Agenda and draft minutes

Surrey Pension Fund Committee - Friday, 11 September 2020 10.00 am

Venue: REMOTE - https://www.surreycc.gov.uk/council-and-democracy/councillors-and-committees/webcasts

Contact: Angela Guest  Email: angela.guest@surreycc.gov.uk

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Items
No. Item

41/20

APOLOGIES FOR ABSENCE AND SUBSTITUTIONS

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    To receive any apologies for absence and to note substitutions.

     

    Additional documents:

    Minutes:

    An apology was received from Mr John Beckett.

42/20

MINUTES OF THE PREVIOUS MEETING [12 JUNE 2020] pdf icon PDF 443 KB

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    To agree the minutes as a true record of the meeting.

    Additional documents:

    Minutes:

    The Minutes were approved as an accurate record of the previous meeting.

43/20

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.

    Additional documents:

    Minutes:

    There were none.

44/20

QUESTIONS AND PETITIONS pdf icon PDF 302 KB

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    To receive any questions or petitions.

     

    Notes:

    1.  The deadline for Member’s questions is 12.00pm four working days before the meeting (7 September 2020).

    2.  The deadline for public questions is seven days before the meeting (4 September 2020).

    3.  The deadline for petitions was 14 days before the meeting, and no petitions have been received.

     

    Additional documents:

    Minutes:

    There were five questions from members of the public.  These and the responses are attached as an annex to the minutes.

     

    Supplementary questions:-

     

    Jennifer condit did not accept the reply to her question which she reiterated and asked if the Committee did not see that as owner of Exon that it was complicit in the crimes against humanity and the planet.  The Chairman responded that her question had been answered.

     

    Janice Baker asked if the Committee were going to push investments in renewables so that it was a more significant part of its interests?  The Chairman responded that investment in renewables was considered as and when they became available.

     

    Chris Neill, on behalf of Ian Chappell, stated that losses in fossil fuels was predicted and Surrey did nothing about this.  He asked if each individual Member would buy those shares today if they didn’t own them already?  The Chairman explained that Members were aware that investments could go up and down and that Investment Managers manage those and the Committee reviewed them regularly.

     

    Simon Hallett stated that it was easy to provide an approximation of losses and asked the Committee if they disputed the value loss of fossil fuels was at least £50m and did it consider this loss irrelevant?  The Chairman reiterated the response he gave to a previous question in that Investment Managers make the decisions within the remit given to them and the Committee reviewed regularly.

45/20

FORWARD PLAN pdf icon PDF 65 KB

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    The Committee is asked to review its Forward Plan.

     

    Additional documents:

    Minutes:

    Resolved:

     

    The Committee noted the Forward Plan.

     

     

     

46/20

CASH FLOW ANALYSIS pdf icon PDF 86 KB

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    In accordance with Fund’s funding objectives in the 2020/21 Business Plan.

     

    Additional documents:

    Minutes:

    Declarations of interest:

    None

     

    Speakers:

    Ayaz Malik Pensions Finance Specialist 

     

    Key points raised during the discussion:

     

    1. The Chairman introduced the report for which there were no further questions or comments from Members.

     

    Actions/ further information to be provided:

    None.

     

    Resolved:

     

    1. The cash-flow position for quarters four and one were noted.
    2. That no change was required to the investment or funding strategy as result of the current cash-flow position.

     

    Reason for decision:

    Cash-flow movements in the Fund influences both the investment and funding strategy. The Pension Fund Committee monitors cash-flow consistent with the Fund’s strategic funding objectives.

     

47/20

LOCAL PENSION BOARD REPORT pdf icon PDF 97 KB

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    In accordance with Fund’s governance objectives in the 2020/21 Business Plan.

     

    NB: Annex 3 is contained within item 16 as it contains Part 2 information.

