Agenda and minutes
PDF 76 KBVenue: Committee Room A, County Hall. View directions
Contact: Cheryl Hardman
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APOLOGIES FOR ABSENCE AND SUBSTITUTIONS
Minutes: Apologies for absence were received from Nick Skellett and Ian Perkin. |
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MINUTES OF THE PREVIOUS MEETING [15 February 2013]
To agree the minutes of the Pension Fund Investment Advisors’ Group as a true record of its last meeting. Minutes: The minutes of the last meeting of the Pension Fund Investment Advisors’ Group were noted. |
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DECLARATIONS OF INTEREST
To receive any declarations of disclosable pecuniary interests from Members in respect of any item to be considered at the meeting.
Notes: · In line with the Relevant Authorities (Disclosable Pecuniary Interests) Regulations 2012, declarations may relate to the interest of the member, or the member’s spouse or civil partner, or a person with whom the member is living as husband or wife, or a person with whom the member is living as if they were civil partners and the member is aware they have the interest. · Members need only disclose interests not currently listed on the Register of Disclosable Pecuniary Interests. · Members must notify the Monitoring Officer of any interests disclosed at the meeting so they may be added to the Register. · Members are reminded that they must not participate in any item where they have a disclosable pecuniary interest.
Minutes: Mike Goodman declared a personal interest in Item 15 as his son works for British American Tobacco.
Tony Elias declared a personal interest in that he has a pension policy with Standard Life.
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QUESTIONS AND PETITIONS
To receive any questions or petitions.
Notes: 1. The deadline for Member’s questions is 12.00pm four working days before the meeting (24 May 2013). 2. The deadline for public questions is seven days before the meeting (24 May 2013). 3. The deadline for petitions was 14 days before the meeting, and no petitions have been received.
Minutes: There were none. |
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GOVERNANCE POLICY STATEMENT
Administering authorities are required to prepare, approve and publish a governance policy statement. This report recommends a Governance Policy Statement for approval by the Surrey Pension Fund Board. Additional documents: Minutes: Declarations of Interest:
None.
Officers:
Paul Baker, Pensions Manager John Harrison, Surrey Pension Fund Advisor Kevin Kilburn, Deputy Chief Finance Officer Sheila Little, Chief Finance Officer Alex Moylan, Senior Accountant Phil Triggs, Strategic Manager, Pension Fund and Treasury
Key Points Raised During the Discussion:
1. The Strategic Manager, Pension Fund and Treasury introduced the item. 2. There was a discussion about whether a co-opted Member position should be offered specifically to a Surrey pensioner. However, it was felt that the Employee Representative position addressed this.
Actions/Further Information to be Provided:
None.
RESOLVED:
That the Governance Policy Statement be APPROVED.
Next Steps:
None.
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GOVERNANCE COMPLIANCE STATEMENT
Local authority pension funds are required to publish a Governance Compliance Statement. A statement has been drafted for consideration and approval.
Additional documents: Minutes: Declarations of Interest:
None.
Officers:
Paul Baker, Pensions Manager John Harrison, Surrey Pension Fund Advisor Kevin Kilburn, Deputy Chief Finance Officer Sheila Little, Chief Finance Officer Alex Moylan, Senior Accountant Phil Triggs, Strategic Manager, Pension Fund and Treasury
Key Points Raised During the Discussion:
1. The Strategic Manager, Pension Fund and Treasury introduced the item. He highlighted that the only issue that was shy of best practice was the matter that of key stakeholders should ideally be afforded the opportunity to be represented within the Pension Fund Board. It is impractical to have over 100 employer bodies directly represented on the Pension Fund Board and so this area is categorised as ‘explain’. Other than on this point, the pension fund is fully compliant.
Actions/Further Information to be Provided:
None.
RESOLVED:
That the Governance Compliance Statement be APPROVED.
Next Steps:
The statement will be monitored and reviewed.
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PENSION FUND BUSINESS PLAN 2013/14
The 2001 Myners Report recommended that local authority pension funds should approve an annual business plan in respect of the objectives required for the ensuing year. Business planning is regarded as an important tool, assisting in the identification of how service delivery can be maximised within resource constraints. A business plan has been drafted for consideration and approval. Additional documents: Minutes: Declarations of Interest:
None.
