Agenda
PDF 225 KBVenue: Council Chamber, Woodhatch Place, 11 Cockshot Hill, Reigate, Surrey, RH2 8EF
Contact: Angela Guest Email: angela.guest@surreycc.gov.uk
Media
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APOLOGIES FOR ABSENCE AND SUBSTITUTIONS
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MINUTES OF THE PREVIOUS MEETING [8 SEPTEMBER 2023]
To agree the minutes as a true record of the 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. |
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QUESTIONS AND PETITIONS
a) A Member question and response is attached. b) Public questions and responses to follow. c) No petitions were received.
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GLOSSARY, ACTION TRACKING AND WORKPLAN
To consider and comment on the Pensions Fund Committee’s recommendations tracker and workplan. Additional documents: |
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CHANGE PROGRAMME UPDATE - QUARTER 2
This paper details the Change Team Quarterly Report of activity for the period July-September 2023.
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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 (10 November 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 15 |
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This report provides an update from the Fund Actuary on cash flow and the new pass-through policy relating to new admission bodies (specifically contractors) participating in the Fund.
Additional documents: |
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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. Additional documents: |
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ASSET CLASS FOCUS - PRIVATE MARKETS
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 each quarter. This quarter, the paper concentrates on private markets and the BCPP Listed Alternatives Fund. Additional documents: |
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RESPONSIBLE INVESTMENT UPDATE
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: |
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LGPS UPDATE (BACKGROUND PAPER)
This report considers recent developments in the Local Government Pension Scheme (LGPS).
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To provide details of the response of the Department for Levelling Up, Housing & Communities (DLUHC) to its consultation on the Next Steps for Investments for the Local Government Pension Scheme (LGPS).
Additional documents: |
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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. |
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INVESTMENT MANAGER PERFORMANCE AND ASSET/LIABILITIES UPDATE
Part 2 Annexe for item 8 attached.
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COMPETITION & MARKETS AUTHORITY (CMA) INVESTMENT CONSULTANT STRATEGIC OBJECTIVES
Local Government Pension Schemes (LGPS) are required to set strategic objectives for their Investment Consultant (IC) Provider and monitor performance against these objectives. |
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BORDER TO COAST UPDATE
This paper provides the Pension Fund Committee (Committee) with an update of current activity being undertaken by BCPP.
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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. |
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DATE OF NEXT MEETING
The next meeting of the Surrey Pension Fund Committee will be on 22 March 2024. |