Agenda and minutes

To elect a Chairman  for the forthcoming year 2018/19.

Nominations were invited for the position of Chairman. Cllr King nominated Cllr Deane, which was seconded by Cllr While.

Cllr Deane thanked members for their selection, and was pleased with the progress of the Fund over the last 12 months due to the hard work of officers and advisers.

Resolved:

To appoint Cllr Deane as Chairman for the forthcoming year.

To note the following changes to the membership of the Sub- Committee:

·       Cllr Tim Swinyard (Swindon Borough Council) to replace Cllr Steve Weisinger on the Wiltshire Pension Fund Committee and Sub- Committee.

It was explained that Cllr Tim Swinyard had been appointed to the Committee.

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

There were no apologies for absence.

To consider the Part 1 (public) minutes of the meeting held on 21 February 2018.

Resolved:

To confirm the minutes of the meting held on 21 February 2018.

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 the Wiltshire Pension Fund Committee would soon receive the Wiltshire Pension Fund accounts and audit results for consideration, as in previous years. The Committee would need to provide an assurance to Wiltshire Council’s Audit Committee it had reviewed the accounts. The timing should be that this assurance be available before Wiltshire Council’s Audit Committee reviewed Wiltshire Council’s accounts, which would include those of the Pension Fund

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 31 May 2018 in order to be guaranteed 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 were no members of the public present.

The next ordinary meeting of the Sub-Committee will be held on 13 September 2018.

The next meeting of the Sub Committee was to be held on 13 September 2018.

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:

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 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.

Confidential reports update the Committee on the performance of the Fund’s investments as to the end of March 2018.

Officers and advisors introduced an investment quarterly progress report for the Sub Committee to consider.

Resolved:

To note the report on investments and request officers invite CBRE to present to the next meeting to explain perfomance attribution.

To agree that cash not currently invested in infrastructure be invested in gilts until such a time as further investment in UK infrastructure was deemed appropriate.

To consider risk management techniques, following the training day on 9 May.

A note from Mercer on decision making in Brunel Pension Partnership is also attached for members’ consideration.

The Sub Committee was invited to consider risk management techniques, following the training day on 9 May.

A note from Mercer on decision making in Brunel Pension Partnership was also included.

Resolved:

 To agree to invite applications for a risk manager to manage the Fund’s equity risk in phase 1 of the framework and consider an LDI strategy using the same manager and updated flightpath in phase 2 as detailed in steps A-C of the report.  The potential managers to be invited to the next Investment Sub Committee meeting to present.

To consider governance procedures in respect of activating the flight path.

Reports explained the second Flight Path level had been passed and proposed an implementation framework for re-risking in the case of a funding level fall.

Resolved:

To note the activation of the second Flight Path trigger and note the assurances.

To agree the re-risking approach outlined by Mercer and authorise officers to implement the policy.

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 on the performance of the mandate.

Resolved:

To note the update from Baillie Gifford.

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 on the performance of the mandate.

Resolved:

To note the update 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 on the performance of the portfolio.

Resolved:

To note the update 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 the performance of the portfolio.

Resolved:

To note the update from Investec.

To request that officers undertake research to identify any overlap in the companies investment managers were invested in.

To confirm the Part 2 (confidential) minutes of the meeting held on 21 February 2018.

Resolved:

To confirm the Part 2 minutes of the meeting held on 21 February 2018.