Agenda and minutes

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

There were no impending changes to the membership of the Investment Sub-Committee.

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

Apologies were received from:

·       Cllr Pauline Church

·       Cllr Robert Jandy

Cllr Robert Jandy was substituted by Cllr Brian Ford.

To confirm as a true and correct record the Part 1 (public) minutes of the meeting held on 10 September 2020.

The minutes of the previous meeting held on 10 September 2020 were considered, and it was:

Resolved

The Part 1 (public) minutes of the previous meeting held on 10 September 2020 were approved as a true and correct record.

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 made reference to the Climate Change Risk Workshop delivered by Mercer held on 19 November 2020 in which the findings of their climate change modelling was presented to members of the Wiltshire Pension Fund Committee. It was noted that members of the Committee would meet in January 2021 to further explore responsible investment strategies following on from discussions in the next meeting of the Committee on 17 December 2020.

The Chairman additionally requested that members consider and undertake general research into responsible investing to support any discussions in the January meeting of Committee members.

The Council welcomes contributions from members of the public. During the ongoing COVID-19 situation the Council is operating revised procedures and the public are able participate in meetings online after registering with the officer named on this agenda, and in accordance with the deadlines below.

Guidance on how to participate in this meeting online.

Statements

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

Statements should:

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

·       Clearly state the key points

·       If read aloud, be readable in approximately 3 minutes

Up to three speakers are allowed for each item on the agenda.

Questions

Those wishing to ask questions are required to give notice of any such questions electronically to the officer named on the front of this agenda no later than 5pm on Wednesday 25 November 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 on Friday 27 November 2020.

Please contact the officer named on the front 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 members prior to the meeting and made available at the meeting and on the Council’s website; they will be taken as read at the meeting.

There were no statements or questions from the public or Councillors.

The next ordinary meeting of the Sub-Committee will be held on 25 February 2021.

The next meeting of the Investment Sub-Committee would be held on 25 February 2021.

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 - 15 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 10 – 15 because it is likely that if members of the public were present there would be disclosure to them of exempt information as defined in paragraph 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 consider a presentation from PineBridge Investments.

Robert Eamey and Mandy Adamou delivered a presentation providing an overview of PineBridge Investments. 

To consider a presentation from Ninety One.

Grant Webster and Steven Lee delivered a presentation on Ninety One’s emerging markets multi-asset (EMMA) portfolio.

To receive a report in relation to the Fund’s investment performance to 30 September 2020.

Jennifer Devine, Head of Pension Fund Investments, introduced a report in relation to the Fund’s investment performance to 30 September 2020.

Resolved

The Sub-Committee noted the investment reports and the update provided by officers and advisers at the meeting.

To receive a report that summarises the impact of the pandemic on the investment portfolios.

Jennifer Devine, Head of Pension Fund Investments, introduced a report that summarised the impact of the pandemic on the investment portfolios.

Resolved

The Sub-Committee noted the report.

To receive an update on responsible investment issues.

Jennifer Devine, Head of Pension Fund Investments, introduced a report that updated the Sub-Committee on responsible investment issues.

Resolved

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

To confirm as a true and correct record the Part 2 (private) minutes of the meeting held on 10 September 2020.

The minutes of the previous meeting held on 10 September 2020 were considered, and it was:

Resolved

The Part 2 (private) minutes of the previous meeting held on 10 September 2020 were approved as a true and correct record.