Agenda and minutes

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

It was noted that Cllr Simon Jacobs had been appointed as Vice Chairman to the Wiltshire Pension Fund Committee and the Investment Sub Committee.

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

Apologies were received from Cllr Brian Ford who was substituted by Cllr Robert Jandy.

To consider the Part 1 (public) minutes of the meeting held on 5 September 2019.

RESOLVED

The minutes of the meeting held on 5 September 2019 were approved as a true record and signed by the Chairman.

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.

There were no announcements.

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 21 November    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.

To highlight the requirements of members who sit on the Investment sub-Committee.

Richard Bullen, Fund Governance & Performance Manager, introduced the item noting that the Fund’s training strategy for members during 2020/21 had been developed to incorporate the knowledge & understanding requirements expected for MiFID II compliance.  Whilst not a requirement it was agreed that as a matter of good governance Investment sub-Committee (ISC) members would self-certify that they remained competent to carry out their duties and responsibilities associated with taking the investment decisions on behalf of the full committee of the Fund. To maintain the Fund’s ‘Professional Investor’ status implemented on 3 January 2018, it was recognised that a framework of measures would occur enabling continued compliance which would include an annual baseline review of ISC member competence.

Anthony Fletcher, Independent Advisor at MJ Hudson Allenbridge, explained that as the WPF had opted for 'professional investor' status in 2018, it was subject to less investor protections than a retail client. It was noted that the Fund’s appointment of professional advisers such as MJ Hudson Allenbridge & Mercer Ltd reinforced the Fund’s test of MiFID II compliance agreed between the Scheme Advisory Board & the FCA. It was also commented that senior officers of the Council, notably the S151 Officer, should also have investment experience, however similar to ISC members this could be mitigated through the use of professional advisors by the Fund.

For completeness Mr Bullen asked both the Fund’s professional advisers, Mr Fletcher of MJ Hudson Allenbridge & Mr Ross Palmer of Mercer Ltd to confirm their qualification to act as the Fund’s advisers. Both parties confirmed that they were qualified, maintained a record of continued professional development & were consequently fully compliant with MiDFID II regulations.

There was a brief discussion on whether MiFID II self-certification should be requested of Wiltshire Pension Fund Committee (WPFC) members too. However, it was agreed that as it was the ISC members who took the decisions on behalf of the full committee only the ISC members should formally self-certify their competence. It was noted that all members of both committees would follow the 2020/21 training strategy.

RESOLVED

The members of the ISC agreed to sign the self-certification letter.

Confirmation was received from the Fund’s Investment Advisers that they continued to remain competent to provide investment advice to the Wiltshire Pension Fund.

The next ordinary meeting of the Sub-Committee will be held on 27 February 2020.

The next meeting of the ISC would take place on the 27 February 2020.

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 Item Numbers 58-65 because it was 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.

To receive a quarterly update on investments from the Investment Manager.

Jenny Devine, Head of Pension Fund Investments, gave an update on the Fund’s investment performance to 30 September 2019.

RESOLVED

The committee noted the reports and updates provided at the meeting;

To receive a report from the Investment Manager on investment data.

The Investment Manager introduced the item. Members noted that they were happy with the report and no questions were asked.

RESOLVED

The report was noted.

To receive a report on Mercers quarterly performance.

A brief overview was given noting that no changes were recommended.

To receive a report updating committee on Responsible Investing.

The Investment Manager explained that the responsible investment quarterly update would be a standing item on the agenda going forward which would update members on responsible investment issues and welcomed feedback/ questions on the report.

RESOLVED

The Committee noted the report and the progress that was being made towards implementing responsible investment related issues.

To receive a report updating committee on Accounting.

The Investment Manager invited the committee to ask questions on the report in which there were none.

RESOLVED

The report was noted.

To confirm the Part 2 (confidential) minutes of the meeting held on 5 September 2019.

RESOLVED

The minutes of the meeting held on the 5 September 2019 were approved.

To receive a presentation from CBRE.

The Committee received a presentation from CBRE on how the WPF’s investments were being managed and had the opportunity to ask questions.

RESOLVED

The Committee thanked CBRE for their presentation

To receive a presentation from Investec

The Committee received a presentation from Investec on how the WPF’s investments were being managed and had the opportunity to ask questions.

RESOLVED

The Committee thanked Investec for their presentation