To agree the minutes as a true record of the
meeting.
Minutes:
The Minutes were approved as an accurate
record of the previous meeting.
To be signed by the Chairman
when the current Covid-19 lockdown restrictions are
lifted.
22/20
DECLARATIONS OF INTEREST
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All Members present are
required to declare, at this point in the meeting or as soon as
possible thereafter
(i)Any disclosable
pecuniary interests and / or
(ii)Other interests arising under the Code of Conduct in
respect of any item(s) of business being considered at this
meeting
NOTES:
·Members are reminded that they must not participate
in any item where they have a disclosable pecuniary interest
·As well as an interest of the Member, this includes
any interest, of which the Member is aware, that relates to the
Member’s spouse or civil partner (or any person with whom the
Member is living as a spouse or civil partner)
·Members with a significant personal interest may
participate in the discussion and vote on that matter unless that
interest could be reasonably regarded as
prejudicial.
Six questions were received from members of the public. The
responses can be found attached to these minutes as Annexe
A.
Supplementary questions were asked from six members of the
public and responses can be found below.
Supplementary question asked by Ian Chappell on
behalf of Steve McDonald:
The
questioner referenced the Committee’s open letter of 9 April
2020 noting that the rationale for not divesting was due to
protecting the employees of fossil fuels companies, in
contradiction to the recent job cuts by British Petroleum (BP) and
the letter also noted the concern for worldwide communities if
fossil fuels companies stopped using fossil fuels instantaneously.
Do you not acknowledge that communities worldwide have been
undermined over the last two decades by fossil fuel companies and
their employees are not protected?(Annexe B
- full supplementary question and the response).
Response:
The Chairman explained that the
Fund’s continued engagement and investment with fossil fuel
companies was not impacting on their employment policies as that is
decided internally within those businesses.
Officers proposed that a written answer would be provided to the
questioner, to explain the matter in more detail.
Supplementary
question asked by Ian Chappell:
Thanked officers for the initial reply, but noted that the
Committee had weak evidence that engagement worked. Can the new
sub-group tasked with reviewing the Fund’sResponsible Investment Policyconsider with regards to large fossil fuel companies such as BP
and Shell: setting specific engagement objectives that are
measurable, in line with no greater than a 1.5C temperature rise
and have a deadline, can those objectives be published on your
website and if those targets are not met will the Fund
divest?
Response:
The Chairman highlighted Item 8
on the United Nation’s Sustainable Development Goals (SDGs)
which the investment strategy will incorporate and the Fund’s
investment core beliefs focusing on Environmental, Social and
Governance (ESG) issues. The Committee will not commit to any
specific divestment targets, every single investment decision was
judged on its merits at the time by the investment
managers.
Supplementary question asked by Ian Chappell on behalf of Nina
Mileksic:
Within the response to the
Freedom of Information (FOI) request at the end of 2019, ExxonMobil
was the second largest energy holding in Legal & General funds.
ExxonMobil had been criticised as being destructive to both the
shareholder value and the planet. What has been the extent of your
holdings on ExxonMobil - how much and over what time period and can
you confirm that it has no longer any part of your
portfolio?(Annexe B - full supplementary
question and the response).
Response:
Officers proposed that a written answer would be provided to the
questioner, to explain the matter in more detail.
Supplementary question asked by Jenifer Condit:
The Fund reduced
exposure to fossil equities from 3.6% at the end of March 2019 to
less than 3% at the end of December, however during that period the
markets went up by 11%, fossil fuels went down by 10-15% so fossil
fuels underperformed ...
view the full minutes text for item 23/20
The Committee is asked to review its Forward
Plan.
Minutes:
Witnesses:
Neil Mason - Strategic Finance Manager (Pensions)
Key
points raised in the discussion:
The Chairman explained that the items on gilts and
the review of fund compliance with the Scheme Advisory Board on
good governance recommendations had been deferred due to
Covid-19.
The Strategic Finance Manager (Pensions) highlighted
the investment core beliefs and Responsible Investment Policy
update in December.
Mr
Nick Harrison - Chairman of the Local Pension Board
Key
points raised in the discussion:
The Chairman of the Local Pension Board highlighted
the key points raised at the last informal Board meeting in May,
highlighting the update from the Assistant Director of Business
Operations and the commissioning of a strategic review.
