Agenda and minutes
PDF 233 KBVenue: Members Conference Room, County Hall, Kingston upon Thames, Surrey KT1 2DN
Contact: Angela Guest email: angela.guest@surreycc.gov.uk
Note: PLEASE NOTE START TIME FOR THIS MEETING IS 9.30AM AND NOT 10AM AT STATED ON AGENDA
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APOLOGIES FOR ABSENCE AND SUBSTITUTIONS
Minutes: Apologies for absence were received from Councillors Stuart Selleck and Peter Stanyard.
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MINUTES OF THE PREVIOUS MEETING [13 May 2016]
To agree the minutes as a true record of the meeting. Minutes: The Minutes of the meeting held on 13 May 2016 were approved as a correct subject to the removal of the repeated paragraph 8 under Minute 40/16.
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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: There were no declarations in interest.
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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 (5 July 2016). 2. The deadline for public questions is seven days before the meeting (4 July 2016). 3. The deadline for petitions was 14 days before the meeting, and no petitions have been received.
Minutes: There were no questions or petitions to consider.
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ACTION TRACKING AND FORWARD PLAN
The Committee’s forward plan is attached for information. An action tracker is also attached, detailing actions from previous meetings. The Committee is asked to review progress on the item listed. Additional documents: Minutes: Resolved: That an item on the Pooling submission be on the forward plan for 23 September 2016 in order to update the Committee; if the Government had responded to the submission by that time.
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EXCLUSION OF PUBLIC
Recommendation: That under Section 100(A) of the Local Government Act 1972, the public be excluded from the meeting for the following two items of business on the grounds that they involve the likely disclosure of exempt information under the relevant paragraphs of Part1 and Part 3 of Schedule 12A of the Act.
Minutes: Resolved: That under Section 100(A) of the Local Government Act 1972, the public be excluded from the meeting for the following two items of business on the grounds that they involve the likely disclosure of exempt information under the relevant paragraphs of Part1 and Part 3 of Schedule 12A of the Act.
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NATIONAL POOLING: PROPOSAL TO GOVERNMENT
The Committee is recommended to approve the pooling submission. Additional documents: Minutes: The Committee considered an exempt report detailing the proposed national pooling proposal to Government. [Exempt 04/16] Annex 1 to the report was tabled and minor amendments made and agreed.
Mr Alan Young arrived at 9.40am at the start of debate on the draft submission. Mr Tony Elias arrived at 10.29am midway through the debate on the draft submission.
Resolved:
1. That the Border to Coast Pensions Partnership (BCPP) proposal as set out in the Annex to the minutes was approved. 2. That the Memorandum of Understanding as set out in Annex 2 of the report was approved. 3. That the Cost Agreement as set out in Annex 3 of the report was approved. 4. That the Terms of Reference (Executive Steering Group) as set out in Annex 4 of the report was approved. 5. That the Terms of Reference (Officer Operations Group) as set out in Annex 5 of the report was approved.
Reason for decision Authorities are required to submit a proposal for collaborative investment asset pooling to Government by 15 July 2016, and set out a timetable for the creation of investment vehicles and governance structures with the Fund’s chosen pooling authorities. A detailed submission that satisfies the criteria as set out by the Government was required to be approved by the Pension Fund Committee.
The meeting was adjourned at 11.54am for a comfort break and reconvened at 12pm. |
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CONSIDERATION PROCESS: DIVERSIFIED GROWTH MANAGER
The Committee are asked to consider the Exempt report and attachments. Additional documents: Minutes: Further to Minute 40/16 where the Committee discussed Manager performance issues the Committee now considered an exempt report that detailed three short-listed candidates as potential additional diversified growth managers. An exempt paper was tabled that gave details of a conference call between officers and a Fund Manager.
Three Managers; Aviva, Ruffer and Fulcrum, were invited for interview and to give presentations to the Committee. [Exempt 05/16]
Presenters were: Aviva – Euan Munro, CEO, Peter Fitzgerald, Global Head of Multi Asset and Matthew Graham, Business Development Director. Fulcrum – Andrew Stevens, CEO, Nabeel Abdoula, Partner and Nick Smith, Director Corporate Pensions. Ruffer – Trevor Bradley and Alex Lennard, Investment Directors.
The Committee adjourned for a comfort break at 12.42pm and reconvened at 1.03pm.
Resolved:
The Committee agreed to allocate 50% each to Aviva and Ruffer and to disinvest from Standard Life.
Reason for decision In order to reduce manager risk and increase overall diversification.
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DATE OF NEXT MEETING
The next meeting of the Surrey Pension Fund Committee will be on 23 September 2016. Minutes: It was noted that the next meeting would be held on 23 September 2016. |