Officers:
Paul Baker, Pensions Manager John Harrison, Surrey Pension Fund Advisor Kevin Kilburn, Deputy Chief Finance Officer Sheila Little, Chief Finance Officer Alex Moylan, Senior Accountant Phil Triggs, Strategic Manager, Pension Fund and Treasury
Key Points Raised During the Discussion:
1. The Strategic Manager, Pension Fund and Treasury introduced the item. 2. The Business Plan had been agreed at a previous Investment Advisors’ Group meeting. The Plan had been slightly revised to fine-tune some of the objectives and was being brought to the Board so that it is in the public domain. 3. A Member queried whether action 5 to address the Actuarial/Funding objectives addressed liabilities. It was confirmed that it did.
Actions/Further Information to be Provided:
None.
RESOLVED:
That the Pension Fund Business Plan 2013/14 be ADOPTED.
Next Steps:
1. Progress monitoring will take place and, if necessary, matters will be discussed at future Board meetings. 2. Outturn report of the 2013/14 financial year to be presented at the first meeting of the Pension Fund Board in 2014/15.
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PENSION FUND RISK REGISTER
Surrey County Council, as administering authority for the Surrey Pension Fund, is responsible for the delivery of benefit promises made to members of the Surrey Pension Fund. It achieves this by setting objectives and goals with varying timeframes. Risks lie in failing to meet the intended goals.
Risks that are established as an issue must be identified and evaluated via a risk register. The risks must be prioritised with existing controls or new controls implemented to mitigate the risks. This should be recorded in a risk register, which needs regular monitoring.
A risk register has been drafted for consideration and approval. Additional documents: Minutes: Declarations of Interest:
None.
Officers:
Paul Baker, Pensions Manager John Harrison, Surrey Pension Fund Advisor Kevin Kilburn, Deputy Chief Finance Officer Sheila Little, Chief Finance Officer Alex Moylan, Senior Accountant Phil Triggs, Strategic Manager, Pension Fund and Treasury
Key Points Raised During the Discussion:
1. The Strategic Manager, Pension Fund and Treasury introduced the item. 2. The Risk Register had been agreed by the Investment Advisors’ Group but was being brought to the first meeting of the Board so that it is in the public domain. 3. Members discussed the subjectivity of assessing the likelihood of a risk and the flexibility to review the ranking of likelihoods. Officers stressed that the Risk Register is a working document and should be kept under review. Best practice would be for the Pension Fund Board to review the Risk Register on a quarterly basis. 4. The Chairman suggested that if Members had any comments that they should send them to the Strategic Manager, Pension Fund and Treasury and a more robust discussion could be held on those points at the next meeting of the Board. 5. It was suggested that the likelihood of financial loss from fraudulent activity was higher than it had been assessed to be. However, officers confirmed that the risk specifically related to internal organisational loss rather than external. 6. A Member highlighted the risk from untrained substitutes attending Pension Fund Board meetings. The Chairman stated that substitutes would not be accepted for the Board.
Actions/Further Information to be Provided:
None.
RESOLVED:
1. That the process by which the Risk Register has been compiled be APPROVED, subject to any suitable additions or amendments made to the Strategic Manager, Pension Fund and Treasury following the meeting. 2. That the Risk Register be APPROVED.
Next Steps:
The Risk Register to be reviewed on a quarterly basis.
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COMMUNICATION POLICY STATEMENT
Local authority pension funds are required to publish a communication policy. A schedule has been drafted for consideration and approval. Additional documents: Minutes: Declarations of Interest:
None.
Officers:
Paul Baker, Pensions Manager John Harrison, Surrey Pension Fund Advisor Kevin Kilburn, Deputy Chief Finance Officer Sheila Little, Chief Finance Officer Alex Moylan, Senior Accountant Phil Triggs, Strategic Manager, Pension Fund and Treasury
Key Points Raised During the Discussion:
1. The Strategic Manager, Pension Fund and Treasury introduced the item. 2. The Chairman highlighted that work on the Pension Fund website was ongoing.
Actions/Further Information to be Provided:
None.
RESOLVED:
That the Communication Policy Statement be APPROVED.
Next Steps:
None.
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KEY PERFORMANCE INDICATORS
In line with best practice, Pension Fund Board members will be supplied with Pension Fund key performance indicators (KPIs) on a quarterly basis, covering investment and administration practices.
A KPI Statement format has been drafted for consideration and approval. Additional documents: Minutes: Declarations of Interest:
None.
