Issue - meetings

The Committee noted the report and discussed the progress being made by the Wales Pension Partnership.

The Chairman informed the Committee that Cllr Mark Norris (RCT) is the new appointed Chair of the JGC for the calendar year and Cllr Peter Lewis (Powys) is the Vice Chair.

The Chairman commented that the WPP prospectus for the ACS is completed and will be submitted to the FCA for approval. It was a difficult process and required significant legal and adviser input.  The Government has requested an update on the progress being made by the WPP and it is anticipated that 80% of assets across Wales will be transferred in 12 months’ time.

Mr Latham highlighted the presentation from First State Investments on the Swansea Tidal Bay Lagoon to the Officer Working Group (OWG), at which members of the JGC were also present.  The presentation was shared with the Committee together with the press release.  He explained the OWG was not decision making and therefore this had been an information session and no formal agreement was therefore made on whether any investment would be made.  Those in attendance did, however, come to a consensus that WPP would give their support to the project.  Following the meeting a Press Release was released highlighting the WPP's support to the project.  

Councillor Llewelyn Jones noted that the Fund should not be forced to invest into something that doesn’t benefit the members so the appropriate due diligence needs to be done.

Mr Hibbert also noted the recent Court judgement which found in favour of the Government on whether they could direct Funds as to where they can invest.  It was hoped that the Government would not force any schemes to invest in projects which weren’t in the best interests of the members.

The Independent Adviser, Mrs McWilliam, who is also the Chair of the Clwyd Pension Fund Board, highlighted that the Board would as a matter of course be considering whether appropriate processes were being followed in relation to decision making by the WPP.

RESOLVED:

The Committee noted the report and discussed the progress being made by the Wales Pension Partnership.