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:

Apologies for absence were given for Councillor Olu Babatola, and for Ann Jefferson (Unison Representative).

2.

Urgent Business

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

Minutes:

The Chair agreed to take the items on the supplementary agenda as 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.

Minutes pdf icon PDF 39 KB

Members are requested to confirm as an accurate record the Minutes of the Pension Fund Investment and Administration Panel meetings held on 1 and 15 February 2016.

 

No motion or discussion may take place upon the Minutes except as to their accuracy, and any question on this point will be determined by a majority of the Members of the body attending who were present when the matter in question was decided.  Once confirmed, with or without amendment, the person presiding will sign the Minutes.

Additional documents:

Minutes:

Resolved -

 

That the minutes of the meetings of the Pension Fund Investment & Administration Panel held on 1 and 15 February 2016 be agreed and signed as true and accurate records.

5.

Audit Plan 2015/16 pdf icon PDF 27 KB

To note the Pension Fund Audit Plan 2015/16

Additional documents:

Decision:

Noted the Pension Fund Audit Plan 2015/16

Minutes:

The report was presented by the Engagement Lead from Grant Thornton.

 

In response to questions from the Panel the Engagement Lead replied that trivial in respect of materiality referred to an amount which would not result in those considering or making decisions on the financial statement being misled; however, such amounts were considered cumulatively and if they rose they would be reported by the auditor.

 

Resolved -

 

The Pension Fund Audit Plan 2015/16 be noted.

6.

Pension Fund Draft Quarterly Accounts pdf icon PDF 32 KB

To note the draft Pension Fund accounts for the period ending 31 December 2015

Additional documents:

Decision:

Noted the draft Pension Fund accounts for the period ending 31 December 2015

Minutes:

The report was introduced by the Principal Account. He drew Members’ attention to the appendix.

 

Resolved -

 

That the draft Pension Fund accounts for the period ending 31 December 2015 be noted

7.

Fund Manager Performance to 31 December 2015 pdf icon PDF 52 KB

To note a report on the performance of the Borough’s Pension Fund’s investment managers for the period ending 31 December 2015

Additional documents:

Decision:

1.       Noted a report on the performance of the Royal Borough of Greenwich Pension Fund’s (‘the Fund’) investment managers for the period ending 31 December 2015.

 

2.       Agreed to consider the information detailed in the Exempt Appendix to the report in closed session under the provisions of the Local Government Act 1972, Schedule 12A, Paragraph 3 “Information relating to the financial or business affairs of any particular person (including the authority holding that information)”;

 

3.       Agreed that the information detailed in the Exempt Appendix to the report be not subsequently released to the press or public.

 

Minutes:

The report at the appendix was presented by the Senior Investment Consultant from Hymans Robertson.

 

Resolved -

 

1.       That the report on the performance of the Royal Borough of Greenwich Pension Fund’s (‘the Fund’) investment managers for the period ending 31 December 2015 be noted.

 

2.       That it be agreed to consider the information detailed in the Exempt Appendix to the report in closed session under the provisions of the Local Government Act 1972, Schedule 12A, Paragraph 3 “Information relating to the financial or business affairs of any particular person (including the authority holding that information)”;

 

3.       That it be agreed that the information detailed in the Exempt Appendix to the report be not subsequently released to the press or public.

 

8.

Risk Management pdf icon PDF 40 KB

To note the updated Pension Fund risk register as a tool for managing risk within the Pension Fund

Additional documents:

Decision:

Noted the updated Pension Fund risk register as a tool for managing risk within the Pension Fund

Minutes:

The report was introduced by the Finance Manager, who noted the register was largely unchanged since it was last presented. The Finance Manager explained the risk factor scoring mechanism.

 

Resolved -

 

That the updated Pension Fund risk register as a tool for managing risk within the Pension Fund be noted

9.

Statement of Investment Principles pdf icon PDF 37 KB

To agree the Statement of Investment Principles

Additional documents:

Decision:

Agreed the Statement of Investment Principles

Minutes:

The report was introduced by the Finance Manager.

 

The Senior Investment Consultant  noted that the government was proposing to remove the restriction on limits to investments under Schedule 1 of the 2009 Regulations.

 

In response to a question from the Panel the Senior Investment Consultant indicated that Blackrock should be reinstated to tracking its benchmark within the new few weeks.

 

Resolved -

 

That the Statement of Investment Principles be agreed