     

     

    Additional documents:

    Minutes:

    Declarations of interest:

    None

     

    Speakers:

    Nick Harrison, Chairman, Local Pension Board

    Anna D’Alessandro, Director for Corporate Finance

    Ayaz Malik - Pensions Finance Specialist

     

    Key points raised during the discussion:

    1.    The Chairman of the Local Pension Board introduced the report to the Committee.

    2.    The Director for Corporate Finance explained that there were issues for the service and the report focussed on what was being done to ameliorate those issues.  She also reported that a Programme Manager, Sonia Sharma, had been recruited in June and that there had been many changes made since then, mostly around governance arrangements and setting up projects to get the service into a better position. 

    3.    A Member asked about the knowledge assessment and training policy and how the committee performed according to the assessment.  The Chairman of the Board responded that the Committee were one of the higher performers and were still awaiting comments from some members of the board and committee.

    4.    The Pension Finance Specialist reported that all comments had since been received and a that a report would be drafted and reported to the December meeting of the Committee.  He also reported that work would be undertaken with Hymans to produce a draft training plan which would also be presented to the December Committee meeting. 

     

    Actions/ further information to be provided:

    1.    Democratic Services to invite Sonia Sharma to the next meeting of the Board.

    2.    That the National Knowledge Assessment and Training Plan report be added to the forward plan for December 2020.

     

    Resolved:

     

    1.    The minutes of the informal Local Pension Board meeting of 31 July 2020 were noted.

     

    2.    The following changes to the risk register were approved:

    ·         Risk A8 (conflicting priorities [Orbis v the Surrey Pension Fund]) on the Administration Register should be raised to amber;

    ·         Risk A5 (poor reconciliation process) to be should be raised to amber.

     

    Reason for decision:

    The Public Sector Pensions Act 2013, requires Local Pension Boards to assist the Scheme Manager in securing compliance with the LGPS Regulations and requirements imposed by the Pensions Regulator. This report provides the Pension Fund Committee with insight in to the activities of the Local Board and furthers the successful collaboration of the Committee and Board in managing risk and compliance and promoting effective governance.

     

    This meets the Fund’s strategic governance and delivery objectives.

     

48/20

2019 VALUATION UPDATE pdf icon PDF 111 KB

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    To provide members with an update on the development of multiple investment strategies for employers.

    Additional documents:

    Minutes:

    Declarations of interest:

    None

     

    Speakers:

    Ayaz Malik - Pensions Finance Specialist

    Gemma Sefton – Fund Actuary, Hymans

    Neil Mason - Strategic Finance Manager (Pensions)

     

    Key points raised during the discussion:

    1.    The Pension Finance Specialist introduced the report and set out the work undertaken so far on multiple employer strategies and that the paper provided by Hymans would be used for a training session.

    2.    The Chairman highlight paragraph five of the report which summarises the materiality of what was happening.

    3.    The Fund Actuary explained that strategies were used to assist employers meet their funding objectives.

    4.    A Member asked about the reaction of employers on the proposals. The Strategic Finance Manager responded that the Pension Finance Specialist had met with the cohort of effected employers and had constructive conversations. It was highlighted that it was prudent for employers to reduce their liability risk as they went through their exit strategies.  Only one employer had requested to remain on the core strategy.

    5.    A Member asked if the fund was ring fenced for the strategies or can they call on the rest of the fund if their strategy is not as successful.  The Fund Actuary explained that it was notional and reallocation could take place.

     

    Actions/ further information to be provided:

    None.

     

    Resolved:

    The progress on the implementation of multiple strategies for employers was noted.

     

    Reason for decision:

    To allow the fund to meet its strategic funding objectives as set out in 2019 Valuation.

     

    Phil Walker joined the meeting at 11am.

     

49/20

INVESTMENT CORE BELIEFS AND THE UNITED NATION'S SUSTAINABLE DEVELOPMENT GOALS pdf icon PDF 113 KB

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    In accordance with Fund’s investment and governance objectives in the 2020/21 Business Plan.

     

    Additional documents:

    Minutes:

    Declarations of interest:

    None

     

    Speakers:

    Mamon Zaman, Senior Pensions Finance Specialist

    Niall O’Shea

    David Crum, Sarah Wilson and Niall O’Shea - Minerva

     

    Key points raised during the discussion:

    1.    The Senior Pensions Finance Specialist introduced the report and highlighted the strong Environmental, Social and Governance (ESG) credentials of the Fund and that work commissioned on mapping showed 70% coverage against the United Nations Sustainable Development Goals (UN SDGs) benchmark, the World Benchmarking Alliance Sustainable Development Goals 2000 Index (WBA SDG) .

