Greenwich Council

Agenda and minutes

Venue: Committee Room 4 - 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 56 KB

Members are requested to confirm as an accurate record the Minutes of the Pension Fund Investment and Administration Panel meeting held on 19 September 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 19 September 2016 be agreed and signed as a true and accurate record.

5.

London Collective Investment Vehicle Update pdf icon PDF 29 KB

To note a presentation given by the Assistant Director, Client Management and the Chief Investment Officer of the London Collective Investment Vehicle (CIV) in relation to investment activity at the London CIV.

 

Minutes:

The Panel received a presentation from the Chief Investment Officer and Client Manager of the London Collection Investment Vehicle (CIV).  The presentation provided an update on CIV progress and development, and the Royal Borough’s investment and engagement. 

 

The Panel was advised that all 33 London boroughs were now signed up to the CIV, the last of these on 4 July 2016.  Representatives of the CIV understood that local authorities wanted to make their own decisions about Investment Managers.  The Panel were assured that Investment Managers would still be made available and that the Royal Borough was still in control of investments and strategies. 

 

The Panel was clear that it wanted reduced fees and less costs to the Fund, and the best possible return for its members.  In response, the Chief Investment Officer confirmed that key decisions would remain with the Royal Borough and the Royal Borough was accountable for these decisions. 

 

The Panel enquired as to how they would be able to judge if the new arrangement was providing better benefits and outcomes for members.  The Chief Investment Officer confirmed that benefits included lower fees, lower annual management charge, and greater visibility, governance and ownership.  Further, that £4.5m gross of savings were already in the pipeline.  With regard to governance, more detail about this would be made available at the next London Council’s Joint Committee meeting on 13 December 2016. 

 

The Chair thanked the London CIV representatives for their presentation.

 

Resolved –

 

That the presentation given by the representatives of London CIV in relation to investment activity at the London CIV be noted. 

6.

Comments of the Pension Board pdf icon PDF 30 KB

To note the comments of the Pension Board from their September 2016 meeting.

 

Minutes:

The report was introduced by the Finance Manager who explained that the purpose of the report was to provide a formal mechanism for communicating the comments of the Pension Board to the Panel.

 

In response to a question from the Panel, the Finance Manager confirmed that recruitment for the Pension Board vacancy was underway and adverts would be placed on the Royal Borough’s internal website and in the Royal Borough’s staff newsletter, Talk Greenwich within the next few days. It was intended that the new Board member would be appointed by the end of January 2017. 

 

Resolved –

 

That the comments of the Pension Board from their September 2016 meeting be noted. 

7.

Communications Policy Statement pdf icon PDF 28 KB

To agree the Communications Policy Statement for the Royal Borough of Greenwich Pension Fund.

 

Additional documents:

Minutes:

The report was introduced by the Finance Manager.

 

Resolved –

 

That the Communications Policy Statement for the Royal Borough of Greenwich Pension Fund be agreed.   

8.

Governance Compliance Statement pdf icon PDF 38 KB

To agree the Governance Compliance Statement for the Royal Borough of Greenwich Fund.

Additional documents:

Minutes:

The report was introduced by the Finance Manager.

 

Resolved –

 

That the Governance Compliance Statement for the Royal Borough of Greenwich Pension Fund be agreed.

9.

Knowledge and Understanding Policy and Framework pdf icon PDF 41 KB

To agree the Knowledge and Understanding Policy and Framework.

Additional documents:

Minutes:

The report was introduced by the Finance Manager.

 

Resolved –

 

That the Fund Knowledge and Understanding Policy and Framework be agreed.