Agenda and minutes

None.

Apologies were received from Mr R J Phillips and Mr D W Prodger.

Mr V Allison declared an interest as a member of the Pension Fund.

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None.

To confirm the Minutes of the meeting held on 14 December 2015 (previously circulated – pink pages)

RESOLVED that the Minutes of the meeting held on 14 December 2015 be confirmed as a correct record and signed by the Chairman.

The Committee considered the proposals for the LGPS Asset Pooling.

In the ensuing debate, the following principal points were raised:

·         It would be beneficial to know the investment management pooled assets arrangements i.e. the number of fund managers and their investment responsibilities. This was particularly important given that a key aspect of investment management proposals appeared to involve the out-sourcing and delegation of this function. The Chief Financial Officer indicated that further information would be provided to members at the meetings proposed to be scheduled in April and June

·         How did the investment approach of Fund Managers vary across the proposed pool partner Councils? The Chief Financial Officer stated that he was looking at savings and consolidating views across the pool. He would present a business case to a future meeting of the Committee

·         It was agreed that future Committee reports would have particular focus on the implications of asset pooling on asset fund management.

RESOLVED that:

a)    The LGPS Asset Pooling Report be noted;

b)    The LGPS CENTRAL pool be approved as the preferred pool option;

c)    Authority be delegated to the Chief Financial Officer in consultation with the Chairman and Vice-Chairman to continue discussions with LGPS CENTRAL pool members to determine a joint response to the Government's consultation by 19 February 2016 regarding LGPS asset pooling and similarly for determining an individual response from the Fund;

d)    The proposed changes required to the Extended Scheme of Delegation to the Chief Financial Officer in light of the government's LGPS asset pooling agenda as set out in Appendix 3 to the report be approved; and

e)    Future Committee reports to have particular focus on the implications of asset pooling on asset fund management.

The Committee received a summary of passive equities transition from UBS to LGIM.

RESOLVED that the summary of passive equities transition from UBS to LGIM be noted.