Agenda and draft minutes

Venue: Brunswick Room - Guildhall, Bath. View directions

Contact: Sean O'Neill  01225 395090

Items
No. Item

31.

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.

32.

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:

There were none.

33.

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.

34.

TO ANNOUNCE ANY URGENT BUSINESS AGREED BY THE CHAIR

Minutes:

There was none.

35.

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

Minutes:

There were none.

36.

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.

37.

MINUTES 13TH NOVEMBER 2017 pdf icon PDF 61 KB

Additional documents:

Minutes:

The public and exempt Minutes of the meeting of 13th November 2017 were approved as a correct record and signed by the Chair.

38.

Review Of Investment Performance For Periods Ending 31 December 2017 pdf icon PDF 69 KB

This paper reports on the performance of the Fund’s investment managers and seeks to update the Panel on routine aspects of the Fund’s investments. The report contains performance statistics for period ending 31 December 2017.

The report focuses on the performance of the individual investment managers and the implementation of the investment strategy. The full performance report with aggregate investment and funding analysis will be reported to the Committee meeting on 23 March 2018. 

 

Additional documents:

Minutes:

The Assistant Investments Manager summarised the key information in the covering report.

 

Mr Turner presented the Mercer Investment Report and commented on manager performance.

 

Before discussing Exempt Appendix 4, 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 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.

 

RESOLVED to note the information as set out in the reports.

39.

STRATEGIC POLICY UPDATE pdf icon PDF 72 KB

The Fund has implemented a number of changes to its strategic allocation following its review of its Investment Strategy in 2017. 

The Fund will begin to transfer its assets to Brunel in 2018/19.  The process will take a few years. Brunel has developed a timeline with the Client Group which is broadly in line with the timeline in the Full Business Case (agreed 1Q17).  In addition, the portfolio specifications to be offered by Brunel have been agreed with the Client Group.  Funds now have to map their existing mandates to the Brunel portfolios. 

This report updates the Panel on

a)  outstanding actions from the strategic review;

b)  the mapping of Avon’s current & future mandates to Brunel portfolios

c)  the transition timeline

 

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.

 

The Investment Manager presented the report.

 

Jupiter Asset Management gave a presentation to the Panel.

 

After discussion it was RESOLVED:

 

1.  To note the work programme for the outstanding actions from the 2017 Investment Review and agrees the proposal for Sustainable Equities.

 

2.  To recommend to the Committee the mapping of the Avon mandates to the Brunel portfolios.

 

3.  To note the proposed timeline for transitioning the assets into the pool.

40.

WORKPLAN pdf icon PDF 60 KB

This report sets out the workplan for the Panel to end 2018.  The workplan is provisional as the Panel will respond to issues as they arise and as work is delegated from the Committee. 

 

Minutes:

The Investment Manager presented the report.

 

RESOLVED to note the workplan to be included in the Committee papers.