Venue: Hybrid - Woodhatch Place, 11 Cockshot Hill, Reigate RH2 8EF
Contact: Angela Guest Email: angela.guest@surreycc.gov.uk
Note: MEMBERS OF THE PUBLIC WISHING TO ATTEND IN PERSON WILL BE LIMITED. IF YOU WOULD LIKE TO ATTEND OR YOU HAVE ANY SPECIAL REQUIREMENTS, please email angela.guest@surreycc.gov.uk
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APOLOGIES FOR ABSENCE AND SUBSTITUTIONS
Additional documents: Minutes: Apologies were received from Richard Tear and Philip Walker. |
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MINUTES OF THE PREVIOUS MEETING [12/03/2021] PDF 406 KB
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. |
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DECLARATIONS OF INTEREST
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. |
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QUESTIONS AND PETITIONS PDF 163 KB
To receive any questions or petitions.
Notes: a) The deadline for Member’s questions is 12.00pm four working days before the meeting (05/07/2021). b) The deadline for public questions is seven days before the meeting (02/07/2021).
c) One petition with 751 signatories has been received from Mr Stephen McDonald and reads:
Remove all investments in oil, gas and coal
Why is this important? Right now the Surrey Pension Fund has around £90 million invested directly in climate wrecking fossil fuels despite the efforts of our DivestSurrey campaign and many similar campaign groups across Surrey to persuade them to divest. Thousands of people across the country are asking why local authority pension funds such as ours in Surrey deem it acceptable to fund companies like BP who have a committed £41 billion looking for new fossil fuel reserves over the next decade. It is absolutely senseless! Additional documents: Minutes: One petition with 751 signatories was received from Mr Stephen McDonald that requested the removal of all investments in oil, gas and coal. The petition and the Committee response were published as a supplement to the agenda. There were six questions from six members of the public. These and the Committee responses were published as a supplement to the agenda. Supplementary questions included: |
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Pension Fund Committee - Forward Plan PDF 19 KB
The Committee is asked to review its Forward Plan. Additional documents: Minutes: Speakers: Neil Mason, Strategic Finance Manager (Pensions)
Key points raised during the discussion: The Committee were asked to review the Forward Plan.
Actions/ further information to be provided: None
Resolved: That the Forward Plan be noted.
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Business Plan 2021/22 PDF 242 KB
The Business Plan 2021/22 is the operational framework for the Fund to meet its strategic objectives, consistent with its Mission Statement.
Additional documents: Minutes: Speakers: Neil Mason, Strategic Finance Manager (Pensions)
Key points raised during the discussion:
Actions/ further information to be provided: That the Governance item 17 be replaced with a wider risk on data protection and that the Communications item address accessibility.
Resolved: That the Business Plan 2021/22 shown in Annexe 1 be noted and the amendments requested be included.
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Investment and funding report PDF 1 MB
In accordance with Fund’s investment and funding objectives in the 2021/22 Business Plan.
NB: Annex 2 is contained within item 17 as it contains exempt information.
Additional documents: Minutes: Speakers: Neil Mason, Strategic Finance Manager (Pensions) Clare Chambers, Pensions Service Delivery Manager Anthony Fletcher, Independent Advisor
Key points raised during the discussion:
Actions/ further information to be provided: The Pensions Service Delivery Manager to provide explanation of the large increase in numbers on table 1 of the submitted report.
Resolved: That the Pension Fund Committee noted the main findings of the report in relation to the Fund’s valuation and funding level, performance returns, asset allocation and performance fees.
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In accordance with Fund’s investment and governance objectives in the 2021/22 Business Plan.
Additional documents: Minutes: Speakers: Neil Mason - Strategic Finance Manager (Pensions) Steve Turner – Mercer Sam Wereford, Border to Coast Anthony Fletcher, Independent Advisor
Key points raised during the discussion: · That Page 100 of the agenda pack did not give a timeframe for the 40-60% reduction. Mercer explained the annex to the Committee. · A Member commented that there did not appear to be much mention of the other 16 of the Sustainable Development Goals. · A Member queried whether LGIM had disinvested due to a poor response to ESG issues. Mercer replied that LGIM had disinvested in the past because of these issues. The Independent Advisor reported that LGIM and HSBC were trailblazers in this area. The Strategic Finance Manager offered to share LGIM’s engagement policy with the Committee.
Actions/ further information to be provided: The Strategic Finance Manager offered to share LGIM engagement policy with committee
Resolved:
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Company engagement and voting PDF 410 KB
In accordance with Fund’s investment objectives in the 2021/22 Business Plan.
