Agenda

Surrey Pension Fund Committee - Friday, 15 December 2023 10.00 am

Venue: Council Chamber, Woodhatch Place, 11 Cockshot Hill, Reigate, Surrey, RH2 8EF

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

Media

Items
No. Item

1.

APOLOGIES FOR ABSENCE AND SUBSTITUTIONS

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2.

MINUTES OF THE PREVIOUS MEETING [8 SEPTEMBER 2023] pdf icon PDF 203 KB

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

3.

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.

4.

QUESTIONS AND PETITIONS pdf icon PDF 124 KB

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    a)    A Member question and response is attached. 

    b)    Public questions and responses to follow.

    c)    No petitions were received.

     

5.

GLOSSARY, ACTION TRACKING AND WORKPLAN pdf icon PDF 95 KB

6.

CHANGE PROGRAMME UPDATE - QUARTER 2 pdf icon PDF 122 KB

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    This paper details the Change Team Quarterly Report of activity for the period July-September 2023.

     

7.

SUMMARY OF THE LOCAL PENSION BOARD REPORT pdf icon PDF 167 KB

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    This report provides a summary of administration and governance issues reviewed by the Local Pension Board (the Board) at its last meeting (10 November 2023) for noting or actioning by the Pension Fund Committee (the Committee).

     

8.

INVESTMENT MANAGER PERFORMANCE AND ASSET/LIABILITIES UPDATE pdf icon PDF 578 KB

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    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 15

9.

ACTUARIAL UPDATE pdf icon PDF 112 KB

10.

COMPANY ENGAGEMENT & VOTING pdf icon PDF 377 KB

11.

ASSET CLASS FOCUS - PRIVATE MARKETS pdf icon PDF 122 KB

12.

RESPONSIBLE INVESTMENT UPDATE pdf icon PDF 119 KB

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    The Fund’s Responsible Investment (RI) policy takes an ‘engagement with consequences’ approach to responsible investment issues. A key element of this approach is the escalation policy if issues persist. As this engagement is delegated to the investment managers, the Committee asked Border to Coast Pensions Partnership, BCPP, to present some case studies showing this process in action. Investment managers were also asked to provide data showing the underlying exposure to the largest fossil fuel companies and engagement approaches.  

     

    Additional documents:

13.

LGPS UPDATE (BACKGROUND PAPER) pdf icon PDF 181 KB

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    This report considers recent developments in the Local Government Pension Scheme (LGPS).

     

14.

RESPONSE OF THE DEPARTMENT OF LEVELLING UP, HOUSING & COMMUNITIES TO ITS CONSULTATION ON NEXT STEPS FOR INVESTING FOR THE LGPS pdf icon PDF 167 KB

15.

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.

16.

INVESTMENT MANAGER PERFORMANCE AND ASSET/LIABILITIES UPDATE

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    Part 2 Annexe for item 8 attached.

     

17.

COMPETITION & MARKETS AUTHORITY (CMA) INVESTMENT CONSULTANT STRATEGIC OBJECTIVES

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    Local Government Pension Schemes (LGPS) are required to set strategic objectives for their Investment Consultant (IC) Provider and monitor performance against these objectives.

18.

BORDER TO COAST UPDATE

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    This paper provides the Pension Fund Committee (Committee) with an update of current activity being undertaken by BCPP.

     

19.

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.

20.

DATE OF NEXT MEETING

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    The next meeting of the Surrey Pension Fund Committee will be on 22 March 2024.