Agenda and draft minutes

The members had before them:

A.    The Agenda papers (previously circulated); and

B.    The Minutes of the meetings held on 13 and 14 June 2023 (previously circulated).

An apology was received from Cllr Peter Stoddart.

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 27 September 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 meetings held on 13 and 14 June 2023 (previously circulated).

RESOLVED that the Minutes of the meetings held on 13 and 14 June 2023 be confirmed as correct record and signed by the Chairman.

The Sub-Committee will be asked to exclude the press and public from the meeting for the following item 7 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 and 7 - 9 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 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 Independent Investment Advisor’s update attached as Appendix 1 to the report together with the associated investment performance information attached as Appendix 2 be noted.

The Sub-Committee received an update on the LGPS Central Emerging Markets Equity Fund.

RESOLVED that:

a)    The LGPS Central Emerging Markets Equity Fund update be noted; and

b)   The draft 3-year review report be noted.

The Sub-Committee considered the Walton Street Real Estate Debt Funds I and II Q2 2023 Review.

The Sub-Committee received a presentation from Richard Ratke, Jim Odenbach, Taylor Gallo, Luke Goodwin, Amanda Milnes, and Kate Kappas from Walton Street.

RESOLVED that the Walton Street’s Worcestershire Pension Fund Investment review for Q2 2023 be noted.

The Sub-Committee considered the Federated Hermes Infrastructure Funds I and II Q2 2023 Review.

The Sub-Committee received a presentation from Emma Howells, Stephen Pugh, Demond Wilkins and Joe Butler from Federated Hermes.

RESOLVED that Federated Hermes’ Worcestershire Pension Fund Investment review for Q2 2023 be noted.