Agendas, Meetings and Minutes - Agenda and draft minutes

Agenda and draft minutes

Venue: Online only

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 meetings held on 20 and 21 September 2021 (previously circulated).

 

129.

Apologies/Named Substitutes (Agenda item 1)

Minutes:

An apology was received from Denise Duggan.

130.

Declaration of Interests (Agenda item 2)

Minutes:

None.

131.

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 23 November 2021).  Enquiries about this can be made through the telephone number/e-mail address listed in this agenda and on the website.

 

Minutes:

None.

132.

Confirmation of Minutes (Agenda item 4)

To confirm the Minutes of the meetings held on 20 and 21 September 2021  (previously circulated).

Minutes:

RESOLVED that the Minutes of the meetings held on 20 and 21 September 2021 be confirmed as a correct record and signed by the Chairman.

133.

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 5 – 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.)

 

134.

Nomura Far East Developed Equities and Emerging Markets Active Manager Worcestershire Pension Fund Performance Review (Agenda item 6)

Additional documents:

Minutes:

The Sub-Committee considered the Nomura Far East Developed Equities and Emerging Markets Active Manager Worcestershire Pension Fund Performance Review.

 

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

 

RESOLVED that the Nomura Far East Developed Equities and Emerging Equity Markets Active Manager Quarterly review as at the end of September 2021 be noted.

 

135.

Hermes Infrastructure Fund I and II Performance and Strategy Update (Agenda item 7)

Additional documents:

Minutes:

The Sub-Committee considered the Hermes Infrastructure Fund I and II Performance and Strategy Update.

 

The Sub-Committee received a presentation from James Wardlaw and Emma Howell of Hermes..

 

RESOLVED that the Hermes Infrastructure Fund I & II performance and strategy update as at the end of September 2021 be noted.

136.

Global Sustainable Active Equity Funds, LGIM Passive Equity Funds, LGPS Central Passive Climate Fund and Strategic Asset Allocation update (Agenda item 8)

Additional documents:

Minutes:

The Sub-Committee considered the Global Sustainable Active Equity Funds, LGIM Passive Equity Funds, LGPS Central Passive Climate Fund and Strategic Asset Allocation update.

 

The Sub-Committee received a presentation from Simon Griffiths from LGPS Central.

 

RESOLVED that:

 

a)    The LGPS Central (LGPSC) appointed 3 Fund Manager presentations be noted;

 

b)   The Sustainable Equity allocation options Risk and Return analysis provided by LGPSC be noted; and

 

c)    the Funds Strategic Asset Allocation update be noted.

137.

Pensions Independent Investment Advisor Update (Agenda item 9)

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 to the report as Appendix 1 together with the associated investment performance information attached as Appendix 2 be noted.

 

138.

Gresham House Forestry (Agenda item 10)

Additional documents:

Minutes:

The Committee considered the Gresham House Forestry Report.

 

RESOLVED that the report contents and due diligence presentation provided by Gresham House (specialist asset management) on Forestry be noted.

139.

LGPS Central Infrastructure Investment Product Update (Agenda item 11)

Additional documents:

Minutes:

The Committee considered the LGPS Central Infrastructure Investment Product Update.

 

RESOLVED that the presentation provided by LGPSC Infrastructure and the outcome of the due diligence work be noted.