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 Sub-Committee.

Chris Ashton and Shruti Moraes (Pension Fund officers) were in attendance.

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

Apologies for absence were received from Stuart Dark and Michael Hudson (Treasurer).

To consider the Part 1 (public) minutes of the meeting held on 6 July 2017.

Resolved:

To confirm the minutes of the meeting held on 6 July 2017.

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

David Anthony, Head of Pensions, made a declaration in respect of the agenda item on Brunel Pension Partnership as he had been appointed to a role within the company and was to leave his role at the Wiltshire Pension Fund at the end of November. The Committee agreed for David to continue to support the meeting in an advisory role.

Cllr Roy While declared for transparency purposes that he was a beneficiary of the Fund.

To receive any announcements through the Chairman.

Members were encouraged to attend the Fund’s Investment Away Day on 1 November, and the Brunel Pension Partnership engagement day on 15 November. The Sub Committee also heard that the Fund had signed up for a comparison service to compare its performance against other Funds, the Committee considered this to be an important comparison, particularly in relation to other funds in Brunel Pension Partnership and officers confirmed the outcome of the research would be reported back to the Committee.

It was also confirmed that the Fund had prepared its application for opting up to Professional investor status from a Retail Investor, as necessitated when MiFid II comes into force in January 2018.

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 Wednesday 6 September 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 Friday 8 September 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.

There were no members of the public present.

The next ordinary meeting of the Sub-Committee will be held on 23 November 2017.

The next meeting of the Sub-Committee was to be held on 23 November 2017.

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 – 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.

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 30 – 35 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.

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 June 2017.

The Head of Pensions introduced the Fund’s Investment Quarterly Progress Report.

Resolved:

To note the investment reports and updates provided by officers and advisers at the meeting.  

The Head of Pensions will provide a verbal update on the on-going review of the Investec mandate as requested by the Investment Sub Committee. 

The Head of Pensions provided a verbal update on the Investec Emerging Market Multi Asset mandate.

Resolved:

To note the update on the Investec mandate.

The Head of Pensions will provide a verbal update on the proposal to implement currency hedging on the global property mandate.

The Head of Pensions provided a verbal update on the proposal to implement currency hedging on the global property mandate.

Resolved:

To note the update on the implementation of currency hedging on the global property mandate and to support and delegate to officers to progress hedging options with Legal and General.

Mercer presents a high level annual review of the Fund’s strategy in light of current market conditions and proposes a priorities for the next 12 months for the Sub-Committee to consider.

Mercer presented a high level annual review of the Fund’s strategy in light of current market conditions and proposed priorities for the next 12 months for the Sub Committee to consider.

Resolved:

To agree the Fund’s Strategy Review as proposed by Mercer.

A verbal update will be provided by the Head of Pensions on the latest developments with the establishment of the Brunel Pension Partnership to meet the Government’s proposal for pooling of investments by April 2018.

The Head of Pensions provided an update on the establishment of Brunel Pension Partnership.

Resolved:

To note the update on the progress of Brunel Pension Partnership.

To confirm the Part 2 (confidential) minutes of the meeting held on 6 July 2017.

Resolved:

To note the Part 2 (confidential) minutes of the meeting held on 6 July 2017.