Agenda and minutes

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

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

To note the attendance of any non-members of the Committee.

Cllr Bill Moss was in attendance.

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

There were no apologies for absence.

To confirm and sign as a true and correct record the minutes of the meeting held on 4 June 2015.

Resolved:

To confirm the minutes of the meeting held on 4 June 2015.

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.

David Anthony, Head of Pensions, updated that he had responded on behalf of the Fund, having agreed this with the Chairman and Vice Chairman of the Committee, to a consultation on the Government’s proposed £95,000  per person exit cap in the public sector which incorporated redundancy and pension strain payments. The Fund’s response had proposed that pension straining costs be removed from this cap with a lower limit being set instead as this could have a considerable impact on those who weren’t necessarily high earners.

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 3 September 2015. 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 was no public participation.

The next ordinary meeting of the Investment Sub-Committee is to be held on 23 November 2015.

The next ordinary meeting of the Sub-Committee was to be held on 23 November 2015.

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 – 12 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:

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 – 12 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.

Three confidential reports are circulated updating the Sub-Committee on the performance of the Fund’s investments as to the end of June 2015.

The Sub- Committee is asked to note the attached investment reports and the update provided by officers and advisers at the meeting.

The Sub-Committee was updated on the Fund’s performance as to end of June 2015.

Resolved:

To note the report and update provided by officers.

The Sub-Committee is asked to consider a paper from Mercers and officers that explores the rationale for implementing a “flight-path” strategy for the Fund and how this would be incorporated into the Fund’s investment strategy. 

The Sub-Committee is asked:

a.     To note the report and presentation from Mercer on the rationale and purpose of a flight-path;  and

b.     To recommend to the Wilshire Pension Fund Committee that Mercer are commissioned to develop a be-spoke flight-path for the Fund.

The Sub-Committee considered a paper from Mercers and officers exploring  the rationale for implementing a “flight-path” strategy for the Fund and how this could be incorporated into the Fund’s investment strategy.

Resolved:

a. To note the report and presentation from Mercer on the rationale and purpose of a flight-path; and

b. To recommend to the Wilshire Pension Fund Committee that Mercer are

commissioned to develop a be-spoke flight-path for the Fund.