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Agenda and minutes

Venue: West Wilts Committee Room - County Hall, Bythesea Road, Trowbridge, BA14 8JN

Contact: Kieran Elliott  01225 718504

Items
No. Item

132.

Membership

To note any changes to the membership of the Committee.

Minutes:

It was noted that there were two impending changes to the membership of the Wiltshire Pension Fund Committee; firstly, the requirement to elect a Vice-Chair for the forthcoming year, and secondly, Cllrs Elizabeth Threlfall and Vijay Manro’s departure from the Committee. It was further noted that Cllrs George Jeans and Kevin Small would be taking their positions henceforth.

 

Resolved:

 

The Committee elected Cllr Steve Heyes as the Vice-Chair of the Wiltshire Pension Fund Committee for the forthcoming year, 2022-23.

 

133.

Apologies

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

Minutes:

Apologies were received from Claire Anthony and Cllr Christopher Newbury with Cllr Pauline Church attending as a substitute.

134.

Minutes

To approve and sign as a true and correct record the Part I (public) minutes of the previous meeting held on 5 April 2022.

Supporting documents:

Minutes:

The Part I (public) minutes of the previous meeting of the Wiltshire Pension Fund Committee held on 5 April 2022 were considered.

 

The Chairman requested that a change to the wording of Minute Item 117 to make clear that the report provided assumptions and not an “actuarial valuation” as quoted.

 

Following which, it was:

 

Resolved:

 

The Committee approved the Part I (public) minutes of the previous meeting of the Wiltshire Pension Fund Committee held on 5 April 2022 as a true and correct record.

 

135.

Declarations of Interest

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

 

Minutes:

There were no declarations of interest.

 

136.

Chairman's Announcements

To receive any announcements through the Chairman.

Minutes:

The Chairman noted that there had been changes to the way that the Risk Register would be monitored and presented and invited Jennifer Devine, Head of Wiltshire Pension Fund, to explain further. It was explained that as one of the Business Plan actions, officers were exploring how best to adapt the Risk Register to make it more streamlined, focussed and operationally embedded, work which was also in line with feedback received from the Chairman. Once the format had been agreed and developed by officers the updated document would be brought forward to the Committee for review.

 

137.

Public Participation

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 on the front of the agenda 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 on the front of this agenda no later than 5pm on Thursday 19 May 2022 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 Monday 23 May 2022. 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 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 the public or Councillors.

 

138.

Review of the Minutes of the Local Pension Board

To receive the Part I (public) minutes of the previous meeting of the Local Pension Board held on 5 May 2022 and to review the summary of recommendations made by the Board.

 

Please note that the minutes will be published as an agenda supplement.

Supporting documents:

Minutes:

The Part I (public) minutes of the previous meeting of the Local Pension Board held on 5 May 2022 were considered. Following which:

 

Resolved:

 

The Committee noted the Part I (public) minutes of the last meeting of the Local Pension Board held on 5 May 2022.

 

139.

Responsible Investment Update

To consider a report updating the Committee on responsible investment issues.

Supporting documents:

Minutes:

Jennifer Devine, Head of Wiltshire Pension Fund, updated the Committee on responsible investment issues.

 

It was noted that the Stewardship Report had been submitted to the Financial Reporting Council but that due to the depth of analysis undertaken, it would likely take quite a few months before finding out if Signatory Status had been awarded. However, officers noted that if it was not awarded then officers would still receive valuable feedback. Furthermore, it was noted that Faith Ward from Brunel was attending the meeting during the Part II session to discuss the relationship between responsible investment and fiduciary duty.

 

Resolved:

 

The Committee agreed to use the report as a basis for monitoring the progress that is being made towards implementing responsible investment policy.

 

The Committee noted the progress made against the Responsible Investment Plan 2022/23 actions.

 

140.

Date of Next Meeting

The next ordinary meeting of the Committee focusing on administration matters will be held on 28 July 2022.

 

The next ordinary meeting of the Committee focusing on investment matters will be held on 5 September 2022.

 

Minutes:

The next ordinary meeting of the Wiltshire Pension Fund Committee focusing on administration matters will be held on 28 July 2022.

 

The next ordinary meeting of the Wiltshire Pension Fund Committee focusing on investment matters will be held on 5 September 2022.

 

141.

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.

 

142.

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 12 – 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 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.

 

Minutes:

The Committee considered the recommendation to exclude the public. After which, it was:

 

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 143 – 146 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.

 

143.

Investment Quarterly Progress Report

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

Minutes:

Chris Moore, Pension Fund Accounting and Investments Officer, and Jennifer Devine, Head of Wiltshire Pension Fund, presented the investment quarterly progress report.

 

Resolved:

 

1)    The Committee agreed to use the investment report and the update provided by officers and advisers at the meeting as a basis for monitoring the investment performance and implementation of the strategic asset allocation.

 

2)    The Committee endorsed the position taken regarding implementation of the renewable infrastructure portfolio.

144.

Presentation from Brunel - Listed Equalities

To consider a presentation from Brunel.

Minutes:

Representatives from Brunel delivered a presentation to the Committee.

145.

Presentation from Brunel - Responsible Investment

To consider a presentation from Brunel.

Minutes:

Representatives from Brunel delivered a presentation to the Committee.

 

 

146.

Minutes

To approve and sign as a true and correct record the Part II (private) minutes of the previous meeting held on 5 April 2022.

Minutes:

The Part II (private) minutes of the previous meeting of the Wiltshire Pension Fund Committee held on 5 April 2022 were considered. Following which, it was:

 

Resolved:

 

The Committee approved the Part II (private) minutes of the previous meeting of the Wiltshire Pension Fund Committee held on 5 April 2022 as a true and correct record.