Issue - meetings

That the draft submission be noted.

John Wright (Hymans Robertson) presented on the Welsh draft submission to DCLG for pooling of investments which included:

·         Background

·         Process

·         Structure

·         Aims

·         Potential impact on the Clwyd Fund

·         Expected results

A lengthy discussion took place throughout the presentation where John Wright answered a number of questions. The Committee noted a number of areas of detail that might benefit from being refined at the next stage of the project, such as the objectives of the Pool.

The Committee made it clear that they would want to be able to comment and approve the key decisions relating at the establishment of the Wales Pool, which included at least the following:

·         Terms of Reference for the Joint Governance Committee (JGC)

·         The specification for the potential operator

The Committee requested John Wright feed back to the Pool that the following should be included in the final submission to DCLG:

·         Consideration of Member Representation within the governance structure

·         Consideration of an Independent Chair on the JGC

The Committee asked John Wright to ensure they were also provided with information outlining the individual fund costs and savings for Clwyd Pension Fund.

John Wright assured the Committee he would deal with all the points they had made.  During the presentation he also made assurances to the Committee that the Pool and Operator were focussed on providing a structure that would deliver the investment strategy of each individual fund and therefore Clwyd Pension Fund would not be pressured to adapt their strategy to meet how the Pool is being operated.

RESOLVED: 

That the draft submission be noted.