Agenda
PDF 228 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 [22 MARCH 2024]
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 (17/06/2024). 2. The deadline for public questions is seven days before the meeting (14/06/2024). 3. The deadline for petitions was 14 days before the meeting, and no petitions have been received.
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GLOSSARY, ACTION TRACKER & FORWARD PLAN
For Members to consider and comment on the Pensions Fund Committee’s recommendations tracker and workplan. Additional documents: |
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SUMMARY OF THE LOCAL PENSION BOARD
This report provides a summary of administration and governance issues reviewed by the Local Pension Board (the Board) at its last meeting (17 May 2024) for noting or actioning by the Pension Fund Committee. Additional documents: |
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SURREY PENSION TEAM OVERVIEW - QUARTER 4
This paper is to give an overview of the entire service at a macro level. Additional documents: |
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CHANGE PROGRAMME UPDATE - QUARTER 4
This paper details the Change Team Quarterly Report of activity for the period January – March 2024.
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SURREY PENSION TEAM STRATEGIC PLAN OUT-TURN REPORT - 2023/24 FINANCIAL YEAR
This report summarises the activities that have been completed against Year 1 of the Surrey Pension Team (SPT) Strategic plan. Additional documents: |
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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, as well as an update on investment performance and the values of assets and liabilities.
NB: Part 2 annex at item 17.
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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 (Committee). Additional documents: |
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INVESTMENT STRATEGY - FIDUCIARY DUTY AND INVESTMENT BELIEFS
Investment decisions made by the Pension Fund Committee must be within the regulations, in accordance with fiduciary duty and aligned with agreed investment beliefs. Committee is asked to agree to set up a sub-committee.
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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 at least every three years.
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LGPS UPDATE (BACKGROUND PAPER)
This report considers recent developments in the Local Government Pension Scheme (LGPS).
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RESPONSIBLE INVESTMENT UPDATE
It was agreed that the RI policy be reviewed annually for industry best practice and that the investable universe with regard to Net Zero dates be analysed annually as well. The Committee also requested an analysis of the potential impact of excluding the largest 25 fossil fuel companies from Fund investment.
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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 to item 10 attached.
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ACTUARIAL UPDATE
This report provides an update on actuarial services to the Fund Actuary.
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ASSET CLASS FOCUS - EQUITY
As part of good governance, the Committee periodically reviews the performance of the Fund’s investments with a further focused review of different asset classes. This paper concentrates on Equities.
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REAL ESTATE UPDATE
Border to Coast Pension Partnership (BCPP) has developed a range of Real Estate funds for Partner Funds to invest in. Government guidance expects the LGPS to use pooling when products are available.
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BORDER TO COAST UPDATE
This paper provides the Pension Fund Committee with an update of current activity being undertaken by the Border to Coast Pensions Partnership.
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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 13 September 2024. Additional documents: |