Agenda and minutes
PDF 459 KBVenue: Zoom
Contact: Luke Phimister 01708 434619 Email: luke.phimister@onesource.co.uk
Media
| No. | Item |
|---|---|
|
APOLOGIES FOR ABSENCE AND ANNOUNCEMENT OF SUBSTITUTE MEMBERS (if any) - receive |
|
|
DISCLOSURE OF INTERESTS Members are invited to disclose any interest in any of the items on the agenda at this point of the meeting.
Members may still disclose any interest in any item at any time prior to the consideration of the matter.
Minutes: There were no disclosures of interest. |
|
|
MINUTES OF THE MEETING To approve as correct the minutes of the meeting held on 9th November 2021 and authorise the Chairman to sign them.
Minutes: The minutes fo the meeting held on 9th November 2021 were agreed as a correct record. |
|
|
VOTING & ENGAGEMENT Report and appendix attached Additional documents: Minutes: The Committee were presented with a review of the Fund’s investment managers’ voting and engagement activities produced by Hymans.
Members noted that the review period was a 12-month period ending 20th June 2021. Members noted that 6 managers were not signatories of the 2020 UK Stewardship code and 2 managers applied but were unsuccessful. Members also noted that climate change was the main engagement theme across the 3 main fund managers with diversity being lower down on the list due to cultural differences causing difficulties.
The Committee agreed the recommendations. |
|
|
EXCLUSION OF THE PUBLIC To consider whether the public should now be excluded from the remainder of the meeting on the grounds that it is likely that, in view of the nature of the business to be transacted or the nature of the proceedings, if members of the public were present during those items there would be disclosure to them of exempt information within the meaning of paragraph 1 of Schedule 12A to the Local Government Act 1972; and, if it is decided to exclude the public on those grounds, the Committee to resolve accordingly on the motion of the Chairman.
Minutes: The Committee agreed to exclude the Public from all relevant parts of the following item on the grounds of paragraph 3 of Schedule 12A to the Local Government Act 1972. |
|
|
PENSION FUND PERFORMANCE QUARTER END SEPTEMBER 2021 Report with 1 public and 2 exempt appendices attached Additional documents:
Minutes: The Committee were presented with the Pension Fund performance for the quarter end September 2021.
The Committee noted that the updated Investment Strategy Statement had been adopted in July 2020 and that the fund was now at a value of £920.31million which was an increase of £5.23million on the previous quarter. Members noted the asset value had increased by £5.39million and the internal cash balance was £19.123million. Members were pleased to see such a positive quarter following the main COVID-19 lockdowns.
The Committee also noted that the Council had invested 5% into the LCIV PEPPA (Passive Equity Progressive Paris Aligned) Fund, following agreement by the Committee in September 2021 and there had been 1 LCIV meeting in the quarter which discussed the net-zero start and a 5 year road map to pool 70% of assets by 2025 with Havering currently at 53% of assets pooled as at 31st March 2021..
The Committee agreed the recommendations. |