Officers:
Paul Baker, Pensions Manager John Harrison, Surrey Pension Fund Advisor Kevin Kilburn, Deputy Chief Finance Officer Sheila Little, Chief Finance Officer Alex Moylan, Senior Accountant Phil Triggs, Strategic Manager, Pension Fund and Treasury
Key Points Raised During the Discussion:
1. The Strategic Manager, Pension Fund and Treasury introduced the item. He tabled a revised set of Key Performance Indicators (KPIs), which are attached as Annex 1. The revisions are to make the KPIs more achievable and realistic. The KPIs are subject to constant revision and improvement and Members were invited to make suggestions. 2. Members felt that the KPIs indicated a remarkably efficient department. It was suggested that where targets such as issuing notification of dependent’s pension within 5 days are missed, an explanation be provided. If targets are only being missed by a day this wouldn’t suggest a serious problem but if target timescales are being missed by a more significant period Members need to know. 3. Officers informed the Board that it was not yet clear what the KPIs on data quality within the pension fund would focus on. Officers will report back to the Board on these issues. 4. It was confirmed that it was common practice for Pension Funds to have a set of KPIs and publish them. The tabled KPIs were collated by talking to contacts in other local authority pension funds. There are currently no statutory KPIs for pension funds. However, there is anticipation that KPIs could become regulatory. It is best practice for Pension Fund Boards to review KPIs on a quarterly basis. 5. In response to a query about why the new joiners KPI target had been reduced when performance appears to have outstripped the original target, officers clarified that the current score reflects the last two quarters but the average score across the year is likely to be different, mainly as a result of the auto-enrolment initiative where a substantial number of new joiners will need to be processed. The Pensions Manager also explained that new joiner activity is somewhat cyclical in terms of volume rather than all year round constant. 6. Officers explained that contributions received were not 100% as occasionally some chasing is required. 7. Members stressed that the Board should not always set targets so that they are immediately achievable. Targets should also be ambitious but achievable.
Actions/Further Information to be Provided:
None.
RESOLVED:
That the KPI statement format be APPROVED.
Next Steps:
Members to send any additional comments on the KPIs to the Strategic Manager, Pension Fund and Treasury
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KNOWLEDGE & SKILLS FRAMEWORK (CIPFA) FOR THE PENSION FUND
The 2001 Myners Report recommended that local authority trustees responsible for decision making on the investment of pension funds should have sufficient expertise to be able to understand the relevant issues, and to question recommendations put before them by officers and investment consultants.
A Knowledge and Skills Toolkit from the Chartered Institute of Public Finance and Accountancy (CIPFA), in collaboration with Hymans Robertson, has been developed in order to facilitate gaining knowledge of the current issues and technical knowledge required for decision making. The Board is to consider adopting the CIPFA Knowledge and Skills Framework.
Minutes: Declarations of Interest:
None.
Officers:
Paul Baker, Pensions Manager John Harrison, Surrey Pension Fund Advisor Kevin Kilburn, Deputy Chief Finance Officer Sheila Little, Chief Finance Officer Alex Moylan, Senior Accountant Phil Triggs, Strategic Manager, Pension Fund and Treasury
Key Points Raised During the Discussion:
1. The Strategic Manager, Pension Fund and Treasury introduced the item. He informed the Board that the Investment Panel had completed knowledge questionnaires which indicated that where training had been provided, the knowledge had been retained, specifically on investment areas. Gaps that needed attention included governance, administration and procurement. The ongoing training programme for the Board will focus on these areas as well as additional specialist investment areas. 2. The Strategic Manager, Pension Fund and Treasury informed the Board that adopting the CIPFA Knowledge and Skills Framework does not provide official accreditation. It was an informal training arrangement. 3. New members would need to complete the needs assessment before the next meeting on 30 August 2013.
Actions/Further Information to be Provided:
None.
RESOLVED:
1. That the CIPFA Knowledge and Skills Framework be ADOPTED. 2. That the Pension Fund and Treasury Manager use the existing completed knowledge questionnaires that Board members completed in 2012 as a basis for agreeing with members an appropriate training programme. 3. That new members complete the knowledge questionnaire prior to the next meeting of the Surrey Pension Fund Board on 30 August 2013.
Next Steps:
1. Proposals implemented by 30 September 2013. 2. Pension Fund and Treasury Manager to consult with CIPFA and Hymans Robertson reference training provision. 3. Progress monitoring will take place and success or otherwise of the project will be discussed at future Board meetings. 4. Outcomes will be outlined in the Annual Review Report for 2013/14.
