Agenda and draft minutes

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Contact: Sean O'Neill  01225 395090

Items
No. Item

20.

EMERGENCY EVACUATION PROCEDURE

The Chair will draw attention to the emergency evacuation procedure as set out under Note 9.

 

Minutes:

The Democratic Services Officer advised the meeting of the procedure.

21.

DECLARATIONS OF INTEREST

At this point in the meeting declarations of interest are received from Members in any of the agenda items under consideration at the meeting. Members are asked to complete the green interest forms circulated to groups in their pre-meetings (which will be announced at the Council Meeting) to indicate:

(a) The agenda item number in which they have an interest to declare.

(b) The nature of their interest.

(c) Whether their interest is a disclosable pecuniary interest or an other interest,  (as defined in Part 2, A and B of the Code of Conduct and Rules for Registration of Interests)

Any Member who needs to clarify any matters relating to the declaration of interests is recommended to seek advice from the Council’s Monitoring Officer or a member of his staff before the meeting to expedite dealing with the item during the meeting.

Minutes:

Shirley Marsh declared that she had recently been appointed to Board of Trustees of the Lloyd’s Bank Pensions Scheme.

22.

APOLOGIES FOR ABSENCE AND SUBSTITUTIONS

To receive any declarations from Members of the Committee and Officers of personal/prejudicial interests in respect of matters for consideration at this meeting, together with their statements on the nature of any such interest declared.

 

Minutes:

There were none.

23.

TO ANNOUNCE ANY URGENT BUSINESS AGREED BY THE CHAIR

Minutes:

There was none.

24.

ITEMS FROM THE PUBLIC - TO RECEIVE DEPUTATIONS, STATEMENTS, PETITIONS OR QUESTIONS

Minutes:

There were none.

25.

ITEMS FROM COUNCILLORS AND CO-OPTED AND ADDED MEMBERS

To deal with any petitions or questions from Councillors and, where appropriate, co-opted and added members.

 

Minutes:

There were none.

26.

MINUTES: 4 SEPTEMBER 2017 pdf icon PDF 53 KB

Additional documents:

Minutes:

The public and exempt minutes of the meeting of 4 September 2017 were approved as a correct record and signed by the Chair.

27.

COLLATERAL MANAGEMENT POLICY pdf icon PDF 21 KB

Additional documents:

Minutes:

The Panel, having been satisfied that the public interest would be better served by not disclosing relevant information, RESOLVED, in accordance with the provisions of section 100(A)(4) of the Local Government Act 1972 that the public should be excluded from the meeting for this item of business and that the reporting of this part of the meeting should be prevented, because of the likely disclosure of exempt information as defined in paragraph 3 of Part I of Schedule 12A of the Act as amended.

 

After discussion the Panel approved the recommendations of the report with two amendments.

 

28.

RISK MANAGEMENT FRAMEWORK MONITORING pdf icon PDF 64 KB

Additional documents:

Minutes:

The Panel returned to open session.

 

The Investment Manager introduced this item. She said this new report had been introduced to allow monitoring of how the risk strategies were performing. It would cover LDI, Equity Protection and Currency Hedging. In future it would form an appendix to the quarterly investment performance report.

 

Following discussion the Panel considered the recommendations in paragraph 2 of the report and RESOLVED that it:

 

[2.1] Agrees the format and contents of the Risk Management Framework Quarterly Monitoring Report.

 

[2.2] Notes that the report will be part of the quarterly Investment Performance

Report (as a separate appendix) in the future.

 

[2.3] Notes that there is sufficient collateral in the QIF to support the LDI and

proposed equity protection strategies.

 

29.

REVIEW OF INVESTMENT PERFORMANCE FOR PERIODS ENDING 30 SEPTEMBER 2017 pdf icon PDF 69 KB

Additional documents:

Minutes:

[Cllr Anketell-Jones left the meeting.]

 

The Assistant Investments Manager presented the report. He asked the Panel to note:

 

·  One manager had been downgraded to Red, as noted in Exempt Appendix 3.

·  Progress on the MIFID II opt up process was reported in paragraph 6.1.

·  The DGF mandate had been fully funded and MAC mandate partially funded.

·  A 34% investment commitment had been made to the low carbon tracker fund.

·  Transfers had begun to the new custodian, State Street.

 

Mr Turner commented on the Mercer investment performance report.

 

RESOLVED:

 

1.  To note the information as set out in the reports.

 

2.  That there are no issues to notify to the Committee.

30.

WORKPLAN pdf icon PDF 60 KB

Minutes:

The Investment Manager presented the report.

 

She requested Members who had not returned their feedback training forms to do so.

 

RESOLVED to note the workplan.