Issue - meetings

Pooling Investments in Wales

Meeting: 04/09/2019 - Clwyd Pension Fund Committee (Item 28)

28 Pooling Investments in Wales pdf icon PDF 181 KB

To provide Committee Members with an update on implementation of Pooling Investments in Wales.

Additional documents:

Decision:

(a)          That the Committee noted the report; and

 

(b)          That the Committee discussed and agreed any comments or questions for WPP.

Minutes:

Mr Latham explained some key elements of this report.

 

                      On paragraph 1.09 on page 235, Mr Latham outlined that the pool had planned to create a European equity mandate, however the investors that had originally requested it will now invest into the Global mandate. 

 

                      On paragraph 1.08 also on page 235, Mr Latham noted that the transition of fixed income assets is likely to be pushed to later than November 2019 (as originally stated in the report). It will now potentially be the first week of December 2019, however the closer to Christmas it is, will present some liquidity issues.

 

Mr Latham noted that after discussion it had been agreed that advisers will be able to attend Fund Manager engagement days.

 

Mr Hibbert noted again for the record the lack of member representatives at JGC and he wished for this to be formally raised at the agenda on the WPP. Mrs McWilliam highlighted that she was not aware that the ongoing meeting with Pension Board Chairs was intended to be instead of scheme member representation on the JGC.  Mr Hibbert highlighted that Pension Board Chairs are often not scheme member representatives. The Chairman said that he would raise this at the next JGC. Mr Buckland noted that the scheme member representation within Pools’ governance arrangements was being raised at a national level, and it had recently been covered at the SAB Investment, Engagement and Governance sub-committee meeting.

 

RESOLVED:

 

(a)          That the Committee noted the report; and

 

(b)          That the Committee discussed and agreed any comments or questions for WPP.