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Starting from 1 October 2012, the Pensions Act 2008 requires all employers to automatically enrol employees classed as eligible jobholders into a pension scheme. Employers can either enrol eligible jobholders into their own qualifying pension scheme or the National Employment Savings Trust (NEST) scheme set up by the Government. Public sector employers are however only able to enrol employees into their occupational pension schemes.
Auto-enrolment will be introduced gradually over a period of four years with each employer being given a “staging date” to auto-enrol their employees. The larger the employer the earlier the staging date.
The County Council counts as the pension fund’s largest employer type and its staging date was 1 April 2013. This report informs the board of the results of the County Council’s auto-enrolment experience.
Minutes: Declarations of Interest:
None.
Officers:
Paul Baker, Pensions Manager John Harrison, Surrey Pension Fund Advisor Kevin Kilburn, Deputy Chief Finance Officer Sheila Little, Chief Finance Officer Alex Moylan, Senior Accountant Phil Triggs, Strategic Manager, Pension Fund and Treasury
Key Points Raised During the Discussion:
1. The Pensions Manager introduced the item and provided an update to the report. During May 2013, 106 employees who had been auto-enrolled had opted out. This meant that 1,168 remained in the scheme. 2. There has been fewer people opting out of the scheme than had been anticipated a year ago. A similar picture has been seen across the country.
Actions/Further Information to be Provided:
A one page summary on what the increase in liabilities is and how long the scheme will remain cash positive was requested for the next meeting of the Board.
RESOLVED:
That the implications of pension auto-enrolment and the increase in scheme membership be NOTED.
Next Steps:
None.
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RESPONSIBLE INVESTMENT AND STEWARDSHIP POLICY
Shareholders have a clear interest in promoting the long term success of the companies in which they invest. As the ultimate owners of those companies, there is a clear incentive to vote the shares in a constructive way with the companies’ long-term sustainability the ultimate objective. This paper will recommend that the Pension Fund take responsibility for the voting of its shares according to its own Responsible Investment and Stewardship Policy, a draft of which is attached to the paper Additional documents: Minutes: Declarations of Interest:
None.
Officers:
Paul Baker, Pensions Manager John Harrison, Surrey Pension Fund Advisor Kevin Kilburn, Deputy Chief Finance Officer Sheila Little, Chief Finance Officer Alex Moylan, Senior Accountant Phil Triggs, Strategic Manager, Pension Fund and Treasury
Key Points Raised During the Discussion:
1. The Strategic Manager, Pension Fund and Treasury introduced the item. He highlighted a recent campaign following the Bangladesh factory collapse as an example of effectiveness of the Local Authority Pension Fund Forum (LAPFF), working in conjunction with a number of global organisations. A powerful statement had been released calling for companies to monitor and mitigate risks in supply chains and therefore to take responsibility for this type of event. 2. Officers confirmed that members of the Surrey Pension Fund Board could attend corporate governance meetings of companies in which the Fund holds shares. However, the LAPFF usually attends on the Board’s behalf. 3. There was concern expressed by Members that the Responsible Investment and Stewardship Policy would tie up the Board in minutia when it should be focused on investments. Officers explained that the Policy sets up a general framework for good practice. The proposed Governance Consultant would keep tabs on all the companies in which the Pension Fund holds shares. The Pension Fund would receive an online voting schedule to enable it to affirm what the consultant advises. This is a very efficient process. 4. Members were concerned that there was some inconsistency between this Policy and the Report at Item 15 which advocates not getting involved in what companies are invested in. Officers explained that there was a distinction between the initial investment stock selection process and how the Fund monitors and supports companies once it holds shares in them. 5. There was some reservation that this Policy would block Investment Managers from managing funds in the way that they feel best. Officers advised that this Policy would ensure consistency between Fund Managers who hold Pension Fund shares in the same companies. They would no longer be able to vote in opposition to each other. 6. Members were unsure whether the Fund would have much influence over large companies. However, officers stressed that the LAPFF was very effective in encouraging change in company corporate governance where this was required.
Actions/Further Information to be Provided:
None.
RESOLVED:
1. That the Responsible Investment and Stewardship Policy be APPROVED and ADOPTED. 2. That the appointment of an external governance consultant be APPROVED and officers be instructed to commence a procurement process to achieve this.
