Agenda
PDF 361 KBVenue: Council Chamber, Woodhatch Place, 11 Cockshot Hill, Reigate, Surrey, RH2 8EF
Contact: Angela Guest Email: angela.guest@surreycc.gov.uk
Media
| No. | Item |
|---|---|
|
APOLOGIES FOR ABSENCE AND SUBSTITUTIONS
Additional documents: |
|
|
MINUTES OF THE PREVIOUS MEETING - 16 JUNE 2023
To agree the minutes as a true record of the meeting. Additional documents: |
|
|
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: |
|
|
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 (4 September 2023). 2. The deadline for public questions is seven days before the meeting (1 September 2023). 3. The deadline for petitions was 14 days before the meeting, and no petitions have been received.
Additional documents: |
|
|
GLOSSARY, ACTION TRACKING AND WORKPLAN
An action tracker is attached, detailing actions from previous meetings. The Committee is asked to review progress on the item listed. Additional documents: |
|
|
CHANGE PROGRAMME UPDATE - QUARTER 2
This paper details the Change Team Quarterly Report for the period April – June 2023. Previously this update was included in the Service Delivery report for historical reasons. Given the extended scope of the Team this is now presented separately.
Additional documents: |
|
|
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 (28 July 2023) for noting or actioning by the Pension Fund Committee (the Committee). Additional documents: |
|
|
APPOINTMENT OF AN INDEPENDENT CHAIR OF THE LOCAL PENSION BOARD
This report provides a summary of the steps taken to appoint the Independent Chair of the Local Pension Board. Additional documents: |
|
|
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.
Additional documents: |
|
|
DRAFT ANNUAL REPORT 2022/23
This report provides an update to the production of the 2022/23 Pension Fund Annual Report.
Additional documents: |
|
|
INVESTMENT BENCHMARKING
The Fund’s investment returns and associated costs should be considered in relation to other pension funds, both private and Local Government Pension Schemes (LGPS).
Additional documents: |
|
|
COMPANY ENGAGEMENT & VOTING
This report is a summary of various Environmental, Social & Governance (ESG) engagement and voting 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: |
|
|
ASSET CLASS FOCUS - UK REAL ESTATE & LISTED ALTERNATIVES
As part of good governance, the Committee periodically reviews the performance of the Fund’s investments. There is a further focused review of different asset classes. This paper concentrates on Real Estate. Additional documents: |
|
|
RESPONSIBLE INVESTMENT UPDATE
The Fund continues to implement the agreed priorities of the Pension Fund Committee (Committee) in relation to the Responsible Investment (RI) policy, one of which was to analyse the equity fund manager’s current compliance and alignment with the policy. The Fund also continues to produce an annual Task Force on Climate-related Financial Disclosures, (TCFD), report ahead of mandated requirement.
Additional documents: |
|
|
LGPS UPDATE (BACKGROUND PAPER)
This report considers recent developments in the Local Government Pension Scheme (LGPS).
Additional documents: |
|
|
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: |
|
|
INVESTMENT MANAGER PERFORMANCE AND ASSET/LIABILITIES UPDATE
Part 2 Annexe for item 9 attached.
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)
Additional documents: |
|
|
INVESTMENT BENCHMARKING
Part 2 Annexe for item 11 attached.
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)
Additional documents: |
|
|
INVESTMENT STRATEGY REVIEW - GILT INVESTMENT
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 gilts exposure within the Fund.
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)
Additional documents: |
|
|
RESPONSE TO CONSULTATION ON THE FUTURE FOR INVESTING
To provide details of the Department for Levelling Up, Housing & Communities (DLUHC) consultation on the Next Steps for Investments for the Local Government Pension Scheme (LGPS) and the draft response from Surrey.
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)
Additional documents: |
|
|
BORDER TO COAST PENSIONS PARTNERSHIP UPDATE
Border to Coast Pensions Partnership (BCPP) is now an established fully regulated asset management company when the authorised contractual scheme (ACS) went “live” on 26 July 2018. The Surrey Pension Fund started transitioning assets in quarter four of 2018 and continues this through 2023. This paper provides the Pension Fund Committee (Committee) with an update of current activity being undertaken by BCPP.
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)
Additional documents: |
|
|
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: |
|
|
DATE OF NEXT MEETING
The next meeting of the Surrey Pension Fund Committee will be on 15 December 2023. Additional documents: |