    2.    David Crum, Minerva, explained that they had worked with Surrey officers, reaching out to external fund managers and highlighted their initial findings as contained within the report.  He went on to explain that the (WBA SDG is a list of 2000 companies identified as most likely to be able to advance the delivery of the SDG’s.  A report would be provided to the Fund and will make suggestions for further actions from the Fund.  A workshop would also be set up to look in details at where the Fund is and where it would like to go from there.

    3.    Members were happy with the work undertaken and looked forward to the workshop.

    4.    A Member asked David Crum if, in Minerva’s opinion, there were any changes suggested to the Fund’s roadmap following the work undertaken so far.  David Crum explained that this was the first LGPS Fund to look at doing this and did not feel any changes to the roadmap were needed at this point.

     

    Actions/ further information to be provided:

    None.

     

    Resolved:

     

    1.    The initial findings from the Fund’s SDG Mapping provider were noted.

    2.    The follow up actions leading into December Committee were approved.

     

    Reason for decision:

    To keep the Pension Fund Committee apprised of the progress made in reviewing the Fund’s investment strategy with a view to ensuring that it is in line with its Mission Statement and the emphasis on environmental, social and governance (ESG) considerations.

     

50/20

INVESTMENT MANAGER ISSUES AND PERFORMANCE AND ASSET/LIABILITIES UPDATE pdf icon PDF 871 KB

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    In accordance with Fund’s investment objectives in the 2020/21 Business Plan.

     

    NB: Annex 2 is contained within item 17 as it contains Part 2 information.

     

    Additional documents:

    Minutes:

    Declarations of interest:

    None

     

    Speakers:

    Mamon Zaman, Senior Pensions Finance Specialist

     

    Key points raised during the discussion:

    The Committee considered a report that summarised all manager issues that needed to be brought to the attention of the Pension Fund Committee, as well as an update on investment performance and the values of assets and liabilities.

     

    Actions/ further information to be provided:

    None.

     

    Resolved:

    The main findings of the report were noted; The Fund’s 3 year annualised performance return for the period ending 31 March 2020 was 2.63% against its target return of 3.76%. The funding level as at 30 June 2020 was 97.7%.

     

    Reason for decision:

    In order to judge the performance of the Fund’s investment managers against the Fund’s target returns, and whether it is meeting its Strategic Investment objective in line with its Business Plan.

     

51/20

DRAFT ANNUAL REPORT & STATEMENT OF ACCOUNTS pdf icon PDF 104 KB

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    The Pension Fund Committee’s role is to approve the Annual report which contains the unaudited statement of accounts together with other information about the Fund’s performance during 2019/20. The Annual Report is included in Annex 1.

     

    NB: Annex 2 is contained within item 18 as it contains Part 2 information.

     

     

    Additional documents:

    Minutes:

    Declarations of interest:

    None

     

    Speakers:

    Mamon Zaman, Senior Pensions Finance Specialist

     

    Key points raised during the discussion:

    The Committee considered a report that provided the annual report which contains the unaudited statement of accounts together with other information about the Fund’s performance during 2019/20.

     

    Actions/ further information to be provided:

    None.

     

    Resolved:

    The Draft Annual Report with the Audited Pension Fund Accounts for publication subject to audit approval were noted and approved.

     

    Reason for decision:

    Under the Local Government Pension Scheme (Administration) Regulations 2008, administering authorities of LGPS funds are required to prepare a pension fund annual report. This therefore meets the requirements of the Regulations, the Local Government Scheme Advisory Board (SAB) as well as wider stakeholders who have an interest in the Fund. The Pension Fund Committee must approve all financial statements produced for the Pension Fund.

     

52/20

COMPANY ENGAGEMENT AND VOTING REPORT pdf icon PDF 139 KB

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    In accordance with Fund’s investment objectives in the 2020/21 Business Plan.