Next Steps:
Report on progress to the next meeting of the Surrey Pension Fund Board.
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PENSION FUND STOCK LENDING
Stock lending is a long established way to generate substantial additional income for the pension fund within accepted risk parameters. Given the extensive variety of stocks within the Surrey Fund, consideration should be given to taking advantage of this additional income stream.
Minutes: Declarations of Interest:
None.
Officers:
Paul Baker, Pensions Manager John Harrison, Surrey Pension Fund Advisor Kevin Kilburn, Deputy Chief Finance Officer Sheila Little, Chief Finance Officer Alex Moylan, Senior Accountant Phil Triggs, Strategic Manager, Pension Fund and Treasury
Key Points Raised During the Discussion:
1. The Strategic Manager, Pension Fund and Treasury introduced the item and the Surrey Pension Fund Advisor endorsed the protection of assets through stock lending. 2. In response to a query whether the 70/30 split of revenues between the Pension Fund and Northern Trust was generous, officers stated that in other places the split was 65/35. The revenue received by the custodian reflects the work undertaken, the costs for the custodian and a small profit. 3. Members raised concern counterparties may be rated as AAA this week but go down to BBB next week. The Strategic Manager, Pension Fund and Treasury stated that the operating agreement would stipulate the quality of the collateral required and this would be monitored. The Chairman argued that the likelihood of counterparties being down-graded by more than one level within that timeframe was small. 4. The Surrey Pension Fund Advisor stressed that commission rates can change over time depending on the availability of the underlying stocks. There is an element of subjectivity in estimating ongoing commission rates at any point in time.
Actions/Further Information to be Provided:
None.
RESOLVED:
That the appointment of Northern Trust to operate the Pension Fund’s lending programme with immediate effect, subject to the necessary due diligence carried out with regard to contract amendment, be APPROVED.
Next Steps:
The Surrey Pension Fund Board receive a report on the stock lending programme on a quarterly basis.
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TOBACCO STOCK IN THE PENSION FUND
The recent transfer of public health responsibilities to local authorities with effect from 1 April 2013 has resulted in significant publicity regarding the holding of tobacco stocks by the same local authorities’ pension funds. Questions have been raised as to whether this is compatible with the responsibilities held by administering authorities in relation to public health and the potential conflicts of interest that could result.
This report sets out the position with regard to the Pension Fund’s fiduciary duties with regard to environmental, social and governance (ESG) considerations. The transfer of public health responsibilities alongside the County Council’s responsibility to its pension fund has notably raised the profile of ethical investing. Minutes: Declarations of Interest:
None.
Officers:
Paul Baker, Pensions Manager John Harrison, Surrey Pension Fund Advisor Kevin Kilburn, Deputy Chief Finance Officer Sheila Little, Chief Finance Officer Alex Moylan, Senior Accountant Phil Triggs, Strategic Manager, Pension Fund and Treasury
Key Points Raised During the Discussion:
1. The Strategic Manager, Pension Fund and Treasury introduced the item. 2. The Surrey Pension Fund Advisor noted that this was an issue that had been debated by other local authorities. Some had sought to quantify what the implications would be of excluding certain companies from investment. It had been found that this would have an impact on Fund Managers, with cost implications as Managers would not be able to invest in pooled funds, only segregated funds. 3. Members stressed that, while on a personal level it was possible to feel strongly about certain issues, as a member of the Pension Fund Board the fiduciary duty to the pension scheme members had to override those views. If the Pension Fund Board began to prohibit companies it would be difficult to assess where to draw the line and it would have a material impact on investment returns, cost and performance measurement. 4. Members suggested that if members of the Surrey County Council pension scheme spoke to them about issues such as investing in tobacco stock, the cost implications could be discussed. It was felt that this issue should be kept under review, with the views of members of the pension scheme and employers taken into account.
Actions/Further Information to be Provided:
None.
RESOLVED:
To continue the current strategy with regard to environmental, social and governance factors, allowing suitable delegation and discretion to the external fund managers, and receiving regular reports and updates from managers as to their approach.
Next Steps:
None.
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MANAGER ISSUES AND INVESTMENT PERFORMANCE
This report is a summary of all manager issues that need to be brought to the attention of the Pension Fund Board, as well as manager investment performance.
Additional documents: Minutes: Declarations of Interest:
None.
