Issue - meetings

26.1        The Committee considered an update report on the Governance of the East Sussex Pension Fund, introduced by Sian Kunert who drew the Committee’s attention to the following:

1)    The Fund submitted a response to the letter from the Minister for Local Government in May.

2)    It is key that the effectiveness of the pool and how well it is working is highlighted in response to the risk the review poses to the Fund.

3)    Pensions Review has begun with lots of work ongoing, a call for evidence has been received. The response will be  circulated  to the Committee shortly after the meeting.

4)    The Funding position has gone up slightly since the last quarter.

26.2        The Committee noted that the Fund’s Conflict of Interest Policy is due for its three-year review and that the changes to the policy include the addition of a reference to the potential conflict as Employer and Administering Authority and a new section on Investment conflicts. The Committee noted that:

1)    The Investment conflicts have been drawn from the investment strategy and the Fiduciary Duty text has been taken from previously approved documents.

2)    The draft policy was presented to the Board who felt the text could be better highlighted.

3)    Some members of the Committee felt the new inserts could cause confusion and were dealt with elsewhere in other documents and that other considerations could be included; officers confirmed that the policy is seeking ensure all potential or perceived conflicts are in the policy as it is the primary code which Officers, members and suppliers must adhere to so should be comprehensive as a standalone policy. Officers agreed to consider the points raised as additional examples of potential conflicts.

26.3        The Committee RESOLVED to:

1)    Note the updates.

2)   Approve the revised Conflicts of Interest Policy subject to officers considering the points raised; and

3)   Delegate authority to Chief Finance Officer to submit a response to the Governments Pensions Investment Review: Call for Evidence.