Apologies were received from Councilors James Glass and Robert Benham for inability to attend the meeting.

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.

There were no declarations of interest.

To approve as correct the minutes of the meeting held on 8 November 2022 and authorise the Chairman to sign them.

The minutes of the meeting 8 November 2022 were accepted as a true and accurate record and would be signed by the Chairman after the following amendments were made:

·       Item 262 – 2^nd paragraph the words “performance fees” should be replaced with “management fees” and further down the word “pay” should be  replaced with “overpayment”.

Report and appendices attached.

The Committee was presented with a report that provided an overview of how the Fund’s investments were performing, how the individual Investment Managers were also performing against their set targets and any relevant Local Government Pension Scheme (LGPS) updates for the quarter ending 30 September 2022.

It was explained that the Fund increased in value by £1.09m (0.13%) over the quarter, it underperformed the tactical benchmark by -1.08% but outperformed the strategic benchmark by 7.91%. The general position of the Fund was considered plus other matters including any current issues as advised by Hymans.

Both managers from Stafford and Hymans attended and discussed the fund’s performance. It was explained that the investment strategy contained growth assets, income generating assets and protection assets as shown in the report and relationships with various managers were also summarised.

The Committee agreed the following recommendations.

Report and appendices attached.

The Committee were presented with a report on the review performance of the Investment Consultant for the period 1 October 2021 to 30 September 2022 against strategic objectives previously set.

It was suggested that a RAG rating be added with letters to the report to make it easier to digest the material.

The Committee agreed the recommendations.

Report and appendices attached.

The Committee were presented with a report that set out the progress made and further actions required in developing the Fund’s Plan for embedding climate risk management within the Fund’s investment portfolio.

The Committee agreed the recommendations and that Hymans take all the actions as shown in the report.

Report and appendices attached.

The Committee was provided with a report that updated the committee with the latest version of the Havering Pension Fund (“the Fund”) Risk Register (Appendix A), which detailed the potential risks the Fund is exposed to, that the Pensions Committee should be aware of, and the controls in place to manage those risks.

It was explained there were 7 categories and there were 3 other controls in place to manage risks supported by external service providers to the Fund such as actuaries, advisors, auditors, custodian and system administrators, alongside our regulatory bodies as they have procedures in place to identify and managing risk.

A risk was identified within the Pensions team due to the size of the team and demographics that could mean early retirement. Action Point: Members asked Debbie to ask Dave McNamara to acknowledge this was recognised.

The Committee agreed the recommendations.

Report and appendices attached.

The Committee were presented with the Local Pension Board Annual Report 2021/22 which included the work covered by the Board during the year and the future work plan.

The Committee agreed the recommendations.

To receive the minutes of the Local Pension Board.

The meeting minutes of the 15 November Local Pension Board were noted by the Committee.