Covid-19 initially posed challenges to the operation
of the Pensions Administration team as outlined in the proposed
risk register changes, the Pensions Helpdesk remained open and the
weekly administration update sent to Board and Committee members
was useful.
He noted that the Systems Review Highlight Project
within the Service Improvement Plan was a red risk, discussions
were being had on whether to remain with current provider and he
and the Chairman of the Committee had spoken with Orbis on the project going forward.
Regarding the Key
Performance Indicators (KPIs) for Administration Performance, there
was concern that the backlog remained.
RESOLVED:
The Committee:
Approved the proposed change to the risk register,
as noted in the Risk Register section of the report.
Noted the Part 2 minutes of the informal Local
Pension Board meeting of 22 May 2020 (included as Annexe 1 –
item 15).
In
accordance with Fund’s investment objectives in the 2020/21
Business Plan.
Minutes:
Witnesses:
Mamon Zaman - Senior Pensions
Finance Specialist
David Crum - Minerva
Key
points raised in the discussion:
The Senior Pensions Finance Specialist introduced
the report notingRobeco’sSDG Framework which
identified a company’s impact on the SDGs by analysing what
it produces, how and whether the company had been involved in
controversies. In 2019, 14 out of 19 engagement themes were linked
to a relevant SDG.
A Member
queried the internal administrative error within Minerva’s
voting services that led to the voting service being switched off
without the Fund’s consultation between December 2019 - March
2020 and what the impact was. In response, the representative from
Minerva apologised for the error and explained that there was an
internal investigation to look into the cause of the error. A
possible explanation for the error was that Minerva were working
with other LGPS clients moving their assets over to a pool and as
that was happening their own voting services were being turned off
as the pools took over responsibility for the voting
activity.
Once
Minerva were notified by the Pension Fund team, the voting service
was turned back on again on the 5 April 2020. As part of the
investigation, Minerva will provide an analysis on what votes were
missed, which would be brought back to the Committee in due course
taking into account Covid-19. Going forward, Minerva were liaising
with officers on the timetable for the remainder of the
Fund’s listed equity assets being moved over to BCPP, to
ensure that the future transfer of any voting responsibilities to
the pool were properly managed on an agreed basis.
The
Chairmannoted that the votes missed may have
had a minimal impact especially as the peak voting period was March
to June. It was explained by Minerva that because of Covid-19 a lot
of companies changed the dates of their meetings moving them later
in theyear.
RESOLVED:
The Committee:
Reaffirmed that ESG Factors were fundamental to the Fund’s
approach, consistent with the Mission Statement through:
·Continuing to enhance its own Responsible Investment
Approach, its Company Engagement policy, and SDG alignment with its
external provider Minerva Analytics.
·Commending the outcomes achieved for quarter ending
31 March 2020 by Robeco in their Active
Ownership approach and the LAPFF in its Engagement with
multinational companies as at 31 March 2020.
Actions/further information to be provided:
The results of Minerva’s internal investigation on why the
voting service was switched off between December 2019 - March 2020
will be provided to the Committee in due course.
The Strategic Finance Manager (Pensions) introduced
the report which identified the Environmental, Social and
Governance (ESG) factors as fundamental to the Fund’s
approach as highlighted within the Mission Statement agreed on 7
June 2019.
He also noted the Committee’s enhanced focus
on Responsible Investment and ESG which were being developed
through: the member workshop in November 2019, the sub-group -
agreed in December 2019 - which was leading on the development of
the Committee’s Core Investment Beliefs and the Fund’s
own Responsible Investment Policy in relation toBCPP and other asset managers, the examination of
the Spectrum of Capital and finally, the scenario-mapping the
Fund’s portfolio in line with the UN’s SDGs. After an
invitation to tender in January 2020, Minerva were successful and
would lead the scope of workon reviewing the
Fund’s investment portfolio holdings and how they align to
the SDGs, furthering the commitment to Responsible Investment and
ESG.
The Representative from Minerva explained that the
project by the Fund regarding the UN SDGs was ground-breaking
compared to other LGPS funds and the SDGs were a foundation for the
UN’sTransforming our world: the 2030 Agenda for Sustainable
Development. Minerva’s draft project plan looked at how the
Fund’s existing investment managers viewed sustainability
through their policies, voting records and holdings, using the World Benchmarking Alliance SDG
2000 index as the proposed framework.
