Issue - meetings

The Committee received a report produced by the Fund’s Investment Advisor, Hymans Robertson, which presented a summary on the responsible investment activities of the Fund’s investment managers in support of the Committee’s ongoing monitoring requirement as set out in the Investment Strategy Statement.  The review was focused on the period for the year to 30 June 2018.

RESOLVED:

That the Committee:

i)          Noted the Hymans summary review of fund manager voting and engagement activity attached as Appendix A.

ii)         Noted the Responsible Investment policy of the London CIV attached as Appendix B.

iii)       Considered and agreed the potential next steps in respect of future developments of the monitoring and review process as outline in the Hymans report at Appendix A.

The Committee received a report which provided an overview of the performance of the Havering Pension Fund investments for the quarter to 30 September 2018.  The performance information was taken from the quarterly performance reports supplied by each Investment Manager, State Street Global Services Performance Services PLC quarterly Performance Review Report and Hymans Monitoring Report. 

The net return on the Fund’s investments for the quarter to 30 September 2018 was 1.2% (or £8.16m to £734m).  This quarter, the fund underperformed against the strategic benchmark by 2.0%.

Based on the information supplied by the performance measurers, the total combined fund value at the close of business on 30 September 2018 was £734.57m.  This valuation differed from the basis of valuation used by the Fund Managers and the Investment Advisor in that it excluded accrued income.  This compared with a fund value of £726.41 at the 30 June 2018, an increase of £8.16m.  Movement in the fund value was attributable to an increase in assets of £15.81m and a decrease in cash of £-7.65m.  Internally managed case levels stood at £15.92m.

RESOLVED:           

That the Committee:

i)          Noted the summary of the performance of the Pension Fund within the report.

ii)         Considered Hymans performance monitoring report and presentation (Appendix A – Exempt).

iii)       Received a presentation from the Fund’s Multi Asset Manager GMO – Global Real Return (UCITS) Fund (Appendix B – Exempt).

iv)       Considered the quarterly reports provided by each investment manager.

v)        Noted the analysis of the cash balances (paragraph 3.2 refers).