Venue: Committee Room 3A - Town Hall. View directions
Contact: James Goodwin 01708 432432 email: james.goodwin@havering.gov.uk
No. | Item | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Investment in Local Infrastructure PDF 196 KB Report attached.
Minutes: Further to earlier discussions Officers submitted a further report on the proposed governance arrangements for Investing in Local Infrastructure Asset for the benefit of the Pension Fund. The report included details of the principles taken into consideration by officers in establishing the operational guidelines. These included: · Investments should comply with the Pension Fund’s existing investment strategy with regard to the required rate of return and risk appetite: · The Investment should not place undue pressure on cash flow; · The sourcing, execution and management of local investment opportunities should not overburden the Pension Fund’s existing resources; · The Governance arrangements for the portfolio should be clear and well developed; and · The Pension Fund wishes to benefit from both capital appreciation and income generation Having discussed the proposed operational guidelines the Committee agreed to adopt the following guidelines:
|
|||||||||||||||||||
REVIEW OF STATEMENT OF INVESTMENT PRINCIPLES PDF 93 KB Report attached.
Additional documents: Minutes: If the Pension Fund was to introduce a new Asset Class to permit investment in Local Infrastructure it would need to review its Statement of Investment Principles. The Statement was last reviewed on 26 March 2013 when an interim amendment to the strategy had been adopted. Within that revised strategy was a statement that the Pension Committee would be considering introducing an allocation of assets to infrastructure.
The proposed changes to the Statement of Investment Principles were contained in the Statement attached as Appendix ‘A’ to the report.. These changes would allow the introduction of a target allocation to an infrastructure asset class. The other classes were reduced to accommodate this change.
The Committee approved the revised strategy as submitted.
|
|||||||||||||||||||
LOCAL GOVERNMENT PENSION SCHEME - DISCUSSION PAPER ON NEW GOVERNANCE ARRANGEMENT PDF 153 KB Report attached.
Additional documents: Minutes: The Committee were informed that the Government, through the Department for Communities and Local Government (DCLG) had issued a discussion paper covering the new proposed governance arrangements for the Local Government Pension Scheme (LGPS). Feedback was sought in the form of answers to 26 questions. Responses had to be returned to the DCLG by 30 August, 2013.
Details of the 26 questions were circulated and it was agreed that: 1. Members would provide Debbie Ford with any response they wish to submit for officers to assimilate into a co-ordinated response; and 2. Delegated responsibility for submitting the response to the Group Director, Resources. |
|||||||||||||||||||
EXCLUSION OF THE PUBLIC AND PRESS Minutes: The Committee resolved to excluded the public from the meeting during discussion of the following item on the grounds that if members of the public were present it was likely that, given the nature of the business to be transacted, that there would be disclosure to them of exempt information within the meaning of paragraph 3 of Schedule 12A to the Local Government Act 1972 which could reveal information relating to the financial or business affairs of any particular person (including the authority holding that information) and it was not in the public interest to publish this information.
|