  ...  view the full minutes text for item 9.

10.

REVIEW OF THE ADMISSION AND TERMINATION POLICY pdf icon PDF 417 KB

To consider a report from the Director of Finance (s151 Officer)

Additional documents:

Minutes:

A report was considered from the Director of Finance (s151 Officer) regarding a review of the Admission and Termination Policy. The Ministry of Housing, Communities and Local Government had launched a consultation focussing on proposed changes to the valuation cycle of LGPS Funds and the management of employer risk on 8 May 2018. A number of amendments to the policy had been proposed and any amendments to the Termination Policy approved by the Pensions Committee would be subject to consultation with employers of the Fund.

 

The Senior Manager - Pensions and Financial Services introduced the background to the changes to the Local Valuation Cycle. In terms of providing a response to the consultation launched by MHCLG on 8 May 2019 on four specific matters relating to the LGPS, she talked about the proposed response regarding employers exiting the LGPS, exit credits, higher and further education

 

A Member highlighted his interest about the higher and further education proposals, specifically the proposal for employers not being required to offer membership of the LGPS to non-teaching staff. He referred to the large number of staff this may involve across the country and the importance of the Government ensuring that equality is considered in how this potential change is applied.

 

Following Member questions, the Senior Manager - Pensions and Financial Services advised that moving to a four year cycle would incur savings, which were as yet unknown.

 

RESOLVED that,

 

1             The Committee approves the proposed response from the Fund to MHCLG’s consultation on Changes to the Local Valuation Cycle and the Management of Employer Risk with no amendment

 

2             Amendments to the Admission and Termination Policy subject to consultation with Fund employers be approved

11.

FEEDBACK FROM THE PENSIONS REGULATOR'S COHORT REVIEW OF THE LGPS pdf icon PDF 261 KB

To consider a report from the Director of Finance (s151 Officer).

Additional documents:

Minutes:

A report was considered from the Director of Finance (s151 Officer) regarding the feedback from the Pensions Regulator’s cohort review of the LGPS. The report provided feedback from the Pension’s Regulator review of the Cumbria LGPS as part of its wider cohort review of the LGPS. The findings of the Regulator has been positive, and there were a number of areas for improvement had been highlighted leading to the development of an Action Plan. No areas of specific concern had caused regulatory concern.

 

The Group Finance Manager - Pensions Investments and Insurance guided Members through the Pensions Regulator’s review in detail covering key areas of feedback such as record keeping, scheme administrator risks, member communications and risk management. He advised on the key themes in the Action Plan and about a personnel risk. Another inspection was not expected and the outcomes of the wider cohort review would be anonymised and are expected to be published by the Pension Regulator in summer 2019.

 

Following a request for information about Officer succession planning for the team, the Group Finance Manager - Pensions Investments and Insurance provided detail on the roles and responsibilities of officers in the team and arrangements for the future.

 

Discussion ensued on the tracking of Fund members following a suggestion by a Member that this may be more appropriately undertaken by the members’ former employer. The Group Finance Manager - Pensions Investments and Insurance advised on the importance of the data tracing agency in this task as employers would be unlikely to hold an up to date address for their former employees who are now deferred members within the Pension Fund as they have left the employer. He also commented on the impact of GDPR regulations on using other methods of sourcing such as tracing members by insurance number with the assistance of the Department of Work and Pensions. Members were supportive of using the data tracing agency.

RESOLVED that,

 

1             The Action Plan addressing suggested areas of improvement from the Pensions Regulator be noted.

 

2             The Committee requests the Cumbria LGPS Local Pension Board to monitor progress against the Action Plan as part of its work plan.

12.

Draft Unaudited Accounts to 31 March 2019 pdf icon PDF 247 KB

To consider a report from the Director of Finance (s151 Officer)

Additional documents:

Minutes:

A report was considered from the Director of Finance (s151 Officer) regarding the Draft Unaudited Accounts to 31 March 2019. The report presented the draft (subject to audit) Accounts of the Cumbria Local Government Pensions Scheme 2018/19 with a recommendation to submit the accounts (subject to any final Audit amendments to the Audit and Assurance Committee) for approval on behalf of the Council.

The Finance Manager - Pensions Investments and Governance advised on the role of the Committee in submitting the Accounts to the Audit and Assurance Committee. She was pleased to comment on the successful year for the Fund and drew members’ attention to the unaudited accounts.

A member queried how the Fund’s benchmark of 9.4% differed to the Fund’s return of 6.6% for the year which was marginally below the Fund’s bespoke index performance benchmark for the year. It was clarified that the former was for a three year period and the latter was for a one year period.

RESOLVED that

1     The Committee submit to the Audit and Assurance Committee (subject to any final Audit amendments) the Cumbria LGPS Accounts 2018/19 for approval on behalf of the Council.

