Agendas, Meetings and Minutes - Agenda and draft minutes

Agenda and draft minutes

Venue: Online

Contact: Simon Lewis  Committee Officer

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Items
No. Item

Available papers

The members had before them:

 

A.    The Agenda papers (previously circulated); and

 

B.    The Minutes of the meeting held on 25 November 2020 (previously circulated).

84.

Named Substitutes (Agenda item 1)

Minutes:

Ms P Marsh substituted for Ms T Fagan.

85.

Apologies/ Declaration of Interests (Agenda item 2)

Minutes:

Apologies were received from Ms T Fagan and Mr L C R Mallett.

 

86.

Public Participation (Agenda item 3)

Members of the public wishing to take part should notify the Assistant Director for Legal and Governance in writing or by e-mail indicating both the nature and content of their proposed participation no later than 9.00am on the working day before the meeting (in this case, 1 March 2021).  Enquiries about this can be made through the telephone number/e-mail address listed below.

 

Minutes:

None.

87.

Confirmation of Minutes (Agenda item 4)

To confirm the Minutes of the meeting held on 25 November 2020 (previously circulated).

Minutes:

RESOLVED that the Minutes of the meeting held on 25 November 2020 be confirmed as correct record and signed by the Chairman.

88.

Exclusion of Public and Press (Agenda item 5)

The Sub-Committee will be asked to exclude the press and public from the meeting for the following items as it is likely that exempt information relating to the financial or business affairs of any particular person (including the local authority holding that information) will be disclosed.

 

Minutes:

RESOLVED that pursuant to Section 100A of the Local Government Act 1972, the press and public shall be excluded from the meeting during items 6 – 11 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.)

89.

Bridgepoint Direct Lending Fund III (Agenda item 6)

Additional documents:

Minutes:

The Sub-Committee considered the Bridgepoint Direct Lending Fund III.

 

The Sub-Committee received a presentation from Paul Johnson, Nakul Sarin, Carlotta Sanchez-Marco and Sarah Carr.

 

RESOLVED that an allocation to the corporate private debt mandate with Bridgepoint be approved, subject to appropriate due diligence being undertaken by the Finance Manager for Investments and the Fund’s Independent Adviser.

90.

Nomura Far East Developed Equities Active Manager Worcestershire Pension Fund Mandate and proposed Option Review (Agenda item 8)

Additional documents:

Minutes:

The Sub-Committee considered theNomura Far East Developed Equities Active Manager Worcestershire Pension Fund Mandate and proposed Option Review.

 

The Sub-Committee received a presentation fromAndrew Whitaker, Vipul Mehta and Masaaki Tezuka, representatives of Nomura.

 

RESOLVEDthat:

 

a)    The existing Nomura Far East Developed Equities review be noted; and

 

b)   The proposed Nomura Pan-Asia Fund option as set out in Appendix 1 of the report be agreed.

 

91.

LGPS Central Global Active Emerging Markets and Global Active Investment Grade Corporate Bond performance (Agenda item 9)

Additional documents:

Minutes:

The Sub-Committee received a presentation from Mark Davies, Elizabeth Bebb and Gordon Ross, representatives of LGPS Central.

 

RESOLVEDthat:

 

a)    The LGPS Central Global Active Emerging Market Investments Performance to December 2020 be noted; and

 

b)   The LGPS Global Active Investment Grade Corporate Bond performance to the end of December 2020 be noted.

 

92.

LGPS Central Infrastructure Investment Product Update (Agenda item 7)

Additional documents:

Minutes:

The Sub-Committee considered the LGPS Central Infrastructure Investment Product Update.

 

RESOLVED that the update on the LGPS Central Infrastructure product proposal be noted.

93.

Pensions Independent Investment Advisor Update (Agenda item 10)

Additional documents:

Minutes:

The Sub-Committee considered the Pensions Independent Investment Advisor update together with the associated investment performance information.

 

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

 

RESOLVED that the Pensions Independent Investment Advisor’s update attached as Appendix 1 together with the associated investment performance information attached as Appendix 2 be noted.

94.

Worcestershire Pension Fund Strategic Asset Allocation update (Agenda item 11)

Additional documents:

Minutes:

The Sub-Committee considered the Worcestershire Pension Fund Strategic Asset Allocation update.

 

RESOLVED that:

 

a)    The Fund’s actual current investment allocation against its strategic target allocation be noted;

 

b)   The Fund’s overall Equity performance and its Passive Market cap sector allocation be noted;

 

c)    The Fund’s Regional weightings compared to Morgan Stanley Capital International (MSCI) ACWI (All Country World index) be noted;

 

d)   The outcome of the ESG Audit & Sustainable Development Goals (SDGs) mapping workshop of the 5 February 2021 be noted; and

 

e)    The LGPSC Climate Factor Passive Equity Fund and Sustainable active equity Framework latest performance up to end of December 2020 set out in the Appendix be noted.