Additional documents: Minutes: Speakers: Neil Mason, Strategic Finance Manager (Pensions)
Key points raised during the discussion:
Actions/ further information to be provided: The Strategic Finance Manager to provide details as indicated in points 2 and 3 above.
Resolved: The Committee reaffirmed that Environmental Social & Governance Factors were fundamental to the Fund’s approach, consistent with the Mission Statement through;
a) Continuing to enhance its own Responsible Investment Approach, its Company Engagement policy, and Sustainable Development Goals alignment. b) Acknowledging the outcomes achieved for the quarter ending 31 March 2021 by Robeco in their Active Ownership approach, and with the Local Authority Pension Fund Forum in its Engagement with multinational companies as at 31 March 2021.
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Pension fund accounts PDF 226 KB
In accordance with Fund’s investment objectives in the 2021/22 Business Plan.
Additional documents: Minutes: Speakers: Ayaz Malik, Senior Pensions Finance Specialist
Key points raised during the discussion: The Senior Pensions Finance Specialistintroduced the report and confirmed that it had taken account of previous comments received from Philip Walker.
Actions/ further information to be provided: None
Resolved: That the 2020/21 Pension Fund Accounts, subject to an unqualified opinion issued by Audit, be approved.
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Governance compliance statement PDF 297 KB
In accordance with Fund’s governance objectives in the 2021/22 Business Plan.
Additional documents: Minutes: Speakers: Neil Mason, Strategic Finance Manager (Pensions)
Key points raised during the discussion: The Strategic Finance Manager introduced the report and confirmed there were no changes from last year.
Actions/ further information to be provided: None.
Resolved: That the Governance Compliance Statement be approved.
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Scheme Advisory Board good governance phase III PDF 228 KB
In accordance with Fund’s governance and delivery objectives in the 2021/22 Business Plan.
Additional documents: Minutes: Speakers: Neil Mason, Strategic Finance Manager (Pensions)
Key points raised during the discussion:
Actions/ further information to be provided: None
Resolved: That the report be noted.
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Increasing normal early retirement age consultation PDF 301 KB
In accordance with Fund’s governance objectives in the 2021/22 Business Plan.
Additional documents: Minutes: Speakers: Neil Mason, Strategic Finance Manager (Pensions)
Key points raised during the discussion: Members confirmed that they had noted the report and had no further comments.
Actions/ further information to be provided: None
Resolved: That the report be noted.
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Department for Work & Pensions - pension scams consultation PDF 221 KB
In accordance with Fund’s governance objectives in the 2021/22 Business Plan.
Additional documents: Minutes: Speakers: Neil Mason, Strategic Finance Manager (Pensions)
Key points raised during the discussion: Members confirmed that they had noted the report and had no further comments.
Actions/ further information to be provided: None
Resolved: That the report be noted.
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The Pension Regulator single code consultation PDF 222 KB
In accordance with Fund’s governance objectives in the 2021/22 Business Plan.
Additional documents: Minutes: Speakers: Neil Mason, Strategic Finance Manager (Pensions)
Key points raised during the discussion:
Actions/ further information to be provided: The Local Pension Board were to be briefed on the single code.
Resolved: That the report be noted.
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EXCLUSION OF THE PUBLIC
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.
PART TWO – IN PRIVATE |
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Investment and funding report
This is the Part 2 annex to item 7 on the agenda.
Additional documents: Minutes: Speakers: Neil Mason, Strategic Finance Manager (Pensions)
Key points raised during the discussion: The Committee noted the Part 2 annex to Item 7of the agenda
Actions/ further information to be provided: None
Resolved: See minute 107/21
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Border to Coast update
In accordance with Fund’s investment and governance objectives in the 2021/22 Business Plan.
Additional documents: Minutes: Speakers: Neil Mason, Strategic Finance Manager (Pensions) Steve Turner, Mercer Anthony Fletcher, Independent Advisor
Key points raised during the discussion:
Actions/ further information to be provided: None
Resolved:
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Investment consultant procurement
In accordance with Fund’s investment objectives in the 2021/22 Business Plan.
Additional documents: Minutes: Speakers: Neil Mason, Strategic Finance Manager (Pensions)
Key points raised during the discussion: The Strategic Finance Manager introduced this exempt paper and in response to Member queries spoke about the applicants and the value of contract. Also explained what the projected costs would be dependent on work undertaken.
Resolved:
That the re-appointment of
Mercer as the Fund Investment consultant on a three-year contract with
an option to extend for two years, with effect from July 2021, in
line with the LGPS Frameworks document was approved.
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DATE OF NEXT MEETING
The next meeting of the Surrey Pension Fund Committee will be on 10 September 2021. Additional documents: Minutes: The date of the meeting was NOTED. |