Greenwich Council

Agenda and minutes

Venue: Committee Room 4 - Town Hall, Wellington Street, Woolwich SE18 6PW. View directions

Contact: Jasmine Kassim  Email: jasmine.kassim@royalgreenwich.gov.uk tel 020 8921 5146

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 34 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.

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 53 KB

Members are requested to confirm as an accurate record the Minutes of the Pension Fund Investment and Administration Panel meeting held on 20 November 2017.

 

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 20 November 2017 be agreed and signed as a true and accurate record.

5.

Pension Communication Policy Statement pdf icon PDF 67 KB

The Panel is requested to agree the Communications Policy Statement for the Royal Borough of Greenwich Pension Fund.

Additional documents:

Minutes:

The Assistant Director of Finance (Financial Operations) introduced the report relating to the Royal Borough of Greenwich’s Pension Communications Policy Statement to the Panel.

 

The Panel noted the report, and that there had been no changes since the last review.  The Panel

 

Resolved –

 

That the Royal Borough of Greenwich’s Pension Communications Policy Statement, be agreed.

6.

Early Retirements 1 April 2017 - 30 September 2017 pdf icon PDF 55 KB

The Panel is requested to note a report on early retirements covering the period 1 April 2017 to 30 September 2017 and review the financial effect.  To agree that the appendix to this report be considered in closed session as the information (as defined in paragraph 2 of Schedule 12A of the Local Government Act 1972 - Schedule 1) is likely to be made known and is likely to reveal the identity of an individual.  To agree that the information detailed in the exempt appendix to this report be not subsequently released to the press or public.

Additional documents:

Minutes:

The Assistant Director of Finance (Financial Operations) introduced the report on the Royal Borough of Greenwich’s early retirements covering the period 1 April 2017 to 30 September 2017 to the Panel.

 

The Panel considered the report, together with the financial effect in a “closed session”, and it

 

Resolved –

 

1.            That the report on early retirements covering the period 1 April 2017 to 30 September 2017, be noted.

 

2.            That it be agreed to consider the financial effect attached an appendix to the in “closed session”, as the information (as defined in paragraph 2 of Schedule 12A of the Local Government Act 1972 - Schedule 1) is likely to be made known and is likely to reveal the identity of an individual.

 

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.

7.

Fund Manager Performance to 30 September 2017 pdf icon PDF 81 KB

The Panel is requested to note a report on the performance of the Royal Borough of Greenwich Pension Fund’s (‘the Fund’) investment managers for the period ending 30 September 2017.  To consider 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)”.  To agree that the information detailed in the Exempt Appendix to this report be not subsequently released to the press or public.

Additional documents:

Minutes:

Andrew Elliott, a representative from Hymans Robertson LLP, introduced the report to the Panel, highlighting performance relating to the Royal Borough of Greenwich’s (Royal Borough) Pension Fund investment managers, for the period ending 30 September 2017.

 

The Panel considered the report together with the review documentation in a “closed session”.

 

In response to questions raised, the representative clarified to the Panel that the report was a reflection of the momentum of the global market.  Thus, although there were no significant developments over the quarter to 30 September 2017, performance levels were in line with the composite benchmark levels, which had been set against individual manager’s ratings.

 

The Panel made further enquiries and received confirmation from the representative that the fee reduction negotiated with investment managers has been achieved. It also noted that the benchmark against which individual manager’s portfolio is measured would be different because they would have different investment assets.

 

Commenting on the latter response, the Panel requested that CBRE should be invited to discuss its performance with the Panel.

 

Action: Acting Finance Manager

 

The Panel

 

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 September 2017, be noted.

 

2.             That it be agreed to consider 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)”; agree that the information detailed in the Exempt Appendix to this report be not subsequently released to the press or public.

8.

Markets in Financial Instruments Derivative (MiFID 11) Update pdf icon PDF 69 KB

The Panel to note the progress made on the applications for elected professional client status.

Minutes:

The Acting Finance Manager introduced the update report about markets in Financial Instruments Directive to the Panel.

 

The Panel noted progress, and that local authorities were automatically categorised as ‘professional’ clients for investment purposes, both in terms of their treasury management, and their pension fund administration functions.  It was

 

Resolved –

 

That the progress made on the applications for elected professional client status, be noted.

9.

Training pdf icon PDF 40 KB

The Panel to receive training from Hymans Robertson on actuarial Methods, Standards and Practices.

Minutes:

Resolved –

 

That it be noted that the Panel received training on Actuarial methods, standards and practices presented by representatives from Hymans Robertson LLP.