Agenda and minutes

Pension Committee - Monday, 26th February, 2018 10.00 am

Venue: Committee Room, County Hall, Lewes. View directions

Contact: Harvey Winder Democratic Services Officer

Items
No.	Item
49.	Minutes PDF 127 KB View the declarations of interest for item 49. Minutes: 49.1 The Committee agreed the minutes of the meeting held on 27 November 2017.
50.	Apologies for absence View the declarations of interest for item 50. Minutes: 50.1 There were no apologies for absence.
51.	Disclosure of Interests View the declarations of interest for item 51. 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. Minutes: 51.1 Cllr Richard Stogdon declared a personal, non-prejudicial, interest as the trustee of a private Trust fund managed by Ruffer.
52.	Urgent items View the declarations of interest for item 52. Notification of items which the Chair considers to be urgent and proposes to take at the appropriate part of the agenda. Minutes: 52.1 There were no urgent items.
53.	Pension Board Minutes PDF 102 KB View the declarations of interest for item 53. Minutes: 53.1 The Committee considered the draft minutes of the Pension Board meeting held on 8 February 2018. 53.2 The Committee RESOLVED to note the draft minutes.
54.	Quartely Performance Report - Hymans Robertson PDF 480 KB View the declarations of interest for item 54. View the background to item 54. View the decision for item 54. · Quarter 4 monitoring report · New Manager Rating System · Stock Lending Additional documents: Item 6b - New Manager Rating System , item 54. PDF 298 KB Item 6c - Stock Lending , item 54. PDF 246 KB Minutes: 54.1 The Committee considered the following reports by Hymans Robertson: · Quarter 4 monitoring report · New Manager Rating System · Stock Lending · Fund Review – Pantheon Global Infrastructure III 54.2 The Committee RESOLVED to: 1) Note the reports; and 2) agree to invest in the Pantheon Global Infrastructure III Fund in order to help fulfil the proposed increase in the East Sussex Pension Fund’s commitment in infrastructure and private equity from 2% to 4%.
55.	Fund Performance - Longview Partners View the declarations of interest for item 55. View the background to item 55. Minutes: 55.1 The Committee received a presentation from the investment fund manager Longview Partners.
56.	Carbon Footprint Measurement - Trucost View the declarations of interest for item 56. View the background to item 56. Additional documents: East Sussex Carbon Footprint Report 2018(Final) , item 56. PDF 3 MB LGIM Global - Carbon Footprint Report - FTSE All World , item 56. PDF 1 MB Minutes: 56.1 The Committee received a presentation by Trucost on its Carbon Footprint Measurement of the East Sussex Pension Fund. 56.2 The Committee RESOLVED to request that the data on LGIM Global and LGIM UK be revised.
57.	Passive Investment Transition - UBS View the declarations of interest for item 57. View the background to item 57. Minutes: 57.1 The Committee received a presentation on the transition of the East Sussex Pension Fund’s passive investments to UBS. 57.2 The Committee expressed significant concern about the cost of transitioning passive funds to UBS, including the new Life Climate Aware World Equity Fund. 57.3 The Committee RESOLVED to note the presentation.
58.	Investment Strategy Statement PDF 140 KB View the declarations of interest for item 58. View the background to item 58. Additional documents: Appendix 1 - Investment Strategy Statement 2018 , item 58. PDF 526 KB Minutes: 58.1 The Committee considered an updated Investment Strategy Statement. 58.2 The Committee noted that the potential cost of establishing a sub-fund within ACCESS – which would be necessary in the event of not agreeing to undertake stock lending – was not available for consideration. 58.3 The Committee RESOLVED to defer this item until more information on the cost of not undertaking stock lending is provided.
59.	Local Government Pension Scheme (LGPS) Pooling - ACCESS update PDF 169 KB View the declarations of interest for item 59. View the background to item 59. Additional documents: Appendix 1 - ACCESS Pension Board update , item 59. PDF 359 KB Minutes: 59.1 The Committee considered a report on the progress of the ACCESS pooled fund. 59.2 The Committee RESOLVED to note the report.
60.	External Audit Plan - East Sussex Pension Fund PDF 125 KB View the declarations of interest for item 60. View the background to item 60. Additional documents: Appendix 1 - ESCC Pension Fund 2017-18 audit plan , item 60. PDF 192 KB Minutes: 60.1 The Committee considered a report on the proposed External Audit Plan for the East Sussex Pension Fund. 60.2 The Committee RESOLVED to note the report.
61.	Communications Policy Statement PDF 84 KB View the declarations of interest for item 61. View the background to item 61. View the decision for item 61. Additional documents: Appendix 1 - Draft Communication Policy 2018 , item 61. PDF 104 KB Minutes: 61.1 The Committee considered a report on the Communications Policy Statement 2018/19. 61.2 The Committee RESOLVED to approve the Communications Policy Statement 2018/19.
62.	Internal Audit Report - Pension Fund Governance and Investments PDF 124 KB View the declarations of interest for item 62. View the background to item 62. Additional documents: Appendix 1 - Final Internal Audit Report Pension Governance and Investments , item 62. PDF 448 KB Minutes: 62.1 The Committee considered a report by Internal Audit on Pension Fund Governance and Investments. 62.2 The Committee RESOLVED to note the report.
63.	East Sussex Pension Fund 2017/18 Budget monitoring and 2018/19 Budget report PDF 230 KB View the declarations of interest for item 63. View the background to item 63. View the decision for item 63. Minutes: 63.1 The Committee considered the East Sussex Pension Fund 2017/18 Budget monitoring and 2018/19 Budget report. 63.2 The Committee RESOLVED to: 1) note the 2017/18 Budget Monitoring; and 2) approve the East Sussex Pension Fund Budget for 2018/19.
64.	Officers' Report - Pensions Governance and Administrations PDF 203 KB View the declarations of interest for item 64. View the background to item 64. Additional documents: Appendix 1 - PB Member Replacement , item 64. PDF 211 KB Appendix 2 - Annual Benefit Statement covering report , item 64. PDF 77 KB Appendix 3 - 2018 Annual Benefit Statement Proposed Schedule , item 64. PDF 191 KB Minutes: 64.1 The Committee considered a report providing a general update on pension governance and administrations. 64.2 The Committee RESOLVED to note the report.
65.	Work Programme PDF 125 KB View the declarations of interest for item 65. Additional documents: Appendix 1 -ESPF - Business Plan , item 65. PDF 620 KB Minutes: 65.1 The Committee considered a report on its work programme. 65.2 The Committee RESOLVED to note the report.
66.	Exclusion of the Public and Press View the declarations of interest for item 66. 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). Minutes: 66.1 The Committee RESOLVED to exclude 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).
67.	Pension Employers - Update View the declarations of interest for item 67. View the reasons why item 67. is restricted View the background to item 67. Minutes: 67.1 The Committee considered a report on employer members of the East Sussex Pension Fund. 67.2 The Committee RESOLVED to note the report.