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Agenda and minutes

Venue: West Wiltshire Room - County Hall, Bythesea Road, Trowbridge, BA14 8JN. View directions

Contact: Libby Beale  01225 718214

Items
Note No. Item

10:30am

1.

Election of a Chairman

To elect a Chairman  for the forthcoming year 2017-18.

Minutes:

Nominations were invited for the position of Chairman.

 

Cllr Tony Deane advised he would be happy to Chair the Sub-Committee until such a time as the Vice Chairman wished to take over.

 

Resolved:

 

To appoint Cllr Tony Deane as Chairman of the Sub- Committee.

2.

Membership

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

Minutes:

Cllr Roy While had replaced Cllr Charles Howard on the Sub Committee.

 

The attendance of Swindon Borough Council members on the Sub Committee and full Wiltshire Pension Fund Committee was discussed and it was agreed that efforts would be made with Swindon Borough Council to improve attendance.

 

Resolved:

 

To note changes to the membership as detailed above.

 

That Swindon Borough Council be contacted to discuss how to improve engagement at Pension Fund meetings.

3.

Attendance of non-members of the Sub-Committee

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

Minutes:

Chris Ashton and Shruti Moraes from the Wiltshire Pension Fund were in attendance.

4.

Apologies

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

Minutes:

Apologies for absence had been received from Cllr Steve Weisinger.  

5.

Minutes

To consider the Part 1 (public) minutes of the meeting held on 1 March 2017.

Supporting documents:

Minutes:

Resolved:

 

To confirm the Part 1 minutes of the meeting held on 1 March 2017.

6.

Declarations of Interest

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

Minutes:

Cllr While declared for transparency purposes that he was a member of the Wiltshire Pension Fund.

7.

Chairman's Announcements

To receive any announcements through the Chairman.

Minutes:

There were no Chairman’s Announcements.

8.

Public Participation and Councillors Questions

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 Thursday 29th June 2017 in order to be guaranteed a written response prior to the meeting. Any question received between the above deadline, and no later than 5pm on Monday 3rd July 2017, 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.

 

Minutes:

There were no members of the public present.

9.

Date of next meeting

The next ordinary meeting of the Sub-Committee will be held on 13 September 2017.

Minutes:

The next meeting of the Sub Committee was to be held on 13 September 2017.

10.

Urgent items

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.

Minutes:

There were no urgent items.

11.

Exclusion of the public

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 – 19 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.

Minutes:

Resolved:

 

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 Minute numbers 12 – 19 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.

 

10:35am

12.

CBRE Property Proposal

A confidential report on increasing the non-UK investment limit above 25% and the possible introduction of currency hedging arrangement is presented for the Sub-Committee’s consideration.

Minutes:

The Sub Committee considered a report on increasing the non-UK Investment limit of the CBRE mandate above 25% and the possible introduction of a currency hedging arrangement.

 

Resolved:

 

To maintain the current percentage asset allocation to global property.

 

To delegate to officers progress a currency hedging arrangement, on the condition that the matter be reported to the Sub Committee for further discussion should any material issue arise.

10:50am

13.

Liability Driven Investing

A confidential report demonstrating the use of leverage in a Liability driven Investment programme is circulated for members’ consideration.

Minutes:

A confidential report demonstrated the use of leverage in a Liability Driven Investment programme for members to consider.

 

Resolved:

 

To note the presentation and examples of leverage in a Liability Driven Investment programme

11:05am

14.

Investment Quarterly Progress Report

Three confidential reports, including one from Mercer are circulated updating the Committee on the performance of the Fund’s investments as to the end of March 2017.

Minutes:

The Strategic Pension Manager presented the Investment Quarterly Progress Report for the Fund.

 

Resolved:

 

To note the performance of the Fund’s investments and update provided by officers and advisers at the meeting.

11:15am

15.

Barings- Review of 2016-17 and Plans for the Future

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

Minutes:

Representatives from Barings presented on the performance of the mandate for 2016-17 and their plans for the future.

 

Resolved:

 

To note the update provided by Barings.

11:55am

16.

Baillie Gifford- Review of 2016-17 and Plans for the Future

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

Minutes:

Representatives from Baillie Gifford presented a review of the mandate’s performance for 2017-18 and their plans for the future.

 

Resolved:

 

To note the update from Baillie Gifford.

1:05pm

17.

Loomis Sayles- Review of 2016-17 and Plans for the Future

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

Minutes:

Representatives from Loomis Sayles presented a review of the mandate’s performance 2016-17 and their plans for the future.

 

Resolved:

 

To note the update from Loomis Sayles.

1:45pm

18.

Investec- Review of 2016-17 and Plans for the Future

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

Minutes:

Representatives from Investec provided a review of the mandate’s performance in 2016-17 and their plans for the future.

 

Resolved:

 

To note the update from Investec.

19.

Minutes

To confirm the Part 2 (confidential) minutes of the meeting held on 1 March 2017.

Minutes:

Resolved:

 

To confirm the Part 2 minutes of the meeting held on 1 March 2017.

 

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