Greenwich Council

Agenda and minutes

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

Contact: Clare Chapman  Email: clare.chapman@royalgreenwich.gov.uk or tel: 020 8921 6160

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.

Minutes pdf icon PDF 40 KB

Members are requested to confirm as an accurate record the Minutes of the Pension Fund Investment and Administration Panel meeting held on 25th July 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.

Minutes:

Resolved -

 

That the minutes of the meeting of the Pension Fund Investment & Administration Panel held on 25 July 2016 be agreed and signed as a true and accurate record.

5.

Fund Manager Performance to 30 June 2016 pdf icon PDF 53 KB

To note a report on the performance of the Royal Borough of Greenwich Pension Fund’s investment managers for the period ending 30 June 2016, and to agree that the appendix be considered in closed session as exempt information

Additional documents:

Minutes:

The report was introduced by the Senior Investment Consultant who informed Members that the Fund was in a position of transition following the recent strategy revision and appointments of new Fund Managers.

 

He responded to Members that, whilst the market dipped following the EU Referendum they subsequently recovered. However, there was further scope for market instability due to wider global events.  He continued that maintenance of the Fund’s diverse portfolio would place it in a strong position in respect of any potential market instability.

 

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 30 June 2016 be noted.

 

2.  That the information detailed in the Exempt Appendix to this 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)” be considered.

 

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

 

6.

Annual Report of the Pension Board 2015/16 pdf icon PDF 30 KB

To note the annual report of the Pension Board for 2015/16

Additional documents:

Minutes:

The Finance Manager presented the report, advising that the report was considered by Full Council and the Pensions Board and was presented to the Panel as a matter of good practice.

 

Resolved –

 

1.     That the annual report of the Pension Board (‘the Board’) for 2015/16 at appendix A to the report, be noted.

 

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:

Minutes:

In presenting the report the Finance Manager advised the Panel that this was an annual document which the Panel was asked to review.  She outlined how the Fund complies with the seven principles of the UK Stewardship Code.

 

Resolved –

 

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

 

The Chair requested that the Panel’s thanks to Officers, for their sterling work in this area be put on record.