Agenda
PDF 417 KBVenue: Council Chamber, Woodhatch Place, 11 Cockshot Hill, Reigate, Surrey, RH2 8EF
Contact: Angela Guest Email: angela.guest@surreycc.gov.uk
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APOLOGIES FOR ABSENCE AND SUBSTITUTIONS
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MINUTES OF THE PREVIOUS MEETING - 16 DECEMBER 2022
To agree the minutes as a true record of the meeting. Additional documents: |
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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: |
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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 (6/3/2023). 2. The deadline for public questions is seven days before the meeting (3/3/2023). 3. The deadline for petitions was 14 days before the meeting, and no petitions have been received.
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ACTION TRACKING AND WORKPLAN
An action tracker is attached, detailing actions from previous meetings. The Board is asked to review progress on the item listed. Additional documents: |
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SUMMARY OF THE LOCAL PENSION BOARD REPORT
This report provides a summary of administration and governance issues reviewed by the Local Pension Board (the Board) at its last meeting (17 February 2023) for noting or actioning by the Pension Fund Committee (the Committee).
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INVESTMENT MANAGER PERFORMANCE AND ASSET/LIABILITIES UPDATE
This report is a summary of manager issues for the attention of the Pension Fund Committee (Committee), as well as an update on investment performance and the values of assets and liabilities.
Part 2 Annex at item 18 Additional documents: |
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RESPONSIBLE INVESTMENT UPDATE
A key priority of the Pension Fund Committee (Committee) is to approve the Responsible Investment (RI) policy after considering the consultation feedback and set a net zero date consistent with its fiduciary responsibility of meeting pension liabilities.
Part 2 annexes 3 an 5 attached at item 19
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COMPANY ENGAGEMENT & VOTING
This report is a summary of various Environmental Social & Governance (ESG) issues that the Surrey Pension Fund (the Fund), Local Authority Pension Fund Forum (LAPFF), Robeco, and Border to Coast Pensions Partnership (BCPP) have been involved in, for the attention of the Pension Fund Committee (Committee). Additional documents: |
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ASSET CLASS FOCUS - CREDIT MARKETS
As part of good governance, the Pension Fund Committee (Committee) periodically reviews the performance of the Fund’s investments. There is a further focused review of different asset classes each quarter. This quarter the paper concentrates on credit markets. Additional documents: |
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2021/22 EXTERNAL AUDIT UPDATE
This report provides an update to the External Audit of the 2021/22 Financial Statements.
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This report provides an update on the progress of the 2022 triennial valuation being undertaken by the Fund actuary, Hymans Robertson.
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PROGRESS OF THE 2023/24 BUSINESS PLAN
This report sets out service priorities for 2023/24 and progress of the 2023/24 Business Plan.
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COMMUNICATIONS POLICY 2023/2024
Surrey Pension Fund recognises the importance of providing timely, relevant and engaging communication utilising a variety of channels to our members and stakeholders. The Communications Policy outlines our approach and obligations.
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TRAINING POLICY 2023/2024
This report introduces the Pension Fund training policy.
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LGPS UPDATE (BACKGROUND PAPER)
This report considers recent developments in the LGPS.
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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: |
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INVESTMENT MANAGER PERFORMANCE AND ASSET/LIABILITIES UPDATE
Part 2 Annex for item 7 is attached. |
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RESPONSIBLE INVESTMENT UPDATE
Part 2 Annexes for item 9 attached |
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BORDER TO COAST PENSIONS PARTNERSHIP UPDATE
This paper provides the Pension Fund Committee (Committee) with an update of current activity being undertaken by the Border to Coast Pensions Partnership (BCPP). |
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REAL ESTATE UPDATE
Part 2 report for noting. |
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INVESTMENT STRATEGY REVIEW, CURRENCY HEDGING
The Pension Fund is reviewing its Investment Strategy in accordance with the 2022 valuation, taking into account its investment core beliefs and in line with the asset offerings of Border to Coast Pensions Partnership (BCPP). This paper presents analysis on the currency hedging policy and process.
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PUBLICITY OF PART 2 ITEMS
To consider whether the item considered under Part 2 of the agenda should be made available to the Press and public. Additional documents: |
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DATE OF NEXT MEETING
The next meeting of the Surrey Pension Fund Committee will be on 16 June 2023. Additional documents: |