Decision details

MINUTES OF THE AVON PENSION COMMITTEE INVESTMENT PANEL: 27 FEBRUARY 2019

Decision Maker: Pension Board

Decision status: Approved

Is Key decision?: No

Is subject to call in?: No

Decisions:

Exempt Minute 43: Brunel Pension Partnership

 

A Member asked about transition costs. The Investment Manager explained that transitions were performed by a transition manager. Before the transition an estimate was made of the costs of the transition, which was used as guidance in selecting a transition manager. The costs were higher than estimated, but officers were satisfied that they were reasonable.

 

The draft Minutes of the meeting of the Brunel Oversight Board for 30 April were circulated to Members, and the Investment Manager gave an update on Brunel Pension Partnership. She said that Brunel was reviewing its governance arrangements and its internal control environment. Brunel had issued a Climate Change Position Statement. The Committee would be considering climate change in October/Novembers as part of its review of investment strategy and she hoped that by then Brunel’s climate change policy would be well-developed if not finalised.

 

The Chair requested that the Board to be kept informed about the progress of the Brunel governance review and any changes proposed. The Investment Manager reminded the Board that governance changes were a reserved matter, and would have to be approved by the shareholders. The Chair also asked about the reporting of investment costs and whether there would be transparency about the impact on APF. The Investment Manager said that there would be information in the Fund’s annual report about actual and cumulative costs, with a commentary. She was waiting for the final numbers to be provided.

 

RESOLVED to note the public and exempt Minutes of the Avon Pension Fund Committee Investment Panel of 27 February 2019.

Publication date: 04/07/2019

Date of decision: 13/06/2019

Decided at meeting: 13/06/2019 - Pension Board

Accompanying Documents: