Agenda and minutes

Apologies were received from Cllrs Crowder, Darvill and Dervish.

Cllr Misir was the substitute member for Cllr Dervish and Cllr Sutton was the substitute member for Cllr Crowder.

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 approve as correct the minutes of the meeting held on 16^th March 2021 and authorise the Chairman to sign them.

The minutes of the meeting of the Committee held on 13^th March 2021 were otherwise agreed as a correct record.

To receive the minutes of the Local Pension Board.

The minutes of the meeting of the Local Pension Board held on 22^nd June 2021 were otherwise noted by the Committee.

Report to follow

The Committee was presented with a report to admit Atalian Servest Food Co Ltd to the Havering Pension Fund.

Members noted that Atalian Servest Food Co Ltd had been awarded a contract for the catering of Marshalls Park Academy (MPA) with 3 employees from MPA having continued membership in the LGPS fund. Members noted that the contract commenced on 1^st September 2019 for a minimum of 3 years. The Committee noted a liability of 40.3% and an indemnity bond of £60,000.

The Committee agreed to the admission of Atalian Servest Food Co Ltd to the Havering Pension Fund subject to:

a)    All parties signing up to an Admission Agreement, and

b)    Atalian Servest Food Co Ltd securing a bond of £60,000 or guarantor to protect the pension fund.

Report to follow

The Committee were presented with the 2020/2021 annual report.

The Committee noted the work done by the Committee and considered the Committee’s business work plan for 2021/22 and beyond. The Members noted the new net zero climate change guidelines and were made aware of the new risks in the portfolio. Members noted a commitment of £25 million to the LCIV Renewables fund.

The Committee agreed the Business Plan/Report of the work of the Committee for the year 2020/21.

Report and appendices attached

The Committee were presented with the Council’s unaudited statement of accounts for the year end 31st March 2021.

Members noted the statement would be published on 1st August 2021 with the audited statement being presented to the Committee as part of the Annual Report by 1st December 2021. Members also noted the net assets moved from £728million to £874million.

The Committee considered and noted the Havering Pension Fund Accounts (unaudited) as at 31st March 2021.

The Committee agreed 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.

Report and appendix attached

The Committee were presented with the Investment Strategy Update from the Fund’s Investment Advisor, Hymans.

The Committee noted the exempt appendix and agreed the recommendations as set out in Section 2 and 3 of the report.

Report and appendices attached

The Committee were presented with the Pension Fund performance report for the quarter ending March 2021.

Members noted the total fund value was £874.91 million as at 31^st March 2021, according to Northern Trust, which was an increase of 2.33% compared to 31^st December 2020. Members noted the cash level was £15.963 million and considered an additional £12 million to be invested with JP Morgan to adjust the underweight position.

Members also noted officer’s involvement in the development of the low carbon mandate being constructed by the London CIV and the commencement of financing the £25 million commitment to the renewable energy fund.

The Committee:

a)    Considered Hymans Market Background, Strategic Overview and Manager Performance Report (Appendix A)

b)    Considered Hymans Performance Report and views (Appendix B Exempt)

c)    Agreed Hymans recommendation to increase the allocation to JP Morgan of £12m (Section 8.1 (c) refers)

d)    Received presentation from the Funds Private Debt Manager Churchill Nuveen (Appendix C – Exempt)

e)    Considered the quarterly reports sent electronically, provided by each investment manager.

f)     Noted the analysis of the cash balances