Agenda item

To receive a report of the Director of Corporate Operations outlining the Pension Fund’s progress against the recommendations of the Scheme Advisory Board’s (SAB) Good Governance Review, including the Fund’s documents that are covered by the review.

The Pension Fund Panel and Board received a report of the Director of Corporate Operations (item 8 in the Minute Book) providing an update on progress against the recommendations of the Scheme Advisory Board’s (SAB) Good Governance Review including the Fund’s documents for review that fulfil the requirements of the Good Governance review.

In 2019 the consultancy firm Hymans Robertson was appointed by the Scheme Advisory Board (SAB) to facilitate a review of governance structures for the LGPS. Phase III of this work was agreed in February 2021 and built on the recommendations agreed in 2019 with further input from a range of scheme stakeholder. The recommendations to date have still not yet been translated into statutory guidance by Government, therefore the Pension Fund continues to ensure its governance complies with current regulations and adopts all of the recommendations of the Good Governance review where appropriate as shown in its Shadow Governance Compliance.

The Director’s report contained the remainder of the Pension Fund’s statutory statements that were not included with the previous item. Most of the Fund’s policies had no or minor changes, other than the:

·         Administration Strategy Statement, which also included the Fund’s Decision Matrix, which has additions to include enabling the Director of Corporate Operations to take the necessary action to protect the value of the Pension Funds’ investments and incorporate the County Council’s rules for entering into contracts.

·         Business Plan included the Fund’s 2022/23 revised budget and forward budget for 2023/24 to 2025/26. The budget includes the resources necessary for the Fund to deliver is regulatory duties. The Plan contained an update on 2022/23 actions and proposed activities for 2023/24 to 2025/26. The revised Risk Register now uses Hampshire County Council’s risk scoring methodology.

RESOLVED:

The Pension Fund Panel and Board approved the following documents that form the Fund’s Governance Framework:

·         Conflicts of Interest Policy

·         Funding Strategy Statement (included in item 7)

·         Employer Policy (included in item 7)

·         Administration Strategy Statement – including Decision Matrix

·         Business Plan, including the Fund’s Budget, Risk Register and Training Plan

·         Investment Strategy Statement

·         Representation Policy

·         Communication Policy Statement (included in item 7)

·         Governance Policy and Compliance Statement