Agenda and minutes

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

The Chair welcomed Anthony Fletcher, newly appointed Independent Governance Advisor who was attending as an observer.

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

There were no apologies received for the meeting.

To consider the Part 1 (public) minutes of the meeting held on 22 November 2019.

Resolved:

The minutes of the meeting held on 22 November 2018 were approved.

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 Chair thanked Gordon King for his work on pensions and climate change.

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 14 February 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 5 Jun 2019 10.30 am.

The next ordinary meeting of the Sub-Committee will be held on 5 June 2019 10.30 am.

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 – 13 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.

The Investment Manager’s Quarterly Progress Report has five appendices

1.    Wiltshire Pension Fund Investment Quarterly Progress Report 31st December 2018.

2.    Wiltshire Pension Fund Q4 2018 Performance Commentary.

3.    Local Government Pension Scheme - Statutory guidance on asset pooling.

4.    Wiltshire Pension Fund Proposed Allocations for Investment Strategy Review.

5.    Wiltshire County Council Global Listed Infrastructure Manager Shortlist January 2019.

Resolved

The Committee approved investment of an amount in listed infrastructure equal to 5% of the latest total Fund value, less the value of Partners Group’s portfolios, to be funded from the UK Gilts portfolio.

The Committee approved use of this portfolio on an on-going basis to fund capital calls for the Partners Group fund commitments.

The Committee approved that the investment in listed infrastructure was made via Magellan’s Global Select Infrastructure Fund, subject to final due diligence checks and legal review of the Fund documents.

The committee is asked to note the Accounting Update.

Resolved

To note report.

To confirm the Part 2 (confidential) minutes of the meeting held on 22 November 2018.

Resolved:

The Part 2 minutes of the meeting held on 22 November 2018 were approved.

Mercer’s will talk through a presentation on Investment Themes and Opportunities as outlined in their paper The Four Elements.