2     It be noted that the completion of the Cumbria LGPS Annual Report and Accounts 2018/19 (including the Governance Compliance Statement) is progressing and will be reviewed by auditors for consistency with the Accounts. The full document will be presented to Members for review and approval for publication at the September 2019 Pensions Committee meeting.

13.

PREPARATIONS FOR 2019 TRIENNIAL VALUATION pdf icon PDF 225 KB

To consider a report from the Director of Finance (s151 Officer).

Minutes:

A report was considered from the Director of Finance (s151 Officer) regarding preparations for the 2019 Triennial Valuation. The report advised that as Administering Authority of Cumbria LGPS the Council is responsible for its administration on behalf of 127 scheduled and admitted bodies including the County Council (as at March 2019). The report asked Members to note the progress made in preparing the Fund for the 2019 Triennial Valuation.

 

The Senior Manager - Pensions and Financial Services guided Members through the work being undertaken on the 2019 Triennial Valuation, reassuring the Committee that the timetable was progressing well.

 

A short discussion took place on the determination date for the McCloud case and whether it would be within the timeframe of the Valuation.

RESOLVED that, the progress made in preparing the Fund for the 2019 Triennial Valuation be noted

 

A recess commenced at 10.45am. The meeting reconvened at 11.00am.

14.

CUMBRIA LGPS DATA QUALITY REVIEW pdf icon PDF 447 KB

To consider a report from the Director of Finance (s151 Officer)

Minutes:

A report was considered from the Director of Finance (s151 Officer) regarding the Cumbria LGPS data quality review. The report provided an update to Members on the actions being taken to improve data quality within the Fund and concluded that good progress is being made with the actions detailed in the data improvement plan (attached as an appendix to the report).

The Group Finance Manager - Pensions Investments and Insurance guided Members through the work being undertaken in the data quality review which included improving pending leaver information, the National Fraud Initiative, improving data for scheme members with no spouse/cohabiting partner information and scheme member communications. Further engagement would take place with employers and the next set of data was due shortly. A detailed explanation was provided on ‘frozen refunds’.

Members’ attention was drawn to Section 2P (2) of the Constitution which set out the functions of the Cumbria LGPS Pension Board. It was a responsibility of the Board to ensure effective and efficient governance and administration of the LGPS therefore Committee Members were asked to request the Board to monitor future progress against the data quality improvement plan and actions taken to improve data quality across the Fund.

RESOLVED, that

1     The progress towards further improving the quality of data held by the Fund be noted

2    The Committee requests that the Cumbria LGPS Local Pension Board monitors future progress against the data quality improvement plan and actions taken to improve data quality across the Fund.

15.

2018/19 PROVISIONAL BUDGET OUTTURN and DELIVERY AGAINST BUSINESS PLAN pdf icon PDF 546 KB

To consider a report from the Director of Finance (s151 Officer)

Minutes:

A report was considered from the Director of Finance (s151 Officer) regarding the 2018/19 provisional Budget Outturn and delivery against the Business Plan. The report advised on the work undertaken during 2018/19 to deliver the Business Plan and provided a provisional outturn for the Fund for 2018/19 including variances against the budget. All targets in the 2018/19 Business Plan had been achieved and there was an underspend of £0.166m against the Budget.

Members were informed that the three component parts of the service, Administration, Investment Management and Oversight and Governance were all on track for delivery. This was a positive position given the additional work relating to the Pensions Regulator inspection and an increase in the number of Cumbria LGPS Board meetings.  Detail was provided on the budget and outturn position for the service. Costs relating to staffing, administration and oversight and governance were highlighted.

RESOLVED that,

1     It be noted that business of the Pension Fund in 2018/19 was completed in accordance with the Business Plan approved in March 2018.

2    It be noted that in 2018/19 the Cumbria Pension Fund underspent by £0.166m against its revised budget of £6.979m.

16.

Update on Developments with Border to Coast pdf icon PDF 197 KB

To consider a report from the Director of Finance (s151 Officer).

Minutes:

A report was considered from the Director of Finance (s151 Officer) regarding an update on developments with Border to Coast which included an update on governance matters and other key developments. These included an appointment of a Head of Finance, the commencement of a graduate programme and developments in relation to the non-executive directors of the Company.

 

The Senior Manager - Pensions and Financial Services talked Members through the developments with Border to Coast since the previous meeting of the Committee. This included updates relating to the Sub Fund, the revised Responsible Investment Policy and Corporate Governance and Voting Guidelines and an operational update relating to staff.

A member referred to the current arrangements of the Non-Executive Directors and the legal advice being sought on disclosable pecuniary matters. It was confirmed that any legal advice would be commissioned jointly by Partner Funds rather than Border to Coast.

