Agenda and minutes

22.1     The minutes of the meeting held on 10 July 2019 were agreed as a correct record.

23.1     Apologies for absence were received from Cllr Trevor Webb.

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.

24.1     There were no disclosures of interest.

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

25.1     There were no urgent items.

26.1     The Committee RESOLVED to note the Pension Board summary of discussion.

27.1     The Committee considered the Quarterly Performance Report of investment managers.

27.2     The Committee RESOLVED to note the report.

28.1     The Committee heard a presentation from the investment manager Newton.

29.1     The Committee considered a report providing an update on the progress of the triennial valuation.

29.2     The Committee RESOLVED to:

1. note the progress of the actuarial valuation;

2. agree the background to measuring the funding level alongside initial whole fund valuation results;

3. agree the policy areas within the Funding Strategy Statement (FSS) that are under review alongside the valuation;

4. agree the next steps in the valuation in relation to setting employer contribution rates.

30.1     The Committee considered a report containing an updated draft of the East Sussex Pension Fund’s Statement of Investment Beliefs.

30.2     The Committee RESOLVED to:

1) note the report; and

2) request that a revised Statement of Investment Beliefs is considered at a future meeting.

31.1     The Committee considered a report containing an updated draft of the East Sussex Pension Fund’s Governance Compliance Statement.

31.2     The Committee RESOLVED to agree the updated Governance Compliance Statement.

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

32.1     The Committee RESOLVED to note the report.

33.1     The Committee considered a report providing an update on matters relating to Pensions Administration activities.

33.2     The Committee RESOLVED to note the report.

34.1     The Committee considered a report providing a general update on matters relating to the Committee activities.

34.2     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).

35.1     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).

36.1     The Committee considered a report on the Fund’s ESG position and consider potential future actions.

36.2     The Committee RESOLVED to:

1)  note the fund’s exposure to fossil fuel companies is 4% and predominantly through passive equity mandates; and

2)  request a future report from Hymans Robertson on exploring:

·         possibilities for rebalancing the passive-active mix of equities;

·         Collaboration within the ACCESS Pool to help the potential of developing ESG investments within the fund; and

·         potential ‘sustainable’ or ‘positive impact’ active equity managers.

37.1     The Committee considered a report on the diversified growth fund investment managers.

37.2     The Committee RESOLVED to note the report.

38.1     The Committee considered a report summarising the discussion of the Strategy Review Day Summary.

38.2     The Committee RESOLVED to note the report.

39.1     The Committee considered an update on the activities undertaken by the ACCESS Pool group.

39.2     The Committee RESOLVED to note the report.

40.1     The Committee considered a report on the End of Year and Annual Benefit Statement Review 2019.

40.2     The Committee RESOLVED to note the report.