Agendas, Meetings and Minutes - Agenda and draft minutes

Agenda and draft minutes

Venue: County Hall, Worcester

Contact: Simon Lewis  Committee Officer

Items
No. Item

Available Papers

The Members had before them the agenda papers (previously circulated).

1.

Apologies (Agenda item 1)

Minutes:

An apology was received from Ms D Duggan.

2.

Declarations of Interest (Agenda item 2)

Minutes:

Mr P Middlebrough declared an interest as a Member of the Pension Fund.

Exclusion of Public and Press

RESOLVEDthat pursuant to Section 100A of the Local Government Act 1972, the press and public shall be excluded from the meeting during items 3 - 6 on the grounds that there would be disclosure to them of information relating to the financial or business affairs of any particular person (including the authority holding the information) and the public interest in maintaining the exemption outweighs the public interest in disclosing the information.

 

Summary of the proceedings of the meeting during which the press and public were excluded.(This is a fair summary of the proceedings and there are no exempt minutes.)

 

3.

Pensions Independent Investment Advisor Update (Agenda item 3) pdf icon PDF 73 KB

Additional documents:

Minutes:

The Sub-Committee considered the Pensions Independent Investment Advisor Update.

 

The Sub-Committee received a presentation from Philip Hebson, Independent Advisor to the Fund.

 

RESOLVEDthat the Pensions Independent Investment Advisors update together with the associated investment performance information be noted.

 

4.

Portfolio Evaluation Ltd Worcestershire Pension Fund Investment Overview 2018/19 (Agenda item 4) pdf icon PDF 66 KB

Additional documents:

Minutes:

The Sub-Committee considered the Portfolio Evaluation Ltd Worcestershire Pension Fund Investment Overview 2018/19.

 

The Sub-Committee received a presentation from Nick Kent & Deborah Barlow, representatives of PEL.

 

RESOLVEDthat the Portfolio Evaluation Ltd Worcestershire Pension Fund Investment Overview 2018/19 be noted.

5.

Legal & General Investment Management (LGIM) Worcestershire Pension Fund Investment Review 2018/19 (Agenda item 5) pdf icon PDF 67 KB

Additional documents:

Minutes:

The Committee considered the Legal & General Investment Management (LGIM) Worcestershire Pension Fund Investment Review 2018/19.

 

The Sub-Committee received a presentation from Chris Lyons and David Barron, representatives of LGIM.

 

RESOLVEDthat the LGIM Worcestershire Pension Fund Investment review for 2018/19 be noted.

 

6.

Global Emerging Markets (GEMS) Active Equities Due Diligence Outcome and Update for Worcestershire Pension Fund (Agenda item 6) pdf icon PDF 75 KB

Additional documents:

Minutes:

The Committee considered the Global Emerging Markets (GEMS) Active Equities Due Diligence Outcome and Update for Worcestershire Pension Fund.

 

RESOLVED:that

 

a)    the GEMS due diligence update and outcome be noted; and

 

b)   the transition of Worcestershire's Pension Fund (WPF) current emerging market mandates with JPMorgan and Schroder's to the LGPS GEMS mandates with UBS, Vontobel and Bank of Montreal (BMO) be noted.

 

 

7.

Work Programme (Agenda item 7) pdf icon PDF 83 KB

Minutes:

The Sub-Committee considered its work programme.

 

In the ensuing debate, the following points were raised:

 

·         The possibility of delegating the smaller allocations, for example Venn, to officers to review was suggested. Officers would give this suggestion some consideration and perhaps report these allocations to the Sub-Committee on an exception basis only

·         It should be noted in the future that the Sub-Committee would be meeting representatives of LGPS Central on a more regularly basis as the asset transition process moved forward.

 

RESOLVED that the work programme be noted.