Greenwich Council

Agenda, decisions and minutes

Venue: Committee Room 6 - Town Hall, Wellington Street, Woolwich SE18 6PW. View directions

Contact: Daniel Wilkinson  Email: daniel.wilkinson@royalgreenwich.gov.uk or tel: 020 8921 5102

Items
No. Item

1.

Apologies for Absence

To receive apologies for absence from Members of the Panel.

Minutes:

There were no apologies for absence.

2.

Urgent Business

The Chair to announce any items of urgent business circulated separately from the main agenda.

Minutes:

There was no urgent business.

3.

Declarations of Interest pdf icon PDF 38 KB

Members to declare any personal and financial interests in items on the agenda.  Attention is drawn to the Council’s Constitution; the Council’s Code of Conduct and associated advice.

Additional documents:

Minutes:

Resolved –

 

That the list of Councillors’ memberships as Council appointed representatives on outside bodies, joint committees and school governing bodies be noted.

4.

Local Government Pension Scheme: Investment Reform and Pooling Proposals pdf icon PDF 56 KB

To agree the draft response of the Pension Fund to the Government consultation ‘Local Government Pension Scheme: Revoking and replacing the Local Government Pension Scheme (Management and Investment of Fund) Regulations 2009’, and to agree the initial pooled investment proposals required for submission by the administering authority of the Pension Fund to the Government.

Additional documents:

Decision:

1.       Agreed the draft response of the Royal Borough of Greenwich Pension Fund to the Government consultation ‘Local Government Pension Scheme: Revoking and replacing the Local Government Pension Scheme (Management and Investment of Fund) Regulations 2009’ (at Appendix A of the report).

 

2.       Agreed the initial pooled investment proposals required for submission by the administering authority of the Royal Borough of Greenwich Pension Fund (the Fund) to the Government (at Appendix B of the report).

Minutes:

The report was introduced by the Finance Manager. The Finance Manager drew Members’ attention to the key changes, and highlighted concerns over the proposed power of intervention by the Secretary of State.

 

In response to comments raised the Finance Manager confirmed that Officers would continue to monitor fund managers irrespective of the proposed removal of the formal need for quarterly review.

 

Resolved -

 

1.       That the draft response of the Royal Borough of Greenwich Pension Fund to the Government consultation ‘Local Government Pension Scheme: Revoking and replacing the Local Government Pension Scheme (Management and Investment of Fund) Regulations 2009’ (at Appendix A of the report) be agreed.

 

2.       That the initial pooled investment proposals required for submission by the administering authority of the Royal Borough of Greenwich Pension Fund (the Fund) to the Government (at Appendix B of the report) be agreed

5.

Collective Investment Vehicle Update pdf icon PDF 53 KB

To note the continued progress of the London Collective Investment Vehicle for London.

Decision:

Noted the continued progress of the London Collective Investment Vehicle for London

Minutes:

The report was introduced by the Finance Manager.

 

In response to questions from the Panel the Finance Manager confirmed that the start- up and service charge costs were paid by all members of the Vehicle, and that the B shares were redeemable should the Royal Borough leave the Vehicle.

 

Resolved -

 

That the continued progress of the London Collective Investment Vehicle for London be noted

6.

Governance Compliance Statement pdf icon PDF 38 KB

To agree the Fund’s Governance Compliance Statement

Additional documents:

Decision:

Agreed the Fund’s Governance Compliance Statement

Minutes:

The report was introduced by the Finance Manager. The Finance Manager drew Members’ attention to the delegation of management arrangements and the best practice principles.

 

Resolved -

 

That the Fund’s Governance Compliance Statement be agreed

7.

Statement of Compliance with UK Stewardship Code pdf icon PDF 38 KB

To agree the Statement of Compliance with the UK Stewardship Code for Institutional Investors

Additional documents:

Decision:

Agreed the Statement of Compliance with the UK Stewardship Code for Institutional Investors

Minutes:

The report was introduced by the Finance Manager. The Finance Manager highlighted that the Royal Borough of Greenwich was fully compliant with the Code and she detailed how the Borough complied with all the principles.

 

Resolved -

 

That the Statement of Compliance with the UK Stewardship Code for Institutional Investors be agreed.