Agenda and minutes

To note any changes to the membership of the Sub-Committee.

Following the elections on 6 May 2021 and appointments to committees, Councillors Richard Britton, Edward Kirk and Steve Heyes were added as new members of the Investment Sub-Committee.

To receive any apologies for absence or substitutions for the meeting.

Apologies were received from Councillor Edward Kirk, who was substituted by Councillor Elizabeth Threlfall.

To approve and sign as a true and correct record the Part I (public) minutes of the previous meeting held on 25 February 2021

The Part I (Public) minutes of the meeting held on 25 February 2021 were received for consideration, and it was,

Resolved:

To approve and sign the minutes as a true and correct record.

To receive any declarations of disclosable interests or dispensations granted by the Standards Committee.

There were no declarations.

To receive any announcements through the Chairman.

Subject to consideration of the formal status of the Sub-Committee, the possibility of an amendment to the name of the Sub-Committee was raised.

The Council welcomes contributions from members of the public. During the ongoing COVID-19 situation the Council is operating revised procedures and the public are able participate in meetings online after registering with the officer named on this agenda, and in accordance with the deadlines below.

Guidance on how to participate in this meeting online.

Statements

Members of the public who wish to submit a statement in relation to an item on this agenda should submit this is electronically to the officer named on this agenda no later than 5pm on Tuesday 8 June 2021.

Statements should:

·       State whom the statement is from (including if representing another person or organisation)

·       Clearly state the key points

·       If read aloud, be readable in approximately 3 minutes

Up to three speakers are allowed for each item on the agenda.

Questions

Those wishing to ask questions are required to give notice of any suchquestions electronically to the officer named on the front of this agenda no later than 5pm on Thursday 3 June 2021in order to be guaranteed of a written response. In order to receive a verbal response questions must be submitted no later than 5pm on Monday 7 June 2021.

Please contact the officer named on the front of this agenda for further advice.Questions may be asked without notice if the Chairman decides that the matter is urgent. Details of any questions received will be circulated to members prior to the meeting and made available at the meeting and on the Council’s website;they will be taken as read at the meeting.

No questions or statements were received.

To receive a report on responsible investment issues

Jennifer Devine, Head of Pension Fund Investments, presented a progress report on responsible investment issues, including the Responsible Investment Plan 2021/22.

Details were provided of recent actions and recommendations including commissioning of a report from Mercers on the Fund achieving net zero carbon by 2050 and annual carbon footprint analysis. It was agreed that there should be an update on responsible investment at quarterly intervals and noted the Committee’s resolved support for the current approach. Members sought detail on the achievability of the plan, which was confirmed by officers to have been set to be achievable, and a legal memorandum in respect of fiduciary duty.

At the conclusion of discussion, it was,

Resolved:

To note the report and the progress that is being made towards implementing responsible investment related issues.

To approve the Responsible Investment Plan 2021/22, and the actions and costs noted therein.

The next ordinary meeting of the Investment Sub-Committee will be held on 2 September 2021.

The date of the next meeting was confirmed as 2 September 2021.

Any other items of business which, in the opinion of the Chairman, should be considered as a matter of urgency. Urgent items of a confidential nature may be considered under Part II of this agenda.

There were no urgent items.

To consider passing the following resolution:

To agree that in accordance with Section 100A(4) of the Local Government Act 1972 to exclude the public from the meeting for the business specified in Item Numbers 12 – 16 because it is likely that if members of the public were present there would be disclosure to them of exempt information as defined in paragraphs 3 of Part I of Schedule 12A to the Act and the public interest in withholding the information outweighs the public interest in disclosing the information to the public.

It was,

Resolved:

That in accordance with Section 100A(4) of the Local Government Act 1972 to exclude the public from the meeting for the business specified in Item Numbers 11-16 because it is likely that if members of the public were present there would be disclosure to them of exempt information as defined in paragraph 3 of Part I of Schedule 12A to the Act and the public interest in withholding the information outweighs the public interest in disclosing the information to the public.

Jennifer Devine, Head of Pension Fund Investments, introduced the report on the Private Markets Portfolios managed by Brunel.

It was then,

Resolved:

To recommend the Committee:

1)    To note the report, and use it as a basis to ask questions of Brunel;

2)    To approve that progress on the private markets portfolios is reported to the ISC every six months;

3)    To approve that Brunel are invited to present on these portfolios again in February 2022

Jennifer Devine, Head of Pension Fund Investments, introduced the report providing members with information regarding Brunel’s Sustainable Equities portfolio.

It was then,

Resolved:

To recommend the Committee:

1)    make a strategic allocation to sustainable equities, of 8% of the Fund in the interim, and 5% long term;

2)    approve that this allocation is implemented via the Brunel sustainable equities portfolio;

3)    approve that the sustainable equities portfolio is funded by transferring funds from the Brunel Global High Alpha portfolio

To receive a presentation on the private markets portfolio.

Richard Fanshaw and Chris Crozier delivered a presentation on the Private Markets Portfolio.

To receive a presentation on Listed Markets

David Cox delivered a presentation on the Listed Markets Portfolio.

Jennifer Devine, Head of Pension Fund Investments, introduced a report in relation to the Fund’s investment performance to 31 March 2021.

It was then,

Resolved:

To recommend the Committee:

1)    note the investment reports and the update provided by officers and advisers at the meeting;

2)    approve that officers begin work with Brunel on assurance for the property transition, and bring back a plan for transitioning the property portfolio to Brunel for the September 2021 ISC meeting.

To approve and sign as a true and correct record the Part II (private) minutes of the previous meeting held on 25 February 2021.

The Part II (Private) minutes of the meeting held on 25 February 2021 were presented for consideration, and it was,

Resolved:

To approve and sign the minutes as a true and correct record.