Agenda and minutes

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.

To follow

The minutes of the previous meeting were agreed as a correct record and were signed by the Chairman.

To follow

The Committee noted the minutes of the previous Local Pension Board meeting.

To consider whether the public should now be excluded from relevant parts 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 3 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.

The Committee unanimously agreed to exclude the public and press from all relevant parts of the meeting.

Report and appendices attached

The Committee was presented with reports from Hymans and Churchill Asset Management on the pension fund performance for the quarter ending June 2023.

It was explained to members that the report from Churchill was exempt and as such all press and public were excluded from the meeting.

Following Churchill’s report, it was explained by officers that the global alpha fund was slightly behind the benchmark, however, this was due to inflation causing the benchmark to be higher. There 3% growth over the quarter however there was a positive return in total. It was also explained to members that the diversified growth fund’s growth had been disappointing but the fund had long exposure which could be a benefit in the future.

The members agreed the recommendations as set out in the report.

Report and appendices attached

The Committee was presented with an Investment Strategy Statement review.

Members noted that changed had been made to incorporate the ISS following changes agreed at the March Pensions Committee meeting. It was explained to members that all stakeholders had been notified of the changes but no feedback had been given.

The Committee agreed the recommendations as set out in the report.

Report and exempt appendix attached

The Committee were presented with an exempt presentation from Hymans on the LCIV Global Fund.

The Committee agreed the recommendations as set out in the report.

Report and appendix attached

The Committee were presented with an update on the taskforce for climate-related financial disclosures.

Members noted the TCFD report had been structured around 4 themes; Governance, Strategy, Risk Management and Metrics & Targets.  Members also noted that as the report was for the year-end 2023, any changed would not be incorporated until the report is brought back to the Committee in 2024.

The Committee agreed the recommendations as set out in the report.