Agenda and draft minutes

The members had before them:

A.    The Agenda papers (previously circulated); and

B.    The Minutes of the meetings held on 24 November 2022 (previously circulated).

An apology was received from Cllr Elizabeth Eyre.

None.

Members of the public wishing to take part should notify the Democratic Governance and Scrutiny Manager 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 2023).  Enquiries about this can be made through the telephone number/e-mail address listed in this agenda and on the website.

None.

To confirm the Minutes of the meeting held on 24 November 2022 (previously circulated).

RESOLVED that the Minutes of the meeting held on 24 November 2022 be confirmed as a correct record and signed by the Chairman.

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 – 8 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 publicwere 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, Masaaki Tezuka and Yasuhiro Mimbuta representatives of Nomura.

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

The Sub-Committee considered the LGPS Central Global Active Emerging Markets and LGPSC Global Sustainable Active Equities performance to the end of December 2022.

The Sub-Committee received a presentation from Cara Forrest, Mark Davies, Jakril Hoque, and Nadeem Hussain from LGPS Central.

RESOLVED that the LGPSC Global Active Emerging Market and LGPSC Sustainable Active Equity Fund Performance to December 2022 be noted.

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 to the report as Appendix 2 be noted.

The Sub-Committee considered the Strategic Asset Allocation Update at 31 December 2022.

RESOLVED that the Fund Strategic Asset Allocation update be noted.