     

    Additional documents:

    Minutes:

    Declarations of interest:

    None

     

    Speakers:

    Mamon Zaman, Senior Pensions Finance Specialist

    David Crum – Minerva

    Sarah Wilson - Minerva

     

    Key points raised during the discussion:

     

    1.    The Senior Pensions Finance Specialist introduced a report explaining that a co-signed letter had been written to the Brazilian embassy in relation to deforestation in Brazil, attached as annex 1 the report.  Also, Minerva had provided a report on issues experienced last quarter around voting. The Investor groups had since met with Brazilian authorities to discuss further outcomes. A positive short-term outcome was that Brazil banned forest fires for the four months of dry season and set up military operations due to this investor pressure. Due to the success of this investor dialogue, a working group had been set up to continue this work going forward, of which the Fund has chosen to participate in going forward.

    2.    David Crum updated the Committee that Minerva has still been unable to go back to the office to check through the paperwork but they intended to do.  Some analysis had been done on meetings missed:

    ·         There had been 45 companies meetings where Surrey votes were not cast.  Of those meetings there were:

    ·          782  individual resolutions that Surrey could have voted on

    ·         702 of those Surrey would have voted in favour

    ·         56 Surrey would have voted against

    ·         There would have been very few abstentions

    ·         There were no instances where Surrey’s vote, if given, would have swayed the outcome on those resolutions one way or another.

    1. Sarah Wilson spoke to Members about the issue that had arisen over securities lending as outlined in annex 2 to the submitted report.  Further procedures had been put in place in terms of mandate changes to ensure that there are more eyes to do the sign off on any mandate changes.  New elements had also been introduced to the stock lending support service so they could identify contentious upcoming meetings which may have an impact on stock lending so that clients could exercise their right to vote to retain the revenue of stock lending or to maintain the balance.  Apologies were given but lessons had been learned and things were back on track.
    2. A Member asked if it was only Surrey affected by the voting issue and why are stocks borrowed.  Sarah Wilson responded that Surrey was the only one affected.  David Crum explained stock lending in terms of assuring liquidity and would impact on the price and from Surrey’s perspective, stock lending was good.  However, short selling had received some bad press. Sarah Wilson reported that a good practice guidance around stock lending had recently been published.
    3. A Member spoke of caution needed as stock lending may affect contentious voting.

     

    Actions/ further information to be provided:

    None.

     

     

    Resolved:

     

    1.    That ESG Factors were fundamental to the Fund’s approach, consistent with the Mission Statement through was affirmed;

    ·         Continuing to enhance its own Responsible Investment Approach, its Company Engagement policy, and SDG alignment with its external provider Minerva Analytics.

    ·         Commending the outcomes  ...  view the full minutes text for item 52/20

53/20

TASKFORCE FOR CLIMATE RELATED FINANCIAL DISCLOSURE REPORT 2019-20 (TCFD) pdf icon PDF 124 KB

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    This report is a summary of the Fund’s first report complying with the Taskforce for Climate Related Financial Disclosures. The report supports the Fund’s Strategic Investment Objectives, with particular focus on how it fulfils its role as a Responsible Investor.

     

    Additional documents:

    Minutes:

    Declarations of interest:

    None

     

    Speakers:

    Mamon

     

    Key points raised during the discussion:

    The Committee considered a report that summarised the Fund’s first report complying with the Taskforce for Climate Related Financial Disclosures. The report supported the Fund’s Strategic Investment Objectives, with particular focus on how it fulfilled its role as a Responsible Investor.

     

    Actions/ further information to be provided:

    None.

     

    Resolved:

     

    1.    The 2019-20 Taskforce for Climate Related Financial Disclosure report was noted.

    2.    That the Committee continue to enhance its approach to Climate Risk in the context of its SDG Mapping work was agreed.

     

    Reason for decision:

    In accordance with The Fund’s Mission Statement, as well as its Investment Strategic Objectives, the Fund is required to fulfil its fiduciary duty to protect the value of the Pension Fund, to meet its pension obligations. The role of the Fund as an investor includes being aware of its wider responsibilities in Responsible Investment, as well as how it exercises its influence through engaging as active shareholders.

