Agenda, decisions and minutes

1.1  Apologies for absence were received from Councillors Hayhurst, Ozsen and Walker and Henry Colthurst.

1.2  It was noted that Cllr Hayhurst and Cllr Ozsenhad joined the meeting remotely. Councillors accessing the meeting remotely, were reminded that they were not counted as being ‘present’ for the purposes of the Local Government Act 1972 and may not vote on any item under consideration. At the discretion of the Chair, may however contribute to the discussion and participate in non-decision making capacity.

2.1  The Head of Pension Fund Investments and Actuarial clarified that any interests declared relating to the LGPS in the  Register of Interest did not have to be re-declared at each meeting. 

3.1  Members considered the proposal of a trial period for holding separate training sessions, which would be shorter and hybrid sessions after officers had been asked to consider holding training outside of the main Committee business meetings to reduce the duration of meetings.  The training sessions would follow a similar format to the training currently provided and an in person training day would be scheduled later in 2023 to help cover key topics in more depth. 

3.2  Committee members were expected to attend the training sessions to comply with the requirements of the Fund’s knowledge and skills policy and if attendance was unsatisfactory the Committee would have the opportunity to return to the previous arrangements.

3.3  Discussion ensued on the proposal and the following comments were noted:

·  Members were willing to trial separate training sessions

·  They would prefer bitesize training sessions.

·  Requested officers to explore other methods of training such online resources, podcast and recorded material on generic topics

·  preference for training to be held in Committee rooms 102 due to the  acoustics issues in the Council Chamber.

3.4  The Chair emphasised that officers were considering having a training portal, survey and questionnaires for members to complete following a topic and testimonial certificates for any training completed.

RESOLVED to agree to a trial period for holding separate training sessions that would follow a similar format to the current training and noted the in person training day to be scheduled later in 2023. 

RESOLVED:

1. To approve the following new allocations as set out in the

recommended revised strategic asset allocation presented in

Appendix 1 (“Strawman 1”, Pg 16):

? Multi Asset Credit - 5%

? Impact Property - 5%

? Nature-based solutions - 5%

The allocations are to be funded as described in in Appendix 1

(“Strawman 1”, Page 16)

4.1  The Head of Pension Fund Investments and Actuarial  introduced the report outlining high level proposals for a review of the Fund’s Strategic Asset Allocation, following on from the discussion paper presented at the 30th March 2023 Pensions Committee meeting. It recommends investment into three new asset classes Multi Asset Credit (MAC),Impact Property  and Nature-based solutions to help the Fund achieve its climate targets, meet its cashflow needs and meet levelling up requirements.

4.2  The Committee considered the exempt appendix during the private session of the meeting.

RESOLVED:

1. To approve the following new allocations as set out in the

recommended revised strategic asset allocation presented in

Appendix 1 (“Strawman 1”, Pg 16):

• Multi Asset Credit - 5%
• Impact Property - 5%
• Nature-based solutions - 5%

The allocations are to be funded as described in in Appendix 1

(“Strawman 1”, Page 16)

It is recommended that the remainder of this meeting be held in private and not open to the press and public as agenda item 5 is likely to lead to the disclosure of exempt or confidential information.

Exempt

By Virtue of Paragraph 3 Part 1 of schedule 12A of the Local Government Act 1972 appendices to the report as set out at agenda item 5 are exempt because they contain Information relating to the financial or business affairs of any particular person and it is considered that the public interest in maintaining the exemption outweighs the public interest in disclosing the information may prejudice any commercial arrangements the Council may enter into.

This is the formal five clear day notice under the Regulations to confirm that this Pensions Committee meeting will be partly held in private for the reasons set out in this Agenda.

Proposed Resolution

That the Press and Public be excluded during the consideration of agenda item 5,  on the grounds that  it is likely in the view of the nature of the business to be transacted, that were members of the public to be present, there would be disclosure of exempt information as defined in paragraph 3 of Part 1 of Schedule 12A of the Local Government Act 1972.

RESOLVED:

That the Press and Public be excluded during the consideration of agenda item 5,  on the grounds that it is likely in the view of the nature of the business to be  transacted, that were members of the public to be present, there would be disclosure  of exempt information as defined in paragraph 3 of Part 1 of Schedule 12A of the  Local Government Act 1972. 

6.1  The appendix was discussed in the private session of the meeting.