Agenda and minutes

1.1       The Committee RESOLVED to agree the minutes of the meeting held 25 February 2019.

1.2       The Committee thanked Cllr Richard Stogdon for the substantial work he had done over a number of years for the East Sussex Pension Fund.

2.1       Apologies for absence were received from Cllr David Tutt.

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.

3.1       Cllr Webb declared a personal interest as a scheme member of the East Sussex Pension Fund (ESPF).

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

4.1       There were no urgent items.

5.1       The Committee considered the draft minutes of the Pension Board meeting held on 17 June.

5.2       The Committee RESOLVED to note the minutes.

6.1 The Committee considered a quarterly performance report by the East Sussex Pension Fund’s advisers, Hymans Robertson.

6.2 The Committee RESOLVED to note the report.

7.1       The Committee considered a report to inform the Committee of the Fund’s infrastructure portfolio proposal.

7.2       The Committee RESOLVED to:

1) approve that the East Sussex Pension Fund commits £40m to Archmore International Infrastructure Fund III subject to the Chief Finance Officer seeking clarity on the fee in consultation with the chair; and

2) approve that the East Sussex Pension Fund commits £20m to Infracapital Greenfield Partners II LP.

8.1       The Committee considered a presentation by UBS, an investment fund manager of the East Sussex Pension Fund.

• The Internal Audit Strategy for Pensions;
• External Control Assurance;
• Pension Fund Governance and Investments.

9.1       The Committee considered a report on p the draft Internal Audit Strategy for Pensions.

9.2       The Committee RESOLVED to note the report.

10.1     The Committee considered a report on a proposal to publish a revised statement regarding the Fund’s compliance with the Financial Reporting Council’s UK Stewardship Code.

10.2     The Committee RESOLVED to approve the amended UK Stewardship Code Statement.

·         GMP (Guaranteed Minimum Pension) Reconciliation

·         Membership Data Cleanse

·         Administration System Review

·         Annual Benefits Statement (ABS) Exercise.

·         Key Performance Indicators (KPIs)

11.1     The Committee considered a report providing general on matters relating to Pensions Administration activities.

11.2     The Committee RESOLVED to note the report.

12.1     The Committee considered a report providing an update on the current regulatory environment, and consultations that could impact the Local Government Pension Scheme.

12.2     The Committee RESOLVED to note the report.

13.1     The Committee considered a general update on matters relating to the Committee.

13.2     The Committee RESOLVED to note the report.

14.1     The Committee considered its forward plan.

14.2     The Committee RESOLVED to note the report.

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).

15.1    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).

16.1     The Committee considered a report providing an update on the activities undertaken by the ACCESS Pool group.

16.2     The Committee RESOLVED to:

1) note the report; and

2. Approve the East Sussex Pension Fund participation in the launching of Phase 1 Tranche 4 of ACCESS Sub-fund investment mandate.