Discussing
Responsible Investment, the Vice-Chairman commented that a robust
and comprehensive process was needed to defend the Fund’s
rationale for the current Investment Strategy and the actions to be
taken. There was no definitive definition of Responsible Investment
so the Fund created its own based on the SDGs and the difficulty
was the practicality of the project in which Minerva would help to
translate the Fund’s general beliefs on Responsible
Investment into more specific ones.
A Member was pleased that BCPP’s relationship
with Responsible Investment was being examined, especially as the
Fund were in the process of pooling with them and it was a good
opportunity for the Fund to develop its own Responsible Investment
Policy. In response, the Strategic Finance Manager (Pensions) noted
the consultations with BCPP’s Responsible Investment lead.
The Chairman added that the Surrey Fund was one eleventh within the
BCPP providing it with considerable influence, operating through
the BCPP Joint Committee.
A Member welcomed the enhanced focus on ESG and
Responsible Investment covering a breadth of issues and the
objective and transparent development of the Fund’s
investment strategy going forward.
The Vice-Chairman stressed that once the
Fund’s future investment strategy was clarified, the rules of
engagement for the third parties needed to be
established.
RESOLVED:
The Committee noted the report.
Approved the draft project plan from
Minerva.
Actions/further information to be provided:
The
Committee will help develop the rules of engagement for the third
parties in relation to the Fund’s future investment strategy,
in line with its commitment to Responsible Investment through ESG
...
view the full minutes text for item 27/20
This report presents the
unaudited financial statements of the Pension Fund for the year
ended 31 March 2020, in light of the County Council’s
obligations as the administering authority under the Local
Government Pension Scheme (LGPS) Regulations. The external auditor
(Grant Thornton) will then audit the Accounts, with the Fund aiming
for an unqualified opinion.
The Senior Pensions Finance Specialist introduced
the report reminding the Committee that it contained the unaudited
financial statements of the Pension Fund for the year ended 31
March 2020, the external auditor Grant Thornton would then audit
the Accounts, with the Fund aiming for an unqualified opinion.
There was little change from last year, apart from drop in the Fund
value as of 31 March due to Covid-19.
The Director of Corporate Finance commended the work
of the Pension Fund team in completing the accounts in that
timeframe considering the current pandemic. In line with the
extension granted by the Ministry of Housing, Communities and Local
Government (MHCLG), the original deadline for final accounts of 31
July would not be met due to under-resourcing and the recruitment
drive by Grant Thornton who furloughed some of their staff due to
Covid-19. It was expected that the final sign-off of the accounts
and opinion would be provided in August and a provisional Audit and
Governance Committee had been set.
The
Strategic Finance Manager (Pensions) thanked a Member for his
support on the draft accounts which were published on 31
May.
A Member queried why the external audit costs had
doubled in the last year, in response the Senior Pensions Finance
Specialist commented that Grant Thornton was expecting more work to
be carried out as a result of Covid-19 and the Strategic Finance
Manager (Pensions) noted the additional costs due to the changes
resulting from the McCloud judgement.
RESOLVED:
The Committee approved the 2019/20 Pension Fund Accounts,
subject to an unqualified opinion issued by Audit.
Surrey Pension Fund recognises
the importance of providing appropriate training to both committee
members and officers in relation to the operation of the Pension
Fund. This report introduces the pension fund training plan within
the Training Policy 2020/21 as set out in Annexe 1.
The Senior Pensions Finance Specialist noted that
the Pension Fund team were awaiting the results of the LGPS
National Knowledge Assessment 2020 (NKA) by Hymans Robertson which
would feed into Training Policy going forward and the results would
be brought back to the Committee in due course.
The Strategic Finance Manager (Pensions) thanked
members for their engagement on the NKA as that helped the team
identify areas of development for Committee Members, the Policy
also considered theenhanced training
requirements published with theSAB Good
Governance Review in 2019.
The Strategic Finance Manager (Pensions) noted that
there were a number of events that members could attend although
many had been postponed due to Covid-19. Online training and
conferences relevant to members’ needs would continue to be
circulated in the weekly updates to Board and Committee
members.
RESOLVED:
The Committee approved the Training Policy 2020/21
including the training plan and agreed that all members should
prioritise attendance at training events wherever
practicable.
Would review this training on an annual
basis.
Actions/further information to be provided:
The results of the LGPS
National Knowledge Assessment 2020 (NKA) by Hymans Robertson will
be brought back to the Committee in due course.
