Agenda and minutes

To receive any apologies for absence.

Councillors Carter, Thacker, Dowden, Gibson, and Corkery and Mr Wood sent their apologies.

All Members who believe they have a Disclosable Pecuniary Interest in any matter to be considered at the meeting must declare that interest and, having regard to Part 3 Paragraph 1.5 of the County Council's Members’ Code of Conduct, leave the meeting while the matter is discussed, save for exercising any right to speak in accordance with Paragraph 1.6 of the Code.  Furthermore all Members with a Personal Interest in a matter being considered at the meeting should consider, having regard to Part 5, Paragraph 4 of the Code, whether such interest should be declared, and having regard to Part 5, Paragraph 5 of the Code, consider whether it is appropriate to leave the meeting while the matter is discussed, save for exercising any right to speak in accordance with the Code.

Members were mindful that where they believed they had a Disclosable Pecuniary Interest in any matter considered at the meeting they must declare that interest at the time of the relevant debate and, having regard to the circumstances described in Part 3, Paragraph 1.5 of the County Council's Members' Code of Conduct, leave the meeting while the matter was discussed, save for exercising any right to speak in accordance with Paragraph 1.6 of the Code.  Furthermore Members were mindful that where they believed they had a Non-Pecuniary interest in a matter being considered at the meeting they considered whether such interest should be declared, and having regard to Part 5, Paragraph 2 of the Code, considered whether it was appropriate to leave the meeting whilst the matter was discussed, save for exercising any right to speak in accordance with the Code.

To confirm the Minutes of the meeting held on 27 September 2019.

The minutes of the Pension Fund Panel and Board held on 27 September 2019 were confirmed with the correction that Councillor  Mellor was present at the meeting and Ms Manchester was absent.

To receive any deputations notified under Standing Order 12.

There were no deputations.

To receive any announcements the Chairman may wish to make

The Chairman welcomed Councillor Paul Taylor of Rushmoor Borough Council to his first meeting and announced that Councillor  Cal Corkery of Portsmouth City Council has also been appointed to the committee.

The Chairman informed the committee that following its agreement at the last meeting the Pension Fund had officially made its commitment to the UN Principles of Responsible Investment and UK Stewardship Code, both of which will be reported on the Pension Fund’s website.

The Chairman thanked the committee members that attended the first ACCESS investor day on 16 October 2019, which was well attended and received.

The Chairman reminded the committee that there is a Panel and Board internal training session on 12 November and a treasury management briefing for members from the advisors Arlingclose on 22 November.

The Chairman invited the members to report back on any recent events they had attended, and Cllr Tennent informed the committee he attended Baillie Gifford’s recent conference, which was very positive. Dr Allen commented that he had attended a recent SPS conference which was useful but observed a lack of diversity amongst the investment managers presenting. Ms Manchester reported that having attended the second day of the ‘LGPS Fundamentals’ course, which was very helpful, she recommended it to any other new members of the committee.

That in relation to the following items the press and public be excluded from the meeting, as it is likely, in view of the nature of the business to be transacted or the nature of proceedings, that if a member of the public were present during the items there would be disclosure to them of exempt information within Paragraph 3 of Part 1 of Schedule 12A of the Local Government Act 1972, and further that in all circumstances of the case, the public interest in maintaining the exempt information outweighs the public interest in disclosing the information, for the reasons set out in the report.

RESOLVED:

            That the public be excluded from the meeting during the following items of business, as it is likely, in view of the nature of the business to be transacted or the nature of the proceedings, that if members of the public were present during these items there would be disclosure to them of exempt information within Paragraphs 3 of Part 1 of Schedule 12A to the Local Government Act 1972, and further that in all the circumstances of the case, the public interest in maintaining the exemption outweighs the public interest in disclosing the information, for the reasons set out in the reports.          

To confirm the exempt minutes of the meeting held on 27 September 2019.

The exempt minutes of the Pension Fund Panel and Board held on 27 September 2019 were confirmed.

To consider the exempt report of the Director of Corporate Resources - Corporate Services updating the Panel and Board on the Pension Fund’s investments since the last meeting of the Pension Fund Panel and Board on 27 September 2019.

The Panel and Board received an exempt report from the Director of Corporate Resources (Item 8 in the Minute Book) updating the Panel and Board on the Fund’s investments.  [SUMMARY OF A MINUTE WHICH CONTAINS EXEMPT INFORMATION].