Agenda and minutes

Pension Committee - Monday, 27th July, 2015 10.30 am

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

Contact: Harvey Winder 01273 481796

Items
No.	Item
1.	Apologies for absence Minutes: 1.1 Apologies for absence were received from Cllr Frank Carstairs.
2.	Disclosure of Interests Disclosure 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: 2.1 Cllr Godfrey Daniel declared a personal non-prejudicial interest as a scheme member of two East Sussex Pension Fund pensions. 2.2 Cllr Richard Stogdon declared a personal non-prejudicial interest as a trustee of funds managed by Ruffer.
3.	Urgent items Notification of items which the Chair considers to be urgent and proposes to take at the appropriate part of the agenda. Minutes: 3.1 There were none.
4.	Terms of Reference PDF 155 KB View the background to item 4. Minutes: 4.1 The Committee considered its terms of reference, as agreed by the Governance Committee on 10 March 2015. 4.2 The Committee RESOLVED to note the terms of reference of the Pension Committee.
5.	Draft Pension Board Minutes PDF 135 KB View the background to item 5. Minutes: 5.1 The Committee considered the draft minutes of the Pension Board meeting held 10 July 2015. 5.2 The Committee RESOLVED to note the draft Pension Board minutes.
5a	Officers' Report - Business Operations PDF 218 KB View the declarations of interest for item 5a Additional documents: Appendix 1 - March to May 2015 KPIs , item 5a PDF 363 KB Appendix 2 - ABS Template , item 5a PDF 1 MB Minutes: 5a.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. 5a.2 The Committee RESOLVED to note the report and its appendices.
5b	Officers' Report - General Update PDF 141 KB View the declarations of interest for item 5b View the background to item 5b · Cashflow · National Development/Shadow Board updates · Board Training feedback/strategy Minutes: 5b.1 The Committee considered a report by the Chief Finance Officer providing a general update on matters related to its activity. 5b.2 The Committee RESOLVED to note the report and its appendices.
6.	Review of Annual Governance Reports and Pension Fund Accounts 2014/15 PDF 128 KB View the declarations of interest for item 6. View the background to item 6. View the decision for item 6. Additional documents: Appendix 1 - Annual Report 2014-15 , item 6. PDF 1 MB Appendix 2 - KPMG ISA 260 Report 2014-15 , item 6. PDF 279 KB Minutes: 6.1 The Committee considered a report by the Chief Finance Officer summarising the position of the Pension Fund for 2014/15. 6.2 The Committee RESOLVED to: 1) approve the Independent Auditor’s (KPMG) Annual Governance Report on the Pension Fund Annual Report; and 2) authorise the Chief Finance Officer to sign the formal Letter of Representation to KPMG LLP.
7.	Investment Performance for the first quarter of 2015 PDF 126 KB View the declarations of interest for item 7. View the background to item 7. Additional documents: Appendix 1 - Review of Investment Managers' Performance for First Quarter of 2015 , item 7. PDF 290 KB Appendix 2 - Strategy for meeting with the East Sussex Pension Fund managers , item 7. PDF 151 KB Tabled document - Review of Investment Managers' Performance for Second Quarter of 2015 , item 7. PDF 261 KB Minutes: 7.1 The Committee considered a report by the Chief Finance Officer providing an update on the performance of the Pension Fund investment portfolio and that of the individual managers for the quarter ending 31 March 2015. 7.2 The Chair agreed to table an updated version of the review of investment managers’ performance for the quarter ending 30 June 2015. 7.3 The Committee RESOLVED to note the contents of the report, and the detailed analysis provided by Hymans Robertson as the fund advisor.
8.	Governance Compliance Statement PDF 83 KB View the declarations of interest for item 8. View the background to item 8. View the decision for item 8. Additional documents: Appendix 1 - Governance Compliance Statement 2015 , item 8. PDF 228 KB Appendix 2 - Compliance Statement to the Pension Regulators Code of Practice 14 , item 8. PDF 255 KB Minutes: 8.1 The Committee considered a report by the Chief Operating Officer containing the Governance Policy Statement and the Compliance Statement to the Pension Regulator Code of Practice. 8.2 The Committee RESOLVED to approve: 1) the amendments to the Governance Policy Statement; and 2) the Compliance Statement to the Pension Regulator Code of Practice.
9.	Pension Committee Forward Plan 2015/16 PDF 199 KB View the declarations of interest for item 9. Additional documents: Appendix 1 - Forward Plan , item 9. PDF 521 KB Minutes: 9.1 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. 9.2 The Committee RESOLVED to note the report and its appendices.
10.	Exclusion of the public 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: 10.1 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.
11.	Investment Manager (Lazard) Performance View the declarations of interest for item 11. View the reasons why item 11. is restricted View the background to item 11. View the decision for item 11. Minutes: 11.1 The Committee considered a report by the Chief Finance Officer summarising the performance of Lazard, one of the East Sussex Pension Fund investment managers. 11.2 RESOLVED: The Committee was minded to agree recommendation B contained in the report. [The full decision is set out in an exempt minute]