Issue - meetings

7.1       The Board considered a report titled External Assurance Report from Third Parties.

7.2       SM queried whether Newton’s external assurance report – mentioned in the Internal Audit report as outstanding – was still outstanding. OO confirmed that it has now been received as it had been handed to KPMG as part of the annual external audit of the ESPF Accounts.

7.3       The Chair asked what investment managers were asked to fill out in order to respond to the external assurance reports for third parties. OO said that an agreement about what information to provide, data requirement, and in what format, are included as part of the investment management agreement between the ESPF and its investment managers. This is provided by the fund managers’ external auditors and covers detailed information about existing controls and procedures.  This is in compliance with the Financial Conduct Authority (FCA) regulations.

7.4       The Board RESOLVED to note the report.

4.1       This item was introduced by Ola Owolabi (OO).

4.2       OO confirmed that Newton had submitted their external assurance report.

4.3       The Pension Board were reassured to see that ESPF was given full assurance by Internal Audit.

4.4       The Board RESOLVED to note this report.