     

    Part of this consideration of Environmental, Social and Governance factors, is the systemic risk that Climate Change poses to economies as well as to the Fund’s investments.

     

54/20

EXCLUSION OF THE PUBLIC

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    Recommendation: 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 1 of Schedule 12A of the Act.

    Additional documents:

    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 1 of Schedule 12A of the Act.

     

    11.49 The Committee adjourned for seven minutes for a comfort break

    Cllr Tony Elias left the meeting.

    PART TWO – IN PRIVATE

55/20

BORDER TO COAST UPDATE

    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)

     

    Minutes:

    Declarations of interest:

    None

     

    Speakers:

    Neil Mason - Strategic Finance Manager (Pensions)

    Steve Turner,

    Mamon Zaman, Senior Pensions Finance Specialist

     

    Key points raised during the discussion:

    1.    Members were reminded of activities and the annual conference on 2 October 9.30am-3pm.

    2.    The Committee in June 2019 approved the delegation of authority to the Director of Corporate Finance, in consultation with the Chairman of the Pension Fund Committee, to transition the Multi-Asset Credit portion of the Surrey Pension Fund portfolio to the BCPP national pool.

    3.    It was reported that PIMCO had been selected as the Core MAC manager to be complemented with smaller (specialist) satellite managers.

    4.    The Chairman noted that the report was not about agreeing the strategic asset allocation as that had already been agreed but set out how the Fund would do it in practice.

    5.    Steve Turner highlighted that the timings when the Fund chooses to invest must be considered when setting return targets so that they are not easily outperformed as there must be a balance between the full market cycle and the prevailing market conditions. 

    6.    A Member noted the substantial 1% saving for the new portfolio and asked if the Committee would get an update to those savings achieved over time. In response, the Senior Pensions Finance Specialist explained that there was a working group with the BCPP on establishing standardised methods across all partner funds concerning projected savings and identifying realised savings going forward.

     

    Actions/ further information to be provided:

    The Strategic Finance Manager would share the extensive set of Q&As from the property meeting held in September, to Members.

     

    Resolved:

     

    1.    Notes recent updates in BCPP activity, including details of the BCCP joint committee meeting of 16 June 2020.

     

    2.    Notes the update on the Multi-asset credit (MAC) fund, including the appointment of the satellite managers to complement PIMCO as the core MAC manager.

     

    3.    Approves the delegation of authority to the Director of Corporate Finance, in consultation with the Chairman of the Pension Fund Committee, to transition the property portion of the Surrey Pension Fund portfolio to the UK and Global property sub-funds of the Border to Coast Pensions Partnership (BCPP) national pool when its design has been established to the satisfaction of officers and Fund advisors and assuming that the “necessary conditions” of governance have been satisfied. 

     

    Reason for decision:

    To keep the Pension Fund Committee apprised of the progress made by the Officer Operations Group (OOG), Joint Committee and BCPP Shareholder Board in the drive to maintain a fully functioning asset pool, which will manage the significant majority of the Surrey fund assets. This is consistent with the Fund’s strategic investment and governance objectives.

     

56/20

LOCAL PENSION BOARD REPORT

    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: Annex 3 to item 7.

     

    Minutes:

    Declarations of interest:

    None

     

    Speakers:

    Neil Mason - Strategic Finance Manager (Pensions)

     

    Key points raised during the discussion:

    1.    The Strategic Finance Manager highlighted the Pensions Administration Turnaround (PAT) programme objectives and the PAT programme structure with the Director of Corporate Finance as the Senior Responsible Owner, the External Commercial Advisor as the Programme Manager and the Strategic Finance Manager – Pensions as the Pensions Lead. Quarterly reports would be presented to the Local Pension Board and the Committee and monthly updates given to the Chairmen of the Committee and the Local Pension Board.

    2.    The Chairman noted that the dissolution of the Orbis Pension Partnership, along with reversion to sovereign authorities and London Borough fund relationships were complex operations and noted the robust approach.