Officers:
Paul Baker, Pensions Manager John Harrison, Surrey Pension Fund Advisor Kevin Kilburn, Deputy Chief Finance Officer Sheila Little, Chief Finance Officer Alex Moylan, Senior Accountant Phil Triggs, Strategic Manager, Pension Fund and Treasury
Key Points Raised During the Discussion:
1. The Strategic Manager, Pension Fund and Treasury introduced the item. He updated the market value of the pension fund to £2.65bn as of 28 May 2013. 2. The Surrey Pension Fund Advisor suggested that the Q4 Performance Relative to Target graph was not accurate or useful. This was because a single quarter’s performance was being measured against a full year target. 3. Officers stated that the comparative performance with peers would be detailed in the Annual Report.
Actions/Further Information to be Provided:
None.
RESOLVED:
1. That use of Goldman Sachs as a foreign exchange counterparty be APPROVED. 2. That a USD 20m commitment to the Vintage VI fund by the Surrey Pension Fund be APPROVED. 3. That a USD 20m commitment to the DivPEP V fund by the Surrey Pension Fund be APPROVED.
Next Steps:
In future the Surrey Pension Fund Board will receive copies of any responses to relevant FOI requests.
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PRIVATE EQUITY INVESTMENT PERFORMANCE REVIEW
The Surrey Pension Fund has a commitment to invest 5% of the fund in private equity. This is achieved by investing in funds of funds and directly managed funds, managed by a number of private equity specialists.
The Pension Fund Board reviews the private equity strategy annually. This report is the 2012/13 review.
Additional documents: Minutes: Declarations of Interest:
None.
Officers:
Paul Baker, Pensions Manager John Harrison, Surrey Pension Fund Advisor Kevin Kilburn, Deputy Chief Finance Officer Sheila Little, Chief Finance Officer Alex Moylan, Senior Accountant Phil Triggs, Strategic Manager, Pension Fund and Treasury
Key Points Raised During the Discussion:
1. The Strategic Manager, Pension Fund and Treasury introduced the item.
Actions/Further Information to be Provided:
None.
RESOLVED:
1. That the current position on the Fund’s Private Equity investment performance be NOTED. 2. That the Fund continue to commit to follow-on funds of the existing private equity managers as they become available and subject to each case going to the Pension Fund Board for approval.
Next Steps:
1. Review of strategy by the Pension Fund Board 2. Consideration of further investment opportunities by the Pension Fund Board.
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REVISED STATEMENT OF INVESTMENT PRINCIPLES
With the introduction of a new Total Return investment asset class earlier in 2013, it is now necessary to approve a revised Statement of Investment Principles (SIP). Additional documents: Minutes: Declarations of Interest:
None.
Officers:
Paul Baker, Pensions Manager John Harrison, Surrey Pension Fund Advisor Kevin Kilburn, Deputy Chief Finance Officer Sheila Little, Chief Finance Officer Alex Moylan, Senior Accountant Phil Triggs, Strategic Manager, Pension Fund and Treasury
Key Points Raised During the Discussion:
1. The Strategic Manager, Pension Fund and Treasury introduced the item and tabled an updated page 138 (attached as annex 2). He pointed out that section 10 of the Statement of Investment Principles outlined the extended Stewardship policy. The Chairman highlighted a recent report which showed that Funds with a strong environmental, social and governance policy achieved higher returns.
Actions/Further Information to be Provided:
None.
RESOLVED:
That the revised Statement of Investment Principles be APPROVED.
Next Steps:
None.
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FUNDING STRATEGY STATEMENT
With the formation of a new Surrey Pension Fund Board, it is proper that the Board should approve the existing Fund Strategy Statement for the Pension Fund. Additional documents: Minutes: Declarations of Interest:
None.
Officers:
Paul Baker, Pensions Manager John Harrison, Surrey Pension Fund Advisor Kevin Kilburn, Deputy Chief Finance Officer Sheila Little, Chief Finance Officer Alex Moylan, Senior Accountant Phil Triggs, Strategic Manager, Pension Fund and Treasury
Key Points Raised During the Discussion:
1. The Strategic Manager, Pension Fund and Treasury introduced the item. He explained that the Statement had been previously agreed by the Investment Advisory Group and was on the Table for approval by the new Board. A new Strategy was likely to come to the November meeting of the Board for approval.
Actions/Further Information to be Provided:
None.
RESOLVED:
That the Funding Strategy Statement be APPROVED.
Next Steps:
Board to approve the next statement when practicable.
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