RESOLVED that, progress on the development of Border to Coast be noted

17.

PRESENTATION - Border to Coast Responsible Investment Policy and Corporate Voting Guidelines

To receive a presentation from the Chief Executive Officer - Border to Coast

Minutes:

Rachel Elwell, the Chief Executive Officer from Border to Coast gave a presentation about Responsible Investment (RI) to Members which covered the following:

  • Why it is important and why it matters
  • RI myths
  • Policies review process
  • RI key changes
  • Voting policy key changes
  • What was achieved in the previous year
  • The engagement strategy
  • Thematic approach to engagement
  • Collaborative engagement with Royal Dutch Shell as an example

 

Ms Elwell commended the Committee on its continuity of membership, advised on the amount of Border to Coast assets and thanked officers and Investment Advisors for their support to Border to Coast.

A member commented on his concerns in the ESG guidelines which related to political donations, the importance of good governance which should be regularly monitored and on the target of appointing 30% of female officers which he considered to be inflexible and could marginalise other candidates. Ms Elwell explained the position on political donations and the views of Border to Coast on this matter. She commented that the 30% target for females was to ensure good practice in officer appointment and confirmed that the RI policy was aligned with Government policy with some discretion applied. In terms of climate change, Ms Elwell outlined the three themes that Border to Coast considered it important to work with companies on; governance, transparency and diversity and explained the reasons why climate change had been identified.

The Director of Finance (S151 Officer) informed Ms Elwell that the Pensions Committee would welcome input into the future RI policy and requested it be received in August 2019 in order for the Committee to respond in a timely manner. Ms Elwell explained the work to date and asked that the Committee feedback through officers. She confirmed that the implementation of the Policy could not be delayed.

A member asked for clarification on the engagement process in particular relating to utilities companies and some poor management of contracting arrangements and some failings on environmental issues. He asked whether this could be addressed with the companies in order to advise them that the system was ineffective. The Director of Finance (S151 Officer) offered a solution to allow the experiences of the twelve Funds who invested in particular industries to feedback on the services received. This would be pursued outside the meeting by Ms Elwell.

A member queried the voting process asking if there were ever any abstentions and whether guidance was available on the voting. Ms Elwell stated that Border to Coast would welcome input on how to improve the voting experience and would pursue this matter outside of the meeting.

Ms Elwell explained the Transition Pathway Initiative for the Committee. Further information on this would be circulated after the meeting.

RESOLVED that, the position be noted.

18.

Border to Coast Presentation on Global Equity Alpha and the performance of UK listed Equity

To receive a presentation from the Chief Executive Officer, Border to Coast

Minutes:

Rachel Elwell, the Chief Executive Officer from Border to Coast gave a presentation on Global Equity Alpha and the performance of UK Listed Equity. The presentation covered the following:

  • Funds launched to date
  • Capability launch high level timetable
  • Organisational chart
  • Global Equity Alpha Fund – investment beliefs
  • What will the Fund look like
  • Equity fund management investment philosophy
  • UK Listed Equity Fund – performance
  • Global Equity Alpha Fund, the process followed, management selection process, final manager selection process, Fund summary, attribution, and positioning.

 

An Investment Advisor highlighted the risk of cash flow, querying if Cumbria LGPS was the only Fund that needed cash flow and how the problem of cash flow would be resolved. Ms Elwell explained the work undertaken to date on this matter, advising the solution was to have income units and that this would be considered at a future officer group meeting.

Following member questions, Ms Elwell advised that all Funds were undertaking major strategic Fund asset allocations at the same time, she confirmed that the organisational chart was similar to that of eighteen months ago and reassured the Committee that the Border to Coast team continually monitored performance.

The Director of Finance (S151 Officer) asked for an explanation of how the company intended to ensure the five managers appointed, each with different styles and performance targets would be managed to achieve the overall ‘blended’ target return. An Investment Advisor highlighted the importance of regular briefings on how managers were monitored. Ms Elwell explained how performance was monitored and on the reporting structure and advised on an upcoming Border to Coast event on 10 and 11 October in Leeds for Members to discuss this type of issues.

In discussing the UK listed Equity Fund performance the Chair was pleased with Border to Coast performance over the previous 9 months. Ms Elwell was thanked for her presentation.

RESOLVED that, the position be noted.

19.

(Part 2) Update on Developments with Border to Coast

To consider a report from the Director of Finance (s151 Officer)

Minutes:

A report was considered from the Director of Finance (s151 Officer) regarding an update on developments with Border to Coast.

