Archived decisions
AT A MEETING of the PENSION FUND PANEL held at The Castle, Winchester on Friday 21 November 2008.
Chairman:
p Councillor M.F. Cartwright
Councillors:
p F.G. Allgood p M.N. Kemp-Gee
p B.D. Dash p A.R. Ludlow
p A.G. Dowden p J.J.W. Maxwell
a P.R.C. Hutcheson a T.K. Thornber, CBE
Co-opted members:
a Councillor I.R. Carr (Test Valley Borough Council)
a Councillor P. Giddings (deputy in place of Councillor I.R. Carr)
a Councillor D. Jones (Portsmouth City Council)
p Mr E.W. Hughes (pensioners' representative)
p Mr P. Reynolds (employee representative)
Independent adviser:
p Mr H. Cole
233 APOLOGIES
Councillors P.R.C. Hutcheson, T.K. Thornber, CBE, I.R. Carr , P Giddings and Ms D. Jones gave their apologies.
234 DECLARATIONS OF INTEREST
Members were mindful that, where they believed they had a personal or prejudicial interest in any matter to be considered at the meeting, they should, normally at the time of the debate, declare their interest and, having regard to the circumstances described in paragraphs 9, 10, 11 and 12 of the County Council's Code of Conduct, consider whether to leave the meeting whilst the matter was discussed.
Councillor F.G. Allgood and Mr E.W. Hughes declared a personal interest in connection with the reports on the Review of the Fund's business plan (Minute 238 below) and Local Government Pension Scheme developments (Minute 243 below) in connection with Equitable Life.
235 CONFIRMATION OF MINUTES
The Minutes of the meeting held on 7 November 2008 were confirmed as a correct record and signed by the Chairman.
236 CHAIRMAN'S COMMUNICATIONS
No Chairman's communications were received.
237 FREQUENCY OF MEETINGS
The Panel considered a report of the County Treasurer (Item 5 in the Minute Book) on changes to the frequency of meetings of the Pension Fund Panel. The increase in the number of investment managers since January 2007 had led to concerns about the duration of meetings and the lack of time available to consider the issues and question the investment managers. Further work was required to adjust the existing pattern of two meetings in May and two meetings in November to allow more time for the Panel to deal with all the business. The Panel considered that representatives of SG Asset Management should attend the Panel's meetings twice a year and that the meetings should end at lunchtime. The pattern of meetings in 2009 should take into account the elections in June 2009.
RESOLVED:
That the County Treasurer prepare and circulate to the Pension Fund Panel a revised plan for the Panel's meetings, taking into account the comments made at the meeting.
238 REVIEW OF THE FUND'S BUSINESS PLAN
The Panel considered a report of the County Treasurer (Item 6 in the Minute Book) reviewing the Pension Fund's business plan. Progress against the action plan in the current business plan had either been completed or was on target.
RESOLVED:
(a) That the updated business plan be approved.
(b) That the progress on the action plan be noted.
239 REVIEW OF THE STATEMENT OF INVESTMENT PRINCIPLES
The Panel considered a report of the County Treasurer (Item 7 in the Minute Book) reviewing the Pension Fund's Statement of Investment Principles. A few minor changes had been incorporated in the statement to reflect changes over the last year.
RESOLVED:
That, subject to clarifying the wording of the sections on the statutory limits on investments and the 10% allocation to alternative investments, the updated Statement of Investment Principles be approved.
240 REVIEW OF THE GOVERNANCE COMPLIANCE STATEMENT
The Panel considered a report of the County Treasurer (Item 8 in the Minute Book) reviewing the Pension Fund's Governance Compliance Statement. The statement had been published and submitted to the Secretary of State for Communities and Local Government prior to the deadline of 1 November 2008. The Panel reviewed and confirmed the sections of the Statement where compliance is partial.
RESOLVED:
That the Governance Compliance Statement be approved.
241 PENSION FUND AGM
The Panel received and noted a report of the County Treasurer (Item 9 in the Minute Book) concerning the Pension Fund's eleventh Annual General Meeting held at Sparsholt College, Winchester on 23 September 2008. Attendance at the 2008 AGM was lower than in 2007, although most of the major employers were represented. The Panel noted that the AGM continued to play an important role in the Fund's communications strategy, alongside the Annual Report, the annual leaflet for pensioners and contributors and the pensioners' newsletter.
242 EXCLUSION OF PRESS AND PUBLIC
RESOLVED:
That the public be excluded from the meeting during the following items of business, as it is likely, in view of the nature of the business to be transacted or the nature of the proceedings, that if members of the public were present during those items there would be disclosure to them of exempt information within Paragraph 3 of Part 1 of Schedule 12A to the Local Government Act 1972, and further that in all the circumstances of the case, the public interest in maintaining the exemption outweighs the public interest in disclosing the information, for the reasons set out in the reports.
243 LOCAL GOVERNMENT PENSION SCHEME DEVELOPMENTS (EXEMPT)
The Panel considered an exempt report of the County Treasurer (Item 11 in the Minute Book) summarising recent administrative developments in the Local Government Pension Scheme.
[SUMMARY OF A MINUTE WHICH CONTAINS EXEMPT INFORMATION]
244 PENSION ADMINISTRATION STRATEGY (EXEMPT)
The Panel considered an exempt oral report of the County Treasurer on new requirements for pension administration.
[SUMMARY OF A MINUTE WHICH CONTAINS EXEMPT INFORMATION]
245 STRUCTURED PRODUCTS (EXEMPT)
The Panel considered an exempt report of the County Treasurer (Item 13 in the Minute Book) on structured products.
[SUMMARY OF A MINUTE WHICH CONTAINS EXEMPT INFORMATION]
246 INVESTMENT MATTERS (EXEMPT)
The Panel considered an exempt report of the County Treasurer (Item 14 in the Minute Book) giving an update on investment matters.
[SUMMARY OF A MINUTE WHICH CONTAINS EXEMPT INFORMATION]
247 GOVERNANCE FOR OWNERS (EXEMPT)
The Panel considered an exempt report of the County Treasurer (Item 15 in the Minute Book) on the Pension Fund's investment in the Governance for Owners European Focus Fund.
[SUMMARY OF A MINUTE WHICH CONTAINS EXEMPT INFORMATION]
248 PROPERTY PORTFOLIO (EXEMPT)
The Panel considered an exempt report of the County Treasurer (Item 16 in the Minute Book) giving an update on the Pension Fund's property portfolio.
[SUMMARY OF A MINUTE WHICH CONTAINS EXEMPT INFORMATION]
249 MANAGERS' FEES AND TRANSACTION COSTS IN 2007/08 (EXEMPT)
The Panel received and noted an exempt report of the County Treasurer (Item 17 in the Minute Book) reviewing the level of management fees and transaction costs paid in 2007/08.
[SUMMARY OF A MINUTE WHICH CONTAINS EXEMPT INFORMATION]