Agenda and minutes

12.1     The Committee agreed the minutes of the meeting held on 27 July 2015.

13.1     There were no apologies for absence.

Disclosures by all Members present of personal interests in matters on the agenda, the nature of any interest and whether the Members regard the interest as prejudicial under the terms of the Code of Conduct.

14.1     Cllr Godfrey Daniel declared a personal, non-prejudicial interest as a scheme member of two East Sussex Pension Funds.

Notification of items which the Chair considers to be urgent and proposes to take at the appropriate part of the agenda.

15.1     There were none.

16.1     The Committee considered the draft minutes of the Pension Board meeting held on 8 September 2015.

16.2     The Committee RESOLVED to note the report.

·         The ‘Big Picture’ Economic and Market Outlook – Newton

·         East Sussex Pension Fund Investment Performance Review – State Street

·         East Sussex Pension Fund Annual Strategy Day – Hymans Robertson

17.1     The Committee discussed presentations from Newton, State Street and Hymans Robertson.

18.1     The Committee considered a report by the Chief Operating Officer setting out the programme of future quarterly meetings with fund managers.

18.2     The Committee RESOLVED to agree the proposed programme of meeting fund managers.

19.1     The Committee considered a report by the Chief Operating Officer on the appointment of service providers regarding Investment Consultancy Services, and Actuarial and Benefit Consultancy Services.

19.2     The Committee RESOLVED to:

1)    Note the report and its appendices;

2)    Agree to nominate Councillors Stogdon and Tutt to an Appointments Panel; and

3)    Agree that it wishes to delegate the decision to the Appointments Panel.

20a.1   The Committee considered a report by the Chief Finance Officer providing background information on the administration service provided to the Pension Fund by Orbis Business Operations.

20a.2   The Committee RESOLVED to note the report and its appendices.

20b.1     The Committee considered a report by the Chief Finance Officer providing a general update on matters related to its activity.

20b.2     The Committee RESOLVED to note the report.

20c.1     The Committee considered a report by the Chief Finance Officer providing the costs relating to the East Sussex Pension Fund (ESPF) investment management fees.

20c.2     The Committee RESOLVED to note the report and its appendices.

21.1       The Committee considered a report by the Chief Finance Officer setting out the proposed forward plan for the Pension Board and Pension Committee for 2015/16.

21.2       The Committee RESOLVED to note the report and its appendices.

To consider excluding the public and press from the meeting for the remaining agenda item on the grounds that if the public and press were present there would be disclosure to them of exempt information as specified in paragraph 3 of Part 1 of the Local Government Act 1972 (as amended), namely information relating to the financial or business affairs of any particular person (including the authority holding that information).

22.1     The Committee RESOLVED to exclude the press and public from the meeting for the remaining agenda item on the grounds that if the press and public were present there would be disclosure to them of exempt information as specified in paragraph 3 of Part 1 of the Local Government Act 1972 (as amended), namely information relating to the financial or business affairs of any particular person (including the authority holding that information). It is considered that the public interest in maintaining the exemption outweighs the public interest in disclosing the information.

23.1     The Committee agreed the exempt minutes of the meeting held on 27 July 2015.

24.1     The Committee considered a report by the Chief Operating Officer on Equity Structure Review.

24.2     The Committee agreed model 1 as the preferred equity structure option.