Agenda and minutes

The Democratic Services Officer advised the meeting of the procedure.

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.

There were none.

Apologies were received from John Finch.

There was none.

There were none.

There were none.

The public and exempt minutes of the meeting of 2^nd September 2019 were approved as a correct record and signed by the Chair.

The Investment Manager presented the report. She asked Members to note:

(i)  Emerging Market Equities had transitioned to Brunel in October; a report on this transition would be made to the next meeting of the Panel; 

(ii)  High Alpha Global Equities transition is in progress.

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

After the discussion had been completed, the Panel RESOLVED:

1. to note the progress made on the pooling of assets;

2. to note the project plan for the transition of assets.

The Assistant Investments Manager introduced this item. He reminded Members that the Panel had already delegated authority for the implementation of an interim equity protection strategy after the expiry of the current strategy. Mercer had prepared an update paper, which was contained in Appendix 1 to the report. The paper set out three options with different cost-benefit profiles. The Panel was invited to agree one of these options and to delegate its implementation to Officers in consultation with Mercer.

Before considering the Mercer Equity Protection Evolution report in Appendix 1 the Panel, having been satisfied that the public interest would be better served by not disclosing relevant information, RESOLVED that the public should be excluded for the remainder of this item and that the reporting of this part of the meeting should be prevented, in accordance with the provisions of section 100(A)(4) of the Local Government Act 1972, because of the likely disclosure of exempt information as defined in paragraph 3 of Schedule 12A of the Act as amended.

After the discussion was concluded the Panel RESOLVED:

1. that it agreed that the Developed and Emerging Market Equities option on page 13 of Exempt Appendix 1 best achieved the Fund’s objective;

2. to delegate the implementation of the equity risk strategy to Officers in consultation with the investment consultant.

The Assistant Investments Manager presented the report.

Mr Turner presented the Mercer Performance Monitoring Report

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

Mr Page presented the Mercer Risk Management Framework Quarterly Monitoring Report.

The Panel returned to open session and RESOLVED:

1.  to note information as set out in the reports;

2.  that there were no issues to notify to the Committee.

The Investment Manager presented the report.

RESOLVED to note the Panel work plan to be included in Committee papers.