Issue - meetings

Report of Chief Officer (People and Resources)

(a)       That the amendments to the Business Plan as detailed in paragraph 3.02 be approved; and

(