This report
provides an update on the Surrey Pension Fund’s (the
Fund’s) risk based response to the Coronavirus crisis. It
also provides an update on the market outlook and proposed actions
that the Fund should take.
NB:Annexes 3 and 4 are contained
within item 16 as they contain Part 2
The Strategic Finance Manager (Pensions) introduced
the report and noted that the Committee had been provided with the
Surrey Pension Fund Coronavirus Plan in March
andexplained that both the Surrey
Pension Fund team and the Pensions Administration team were working
from home as a result of Covid-19. The Fund team had adopted agile
working beforehand, whilst initially that adjustment was more
difficult for theAdministration team due to
the number of staff involved and the complexity of the
operation.
He highlighted the Coronavirus Risk Register which
was categorised into the four strategic objectives: Funding,
Investment, Governance and Delivery. It was at present reviewed on
at least a weekly basis with updates shared initially to the
Chairmen of the Committee and the Board. There were no material
changes to the risk register over the last month suggesting a move
towards business as usual, it would however remain live until the
move further into a recovery phase.
The Fund value reached a low in March of £3.8
billion which had recovered to £4.2 billion and Mercer had
been commissioned to map the recovery scenarios from an investment
perspective.
The Strategic Finance Manager (Pensions) commended
the way the Pensions Administration team led by the Head of
Pensions Administration had responded to the crisis moving the
operation to agile working, the primary job of the Pension Fund was
to ensure that members were paid the right amount of benefits and
in a timely manner which had been achieved during the pandemic
despite the peak in deaths.
In response, the Head of Pensions Administration
thanked IT, the Pension Fund team and the Pensions Helpdesk for
their support during Covid-19. Minor operational improvements had
been made, but more fundamental changes to deliver a better service
in line with the identified delivery risks were needed to address
the backlog and legacy cases from weak house-keeping in which cases
were not closed properly.
A representative from Mercer outlined the
Fund’spriority of the topping-up of
multi asset credit as part of its standard portfolio rebalancing.
The Fund had excess cash available for investments and discussions
were being had about where to invest in, one option was yield
credit spreads which were a key asset for Western Multi-Asset
Credit and were at a current high. The Strategic Finance Manager
added that the Fund team were comfortable that excess cash could be
invested after having undertaken a risk assessment on the impact to
the employer base.
RESOLVED:
The Committee:
Noted the Surrey Pension Fund Coronavirus
Plan.
Noted the Surrey Pension Fund Coronavirus Risk
Register.
Noted the Investment Market Update provided by
Mercer and approved the following recommendations:
·Continue with the key strategic changes to the
portfolio approved by the pension fund committee, at its meeting of
13 September 2019;
·Prioritise topping up multi asset credit as part of
standard portfolio rebalancing;
In
accordance with Fund’s funding objectives in the 2020/21
Business Plan.
NB:Annexe 1 is contained within item
17 as it contains Part 2
information.
Minutes:
Witnesses:
Ayaz Malik - Pensions Finance
Specialist
Mr Nick Harrison - Chairman of
the Local Pension Board
Steve Turner -Investment Consultant (Mercer)
Key
points raised in the discussion:
The Pensions Finance Specialist noted that there was
a positive cash-flow for the quarter which was significantly
increased from the previous quarter mainly due to employers paying
their deficit contributions at the year-end and when carrying out
year-end reconciliation, cash was allocated from the holding
account.
He commented that the membership trend had increased
in line with the 2016 valuation. In response the Chairman of the
Local Pension Board queried the apparent drop in the total pension
benefits paid in quarter 4 compared to the previous one, despite
the increased membership – officers would look into the
matter.
Mercer had undertaken a Cashflow Review and the representative explained
that their key conclusion was that the Fund was in a strong
cash-flow position as a result of the strategic asset allocation
changes; especially compared to other LGPS funds who were cash-flow
negative or neutral. In response the Chairman commented that those
changes agreed by the Committee in September 2019, were likely to
improvethe long-term income potential to the
order of £40 million annually.
RESOLVED:
The Committee noted the cash-flow position for
quarters three and four.
Noted the total cash-flow report from Mercer and
approves the following:
·No change is required to the investment or funding
strategy as result of the current cash-flow position.
·Future drawdowns should focus cash from
contributions (and any asset income) in the first instance. The
diversified growth fund allocation earmarked for removal should
then be used.
Actions/further information to be provided:
Officers will investigate why there was a decrease in the total
pension benefits paid in quarter 4 despite the increased membership
compared to quarter 3.
