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 icon PDF 155 KB

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 icon PDF 135 KB

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 icon PDF 218 KB

Additional documents:

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 icon PDF 141 KB

·         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 icon PDF 128 KB

Additional documents:

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 icon PDF 126 KB

Additional documents:

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 icon PDF 83 KB

Additional documents:

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 icon PDF 199 KB

Additional documents:

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

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]