Agenda and minutes

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

There were no changes to the membership of the Sub-Committee.

To note the attendance of any non-members of the Committee.

There were no non-members of the Committee present.

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

Apologies for absence were received from Mike Pankiewicz, Cllr Steve Weisinger and Cllr Tony Deane who was substituted by Cllr Roy While.

To confirm the Part 1 (public) minutes of the meeting held on 25 February 2016.

Resolved:

To confirm the Part 1 (public) minutes of the meeting held on 25 February 2016.

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

There were no declarations of interest.

To receive any announcements through the Chairman.

The Chairman advised that a meeting with Berenberg Bank had been held to agree an approach to hedging in the days preceding and following the UK referendum on membership of the European Union.

The Council welcomes contributions from members of the public.

Statements

If you would like to make a statement at this meeting on any item on this agenda, please register to do so at least 10 minutes prior to the meeting. Up to 3 speakers are permitted to speak for up to 3 minutes each on any agenda item. Please contact the officer named above for any further clarification.

Questions

To receive any questions from members of the public or members of the Council received in accordance with the constitution. Those wishing to ask questions are required to give notice of any such questions in writing to the officer named above (acting on behalf of the Corporate Director), no later than 5pm on 9 June 2016 in order to receive a written response prior to the meeting. Any question received between the above deadline, and no later than 5pm two clear working days before the meeting, may only receive a verbal response at the meeting.

Please contact the officer named on the first page 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 Committee members prior to the meeting and made available at the meeting and on the Council’s website.

There was no public participation.

To note that the next meeting will be held on 15 September 2016.

The next meeting was to be held on 15 September 2016.

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 11-18 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.

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 Minute Numbers 27-34 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.

To confirm the Part 2 (confidential) minutes of the meeting held on 25 February 2016.

Resolved:

To confirm the Part 2 (confidential) minutes of the meeting held on 25 February 2016.

A verbal update will be provided by the Head of Pensions on the latest developments with the Government’s proposal to consult on the pooling of investments.

Members were thanked for their attendance at a recent training event on the Government’s proposals for the pooling of Pension Funds, a further update on pooling was provided by the Head of Pensions.

Resolved:

To note the update on the Government’s proposals for the pooling of pension funds.

A report from officers and a short presentation from Partners proposing an investment in their Direct Infrastructure Fund.

The Sub-Committee considered a confidential report on investment in Partners Group.

Resolved:

To approve the investment of £45m in the Partners Group Direct Infrastructure 2015 LP as part of the 5% strategic asset allocation to infrastructure, subject to passing a due diligence process.

Three confidential reports, including one from Mercer, updating on the performance of the Fund’s investments as to the end of March 2016 are circulated for Committee consideration.

Members were provided with a high-level overview of the performance of the Funds investments as to the end of March 2016.

Resolved:

To note the Investment Quarterly Progress Report and update provided by officers at the meeting.

A confidential Annual Report from Barings is attached and Members are asked to consider this along with the verbal report at the meeting.

Representatives from Barings updated the Sub-Committee on their performance over the last financial year and their plans for the future.

Resolved:

To note the update and Annual Report from Barings.

A confidential Annual Report from Loomis Sayles is attached and Members are asked to consider this along with the verbal report at the meeting.

Representatives from Loomis Sayles updated the Sub-Committee on their performance over the last financial year and their plans for the future.

Resolved:

To note the update and Annual Report from Loomis Sayles.

A confidential Annual Report from Investec is attached and Members are asked to consider this along with the verbal report at the meeting.

Representatives from Investec updated the Sub-Committee on their performance over the last financial year and their plans for the future.

Resolved:

To note the update and Annual Report from Investec.

A confidential Annual Report from Baillie Gifford is attached and Members are asked to consider this along with the verbal report at the meeting.

Representatives from Baillie Gifford updated the Sub-Committee on their performance over the last financial year and their plans for the future.

Resolved:

To note the update and Annual Report from Baillie Gifford.