Agenda and minutes

The members had before them the Agenda papers.(previously circulated)

None.

None.

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 13 June 2022).  Enquiries about this can be made through the telephone number/e-mail address listed in this agenda and on the website.

None.

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.

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 – 7 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.)

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 from Andrew Whitaker, Vipul Mehta and Masaaki Tezuka, representatives of Nomura.

RESOLVED that Nomura Far East Developed Equities and Emerging Equity Markets Active Manager Quarterly review as at the end of March 2022 be noted.

The Sub-Committee considered the British Strategic Investment Fund (BSIF) I & II Performance update.

The Sub-Committee received a presentation from Heather Fleming, Peter Bachman and Joe Thomas, representatives of Gresham House.

RESOLVED that the presentation provided by Gresham House (specialist asset management) on the British Strategic Investment Fund (BSIF) Fund I & II investment performance update as at the end of March 2022 detailed in the Appendix to the report be noted.

The Sub-Committee considered the Strategic Asset Allocation update as of the end of March 2022.

RESOLVED that the Fund’s Strategic Asset Allocation update be noted.