The Chairman highlighted that page 144 had been
amended and circulated to the Committee, regarding the Fund Performance - Summary of Quarterly Results graph - to be
attached to the minutes.
The Senior Pensions Finance Specialist noted that
the Fund value had decreased as of 31 March and had subsequently
bounced back.
The Chairman commented that the funding level was
down to 93% as noted in the report and at present would most likely
now be just over 100% consistent with the volatility in the stock
markets.
The Independent Advisor commented that the work on
cash-flow was important as excess cash acted as a buffer during
market volatility. He endorsed the Committee’s decision to
increase the Fund’s exposure to Western Multi-Asset
Credit.
RESOLVED:
The Committee noted the main findings of the report,
the Fund’s 3 year annualised performance return for the
period ending 31 March 2020 was -0.8% against its target return of
0.6%. The funding level as at 31 March 2020 was 93%.
Approved an additional allocation of the
Fund’s internal cash into Western MAC.
Actions/further information to be provided:
The amended page 144 regarding
the Fund Performance - Summary of Quarterly Results
graph will be attached to the published minutes.
33/20
EXCLUSION OF THE PUBLIC
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That under Section 100(A) of the Local Government Act 1972, the
public be excluded from the meeting for the following items of
business on the grounds that they involve the likely disclosure of
exempt information under the relevant paragraphs of 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 items of
business on the grounds that they involve the likely disclosure of
exempt information under the relevant paragraphs of Part 3 of
Schedule 12A of the Act.
In
accordance with Fund’s governance objectives in the 2020/21
Business Plan.
Confidential: Not for publication under Paragraph 3
Information relating to the financial or business affairs of any
particular person (including the authority holding that
information)
NB:Annexe 1 is the Part 2 annexe to item 6.
Minutes:
Witnesses:
Mr Nick Harrison - Chairman of
the Local Pension Board
Anna D’Alessandro -
Director of Corporate Finance
Neil Mason - Strategic Finance
Manager (Pensions)
Nick Weaver - Head of Pensions
Administration
Key
points raised in the discussion:
The Chairmen of the Local Pension Board and Pension
Fund Committee thanked the Head of Pensions Administration for his
thorough work over the interim period. The Director of Corporate
Finance echoed the thanks to the Head of Pensions Administrations,
praising his transparent and systematic approach which uncovered a
multiplicity of issues in the service - it was key to fix the
foundations first before moving forward with other
projects.
The Strategic Finance Manager (Pensions) commented
on the strategic review whichwas
commissioned by an independent lead to look at all aspects of
Pensions Administration, the Chairmen had been consulted and the
results of the review would be available shortly.
The Head of Pensions Administration explained that
the Service Improvement Plan had all the correct components, there
was no need to change the current system only to ensure a compliant
and consistent service going forward -
as the past small incremental changes and weak house-keeping helped
create the legacy issues.
The Chairman of the Local Pension Board positively
noted the reassuringly low level of complaints from members, the
majority of the backlog and issues was a result of the system
processes and cases not being closed down properly.
The Strategic Finance Manager (Pensions) praised the
work of the Board on ensuring transparency within Pensions
Administration going forward.
The Chairman of the Local Pension Board noted that
despite Covid-19, Pensions Administration were in a good position
to get the Annual Benefit Statements out in a timely way. In
response, the Chairman of the Committee noted the assurance from
the Fund Actuary, Hymans Robertson, who were confident that they
are valuing the correct benefits being paid out to members.
Thelegacy issues did not materially affect
the Fund valuation.
RESOLVED:
The Pension Fund Committee noted the Part 2 Annexe 1.
This report
provides an update on the Surrey Pension Fund’s (the
Fund’s) risk based response to the Coronavirus crisis. It
also provides an update on the market outlook and proposed actions
that the Fund should take.
Confidential: Not for publication under Paragraph 3
Information relating to the financial or business affairs of any
particular person (including the authority holding that
information)
NB:Annexes 3 and 4 are the Part 2
annexes to item 11.
The Investment Consultant highlighted the initial
market fall in March due to Covid-19 and the subsequent bounce
back, noting the possible shapes of economic recovery and what that
meant for asset classes going forward.
