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Agenda item

Governance update

To provide Committee Members with an update on governance related matters.

Decision:

RESOLVED:

(a)  The Committee considered the update and provided comments, particularly noting the SAB Good Governance phase two recommendations (paragraph 1.08). The Committee are also reminded to confirm whether they will be attending two future conferences as outlined in paragraph 1.12.

(b)   The Committee approved the use of urgency delegations to carry out the appointment of the Investment Consultant and the Independent Adviser during March 2020 as outlined in paragraph 1.01.

(c)  The Committee approved that the setting of objectives for CMA purposes is delegated to the Head of Clwyd Pension Fund and the Deputy Head of Clwyd Pension Fund in accordance with the updated schedule of delegations (as described in paragraph 1.06).

 

Minutes:

                      On this item of the agenda, Mr Latham emphasised the SAB Good Governance phase 2 report which was published on 15 November and is attached in Appendix 4.

            He then went on to explain that the CMA requirements on paragraph 1.06 relate to the investment strategy and the risk management framework. Two sets of objectives are required and it is recommended that this will be delegated to Mr Latham and Mrs Fielder to determine these objectives.

            On paragraph 1.09, Mr Latham confirmed that the Pensions Regulator’s annual survey has been sent.

            Mr Hibbert referred to the LGPS SAB meeting note from 6 November 2019 and asked whether the letter had been received by WPP regarding Funds in a pool who do not have a Scheme Member Representative. Mr Latham and Mrs Fielder did not know if it had been received but will confirm and get back to Mr Hibbert.

            Mr Latham highlighted the training policy updated and particularly the the LGA meeting in January 2020 and the LGC meeting in March 2020 which Committee and Board members could attend.

            He noted the breaches, and that the general trend of breaches reflects that this number is coming downwards which is a pleasing direction for the Fund.

RESOLVED:

(a)  The Committee considered the update and provided comments, particularly noting the SAB Good Governance phase two recommendations (paragraph 1.08). The Committee are also reminded to confirm whether they will be attending two future conferences as outlined in paragraph 1.12.

(b)   The Committee approved the use of urgency delegations to carry out the appointment of the Investment Consultant and the Independent Adviser during March 2020 as outlined in paragraph 1.01.

(c)  The Committee approved that the setting of objectives for CMA purposes is delegated to the Head of Clwyd Pension Fund and the Deputy Head of Clwyd Pension Fund in accordance with the updated schedule of delegations (as described in paragraph 1.06).

 

Supporting documents:

 

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