Agenda and minutes

32.1     The Committee RESOLVED to agree the minutes of the meeting held on 8 September 2016 as a correct record.

33.1     Apologies for absence were received from Cllrs Bob Standley and Michael Wincott.

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.

34.1     There were none.

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

35.1     There were no urgent items.

36.1     The Committee considered the draft minutes of the Pension Board meeting held on 3 November 2016.

36.2     The Committee RESOLVED to note the draft minutes

·         Presentation

37.1     The Committee received a presentation from the fund manager M & G Infracapital on their fund performance.

38.1     The Committee considered a report by Hymans Robertson the performance of fund managers during the third quarter of 2016.

38.2     Hymans Robertson representatives reminded the Committee that the Fund is planning to hold a Environmental, Social and Governance (ESG) training day in early 2017.  This is a follow up session to the one held earlier this year.

39.1     The Committee considered a report by the Interim Chief Finance Officer providing a summary of and the conclusions from the ACCESS Chairs meeting.

39.2     The Committees RESOLVED to:

1) note the report; and

2) approve the agreement of the Chairmen on the 2 September 2016 to initially rent the operator function, with a view in the medium term to wholly own the operator.

Investment strategy – focusing on the objectives and the parameters

40.1     The Committee considered a report by the Interim Chief Finance Officer setting out the draft results of the 2016 Actuarial Valuation of the East Sussex Pension Fund. Hymans Robertson also gave a presentation discussing the Fund’s objectives and an introduction to the ALM analysis that will take place during 2017.

40.2     The Committee RESOLVED to note the report.

41a.1   The Committee considered a report by the Chief Operating Officer on the performance of the Business Operations team.

41a.2   The Committee RESOLVED to:

1) note the report; and

2) request a report at its next meeting on the comparative cost of pension administration both prior to and since Orbis began providing the service, taking into account developments in the nature of the service provided over that period.

41b.1   The Committee considered a report by the Chief Finance Officer providing a general update on matters related to the Committee’s activity.

41b.2   The Committee RESOLVED to note the report.

42.1     The Committee considered a report by the Chief Finance Officer setting out the Committee’s proposed Forward Plan for 2016/17.

42. 2    The Committee RESOLVED to note the report.

To consider excluding the public and press from the meeting for the remaining items of the agenda on the grounds that if the public and press were present there would be disclosure to them of exempt information as specified in Category 1 of Part 1 of Schedule 12A to the Local Government Act 1972 (as amended), namely information relating to any individual; and Category 3 of Part 1 of Schedule 12A to 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).

43.1     The Committee RESOLVED to exclude the public and press from the meeting for the remaining items of the agenda on the grounds that if the public and press were present there would be disclosure to them of exempt information as specified in Category 1 of Part 1 of Schedule 12A to the Local Government Act 1972 (as amended), namely information relating to any individual; and Category 3 of Part 1 of Schedule 12A to 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).

44.1     The Committee considered a report by the Interim Chief Finance Officer on the extension of the Independent Advisor’s current contract.

44.2     The Committee RESOLVED to agree an extension to the current term for the Independent Advisor to 31 December 2017.