Agenda and minutes

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

No changes to membership.

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

Apologies for absence had been received from Cllr Gordon King who was substituted by Cllr Gavin Grant.

To consider the Part 1 (public) minutes of the meeting held on Thursday, 13th September, 2018 10.30 am.

Resolved:

To confirm the Part 1 minutes of the previous meeting.

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 expressed concern at ongoing difficulties in accessing electronic committee papers remotely.   Cllr Philip Whitehead highlighted the increasingly tight security as defence against security breaches.   He advised the committee to ensure equipment had the latest software updates.   IT issues beyond that basic good practice were to be picked up in advance of next meeting, 21 February 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 15 November 2018in 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 21 Feb 2019 10.30 am.

The next meeting of the Sub Committee was to be held on 21 February 2019.

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 10 – 14 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 58-62  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 1 & 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, including one from Mercer, updating the Sub Committee on the performance of the Fund’s investments as to the end of September 2018 and investment options.

An update on the Valuation, and progress of Brunel Pension Partnership is included in this item.

The Investment Manager spoke to the Investment Quarterly Progress Report. 

Resolved:

To note the Investment Manager’s Investment Quarterly Progress Report.

To commit to investment in Partners Group, subject to the presentation given by Partners Group.

To delegate authority to the Investment Manager to invest in listed infrastructure as a short-medium term strategy in consultation with the Chairman and Mercer to implement this strategy.

Confidential reports from Partners Group are attached for members to consider.

Sarah Brewer and Juri Jenker from Partners Group talked to their slides.

Resolved:

To increase Wiltshire Pension Fund’s investment in global infrastructure by investing £60,000,000 in Partners Group.

A confidential report is attached for members to consider.

The Investment Manager asked the committee to note the Investment Update Report.

Resolved:

The Committee noted the Accounting Update Report.

A confidential report from Brunel is attached for members to consider.

The Chair reported back upon his attendance at a Brunel Engagement Day.

Resolved:

The committee noted the need to continue to support Brunel by attending their events.

To confirm the Part 2 (confidential) minutes of the meeting held on 13 September 2018.

Resolved:

To confirm the Part 2 minutes of the previous meeting.