There was no reason for the Fund to depart from its
long term strategy and the strategic asset allocation changes
agreed in 2019 were still supported including the introduction of
private market assets such as infrastructure and debt which took
time to mature. Shorter term focus areas were that the Fund should
actively monitor liquidity and cash-flow requirements, top-up its
allocation for MAC, review its gilt allocation and consider having
more specific target allocations to UK and global property as a
result of being part of the BCPP pool.
Mercer reviewed the ‘alphabet’ economic
recovery V, W, U and L shapes in relation to GDP, noting the higher
likelihood of the W-shape recovery scenario due to the risk of the
comeback of Covid-19 after lockdown had eased and having to
re-enter the lockdown restrictions, which would likely lead to a
fall in equity and credit markets.
The Strategic Finance Manager (Pensions) informed
the Committee that the Fund Actuary’s model worked on
five-thousand different scenarios including those considered by
Mercer and the Pension Fund team did not believe that Covid-19
would cause a deviation from the investment and funding
strategy.
A Member queried the impact on property as a result
of the pandemic, in response the Investment Consultant agreed that
property was one asset class with the most uncertainty regarding
changes to future values and rental income, yet should still be
more attractive on an income basis compared to gilt
yields.
RESOLVED:
The Pension Fund Committee noted the Part 2 Annexes 3 and
4.
In
accordance with Fund’s funding objectives in the 2020/21
Business Plan.
Confidential: Not for publication under Paragraph 3
Information relating to the financial or business affairs of any
particular person (including the authority holding that
information)
NB:Annexe 1 is the Part 2 annexe to
item 12.
Minutes:
Witnesses:
Ross Palmer -Investment Consultant (Mercer)
Neil Mason - Strategic Finance
Manager (Pensions)
Key
points raised in the discussion:
The Investment Consultant explained that
Mercer’s review focused on the Fund’s expected
cash-flow position over the next three years up to the conclusion
of the 2022 Actuarial Valuation, due to the most visibility over
the contributions - the Fund was expected to be cash-flow positive
by c.£20 million annually.
Mercer had reviewed the Fund’s investment
strategy from an income perspective looking at the existing asset
classes as well as the new classes being added, in order to assess
the Fund’s future income potential. The new allocations for
infrastructure and private debt were expected to raise the income
potential by around £40 million annually, once the
allocations had been ramped up to the targets (which is expected to
take several years).
The
Strategic Manager (Pensions) highlighted that income returns on
private debt did not have the classic j-curve like other private
market asset classes, meaning income returns were
faster.
RESOLVED:
The Pension Fund Committee noted the Part 2 Annexe 1.
Actions/further information to be provided:
None.
37/20
INVESTMENT MANAGER ISSUES AND PERFORMANCE AND ASSET/LIABILITIES UPDATE
Mr Nick Harrison - Chairman of
the Local Pension Board
Anthony Fletcher - Independent
Advisor (MJ Hudson)
Neil Mason - Strategic Finance
Manager (Pensions)
Key
points raised in the discussion:
The Chairman of the Local Pension Board urged
caution in investing in property as the Fund was above the central
allocation. In response, the Independent Advisor noted the equity
markets fell dramatically as a result of Covid-19 but had
re-balanced - reminding the Committee that benefits from property
investment were reaped over the long term.
The Strategic Finance Manager (Pensions) commented
that as part of the strategic asset allocation review, additional
allocation would be made to property in the future and he noted
that the Committee would receive an update at the next
meeting.
The Strategic Finance Manager (Pensions) introduced
the report summarising that the purpose was to reflect on how BCPP
was impacted by Covid-19 including the contingency measures
taken.
The Strategic Finance Manager (Pensions) pointed out
that there were now eleven partner funds within BCPP due to the
mergerbetween Northumberland County Council
and South Tyneside Council pension funds.
RESOLVED:
The
Pension Fund Committee agreed the recommendations outlined in the
Part 2 report.
Actions/further information to be provided:
None.
39/20
PUBLICITY OF PART 2 ITEMS
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To
consider whether the item considered under Part 2 of the agenda
should be made available to the Press and public.
Minutes:
The
Committee agreed that no confidential information within items
considered under Part 2 of the agenda should be made available to
the Press and public.
40/20
DATE OF NEXT MEETING
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The next meeting of the Surrey Pension Fund
Committee will be on 4 September 2020.
Minutes:
It
was agreed that the next meeting of the Surrey Pension Fund
Committee would take placeon 4 September
2020.
Subsequent to the meeting the next Committee meeting has been
scheduled for 11 September 2020.
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