     

    Actions/ further information to be provided:

    None.

     

    Resolved:

    The Part 2 Annex to the main report at item 7 was noted.

57/20

INVESTMENT MANAGER ISSUES AND PERFORMANCE AND ASSET/LIABILITIES UPDATE

    In accordance with Fund’s investment 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: Annex 2 to item 10.

     

    Minutes:

    Declarations of interest:

    None

     

    Speakers:

    None.

     

    Key points raised during the discussion:

    Members considered this Part 2 annex to Item 10 on the agenda.

     

    Resolved:

    The Part 2 Annex to the main report at Item 10 was noted.

     

58/20

DRAFT ANNUAL REPORT & STATEMENT OF ACCOUNTS

    In accordance with Fund’s investment 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: Annex 2 to item 11.

     

    Minutes:

    Declarations of interest:

    None

     

    Speakers:

    None.

     

    Key points raised during the discussion:

    Members considered this Part 2 annex to Item 11 on the agenda.

     

    Resolved:

    The Part 2 Annex to the main report at Item 11 was noted.

     

59/20

INVESTMENT STRATEGY REVIEW

    In accordance with Fund’s investment 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)

     

     

Minutes:

Declarations of interest:

None

 

Speakers:

Neil Mason - Strategic Finance Manager (Pensions)

Steve Turner and Ross Palmer, Mercer

 

Key points raised during the discussion:

 

1.    Members considered this Part 2 report that reviewed the Fund’s current Investment Strategy, in line with current progress made within BCPP’s asset offerings, as well as taking account of its current Fund Managers’ performance returns, since inception. This report developed the approvals of the Pension Fund Committee at its meetings of 12 September 2019 and 12 June 2020.

2.    The recommendations were discussed in detail and agreed.

3.    With regards to Annex 1, Mercer noted the long term strategy for property and was not envisaging any new changes in the next 12-18 months due to the structural difficulties as a result of Covid-19 with the UK market reliant on the affected high street, retail, leisure, hotels and office sectors; an increase in the property allocation to global markets to 50% of the property portfolio would address that as the US/EU markets were exposed to residential areas – less affected by the pandemic.

4.    It was noted that at the last year’s strategy review the Committee agreed to material changes.  Mercer explained that those assets would be sourced from the Fund’s listed equity and Diversified Growth Fund (DGF) and would take 3-5 years to be drawn down; therefore the Investment Consultant sets out proposals for exploring liquid alternative asset classes in the interim as ‘warehousing’ investments. The Investment Consultant suggested the use of listed private equity and listed infrastructure, for example companies listed on stock exchanges/passive vehicle by Legal and General (LGIM); as well as global loans, for example funds that invest in bank loans to corporations looking to expand businesses within secondary markets. As passive vehicles do not exist for loans an active manager search would be needed, linking in with BCPP.  To do this successfully the routes must be consistent with pooling.

5.    The Committee discussed in detail the information provided on gilts in Annex 4 to the report. 

6.    It was reported that the view from the property session, held with Paul Campbell, was the need for flexibility in the future particularly concerning property in respect of the new real asset class and long lease property was to be explored as likely to be delivered outside of the BCPP property portfolio.

7.    The Strategic Finance Manager reported that it was likely the Committee would receive a report on the recommended direction of travel at the next Committee meeting in December.

 

Resolved:

 

1.    That the increase in property allocation to global property assets to 50% of the property portfolio was approved.

2.    That officers be authorised to work with the independent advisor, investment consultant and Border to Coast to explore a solution incorporating liquid alternatives as a proxy for the allocation to private market assets, while the transition to private market assets is incomplete.

3.    That officers be authorised to work with the independent advisor, investment consultant and Border to Coast to explore  ...  view the full minutes text for item 59/20

60/20

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.

    Additional documents:

    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.

     

61/20

DATE OF NEXT MEETING

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    The next meeting of the Surrey Pension Fund Committee will be on 11 December 2020.

    Additional documents:

    Minutes:

    It was agreed that the next meeting of the Surrey Pension Fund Committee would take place on 11 December 2020.