Following careful consideration of the report and taking into account the information presented by the Senior Manager – Pensions and Financial Services it was,

RESOLVED that,

1    The report be noted

2    Approval be given to invest 20% of the Fund (approx. £540m based on assets as at 31st March 2019) in the externally managed Border to Coast Global Listed Equity Alpha Fund (subject to satisfactory completion of any remaining due diligence);

3    The Chair of the Pension Committee, be authorised, in his capacity as the Council’s shareholder representative for the company, to sign the Shareholder Resolutions (for increases of 3% and 4% respectively in the remuneration payable to the Executive Directors (Chief Executive Officer and Chief Operating Officer)

4    It be noted that the Director of Finance, in consultation with the Chair, will exercise her delegated power to act as shareholder representative in relation to any Shareholder resolutions considered at the Border to Coast Pensions Partnership Ltd Annual General Meeting on 18th July 2019 where a shareholder decision is urgent and cannot reasonably be deferred.

20.

(Part 2 Appendix) 2018/19 Provisional Budget Outturn and delivery against Business Plan

To consider a report from the Director of Finance (s151 Officer)

Minutes:

The Senior Manager – Pensions and Financial Services presented the Part 2 Appendix 2018/19 Provisional Budget Outturn and delivery against Business Plan. Members received and noted the Provisional Budget Outturn figures.

 

RESOLVED that, the Part 2 Appendix for 2018/19 Provisional Budget Outturn and delivery against Business Plan be noted.

21.

UPDATE FROM THE CUMBRIA LGPS LOCAL PENSION BOARD

To consider a report from the Director of Finance (s151 Officer).

Minutes:

A report was considered from the Director of Finance (s151 Officer) which gave an update from the Cumbria LGPS Local Pension Board. This was a formal report of the Board which would be presented on a quarterly basis to the Pensions Committee.

 

Karen Thomson, a member of the Pension Board was in attendance to talk Members through the report and thanked Members for the opportunity to attend the meeting.

 

Following careful consideration of the report and taking into account the information presented by Ms Thomson, it was

 

RESOLVED that, the update from the Cumbria Local Pension Board be noted

22.

MONITORING REPORT FOR THE QUARTER ENDED 31ST MARCH 2019 - PART 2

To consider a report from the Director of Finance (s151 Officer).

Minutes:

A part two monitoring report was considered from the Director of Finance (s151 Officer) regarding the quarter ended 31 March 2019. The report advised Members of matters which included exempt information and therefore excluded from public disclosure which had arisen during the quarter ended 31 March 2019. These related to either governance or employer issues.

 

Members gave careful consideration to the report and after taking into account the information presented by the Group Finance Manager - Pensions Investments and Insurance and Ms Thompson it was

 

RESOLVED that, the quarterly monitoring Part 2 items of the Fund for the period to 31st March 2019 be received and noted.

23.

Emerging Issues

To receive a verbal update on emerging issues.

Minutes:

The Committee received a verbal update on a number of emerging issues pertinent to the work of the Committee which included the arrangements for the September 2019 meeting of the Committee and Border to Coast conference in October 2019.

 

RESOLVED that the position be noted.

24.

CUMBRIA LGPS INVESTMENT SUB GROUP ACTIVITY REPORT TO MAY 2019

To consider a report from the Director of Finance (s151 Officer).

Minutes:

A report was considered from the Director of Finance (s151 Officer) regarding the Cumbria LGPS Investment Sub Group Activity report to May 2019. This included any decisions made by the Section 151 Officer and the proposed future work schedule in respect of the future work schedule.

 

Members took on board the information presented by officers and following careful consideration of the report, it was

 

RESOLVED that,

 

1             The progress of the Investment Sub Group from February 2019 to May 2019 be noted, including the Group’s support for the two proposed new investment commitments and the agreement of the Section 151 Officer, under her delegated powers, that the investment decisions be enacted;

2             It be noted that work is commencing on the full Investment Strategy Review in 2019, including review of the Fund’s asset allocation and Investment Strategy Statement;

3             The performance of the Fund over the quarter be noted and it be noted that the corporate bonds portfolio manager will remain ‘on watch’

4             The proposed work programme of the Investment Sub Group for the next reporting period, including the work on the Investment Strategy Review be agreed.

 

25.

PRESENTATION - ANNUAL PERFORMANCE REVIEW

To receive a presentation from Ann Gillies, State Street

Minutes:

Members received a presentation from Anne Gillies, Client Services Manager from State Street regarding Cumbria LGPS Annual Performance Review.

Members were informed about the following:

  • Market background
  • Strategic benchmark
  • Total Fund analysis
  • Manager Analysis
  • Targets – Active Managers

 

RESOLVED that, the position be noted.

 

26.

Closing Comments

To receive closing comments from the Chair.

Minutes:

The Chair thanked everyone for their attendance at the meeting.