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Agenda and draft minutes

Venue: Kennet Room - County Hall, Bythesea Road, Trowbridge, BA14 8JN. View directions

Contact: Craig Player  01225 713191

Media

Items
No. Item

17.

Membership

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

Minutes:

It was noted that Cllr Pauline Church would take over as a member of the Sub-Committee from Cllr Simon Jacobs following the meeting of Full Council on 21 July.

18.

Apologies

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

Minutes:

18           Apologies

 

Apologies were received from Cllr Simon Jacobs and Cllr Brian Ford.

 

Cllr Brian Ford was substituted by Cllr Robert Jandy. 

 

19.

Minutes

To consider the Part 1 (public) minutes of the meeting held on 27 February 2020.

Supporting documents:

Minutes:

Resolved

 

To confirm as a true and correct record the part 1 (public) minutes of the previous meeting held on 27 February 2020.

20.

Declarations of Interest

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

Minutes:

There were no declarations of interest.

 

21.

Chairman's Announcements

To receive any announcements through the Chairman.

Minutes:

There were no Chairman’s announcements

22.

Public Participation and Councillors Questions

The Council welcomes contributions from members of the public.

 

Statements

 

Members of the public who wish to submit a statement in relation to an item on this agenda should submit it to the officer named on this agenda no later than 5pm on Tuesday 30 June 2020.

 

Statements should:

 

·       State whom the statement is from (including if representing another person or organisation)

·       State clearly the key points

·       If read aloud, be readable in approximately 3 minutes

 

Statements in accordance with the Constitution will be included in an agenda supplement.

 

Questions

 

Those wishing to ask questions in relation to an item on this agenda are required to give notice of any such questions in writing to the officer named on the front of this agenda no later than 5pm Monday 29 June 2020 in order to be guaranteed of a written response. In order to receive a verbal response questions must be submitted no later than 5pm Tuesday 30 June 2020. Please contact the officer named on the front of this agenda for further advice.

 

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.

Minutes:

There were no statements or questions from members of the public.

 

23.

Date of next meeting

The next ordinary meeting of the Sub-Committee will be held on 10 September 2020.

Minutes:

The next meeting of the Investment Sub-Committee would be held on 10 September 2020.

 

24.

Urgent items

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.

Minutes:

There were no urgent items.

25.

Exclusion of the public

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 - 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.

Minutes:

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 10 - 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.

 

26.

Loomis - Multi-Asset Credit Portfolio Update

To receive an update from Loomis on the multi-asset credit portfolio which they manage for the Fund, the markets and the outlook for the asset class.

Minutes:

Andrea DiCenso, Kevin Kearns and Chris Yiannakou gave a presentation on the multi-asset portfolio which they manage for the Fund, the markets and the outlook for the asset class.

.

 

27.

Investment Quarterly Progress Report

To receive a report highlighting the key issues in relation to the Fund’s investment performance to 31 March 2020.

Minutes:

The Head of Pension Fund Investments presented a report on the key issues in relation to the Fund’s investment performance to 31 March 2020.

 

Resolved

 

To note the investment reports and the update provided by officers and advisors.

28.

Investment Manager Database

To receive an update on the investment manager database.

Minutes:

The Head of Pension Fund Investments presented a report on the investment manager database.

 

Resolved

 

To note the report on the investment manager database.

 

29.

Responsible Investment Quarterly Update

To receive an update on responsible investment issues.

Minutes:

The Head of Pension Fund Investments presented a report on responsible investment issues.

 

Resolved

 

To note the report and progress that is being made towards implementing responsible investment related issues.

 

30.

Training Item: Bank Loans vs Private Debt

To receive a training session, led by the Head of Pension Fund Investments, on bank loans and direct lending.

Minutes:

The Head of Pension Fund Investments gave a training session on bank loans and direct lending.

 

 

31.

Interim Private Debt Portfolio

To receive a report on the process which has been followed to identify a manager for the interim private debt portfolio.

Minutes:

The Head of Pension Fund Investments presented a report on the process which has been followed to identify a manager for the interim private debt portfolio.

 

 

Resolved

 

To note the report (and appendices) and the process which has been followed.

32.

Investment Strategy Statement

To receive a report on the draft Investment Strategy Statement (ISS) for consideration and approval.

Minutes:

The Head of Pension Fund Investments presented a report on the draft Investment Strategy Statement (ISS) for consideration and approval.

 

 

Resolved

 

To approve the draft ISS, and to authorise officers to update the ISS to reflect the decision made regarding the interim private debt portfolio.

33.

Accounting Update

To receive a report highlighting the key issues in relation to the Fund’s accounting to 31 March 2020.

Minutes:

The Head of Pension Fund Investments presented a report on key issues in relation to the Fund’s accounting to 31 March 2020.

 

 

Resolved

 

To note the report on key issues in relation to the Fund’s accounting.

 

34.

Minutes

To confirm the Part 2 (confidential) minutes of the meeting held on 27 February 2020.

Minutes:

Resolved

 

To confirm as a true and correct record the part 2 (private) minutes of the previous meeting held on 27 February 2020.

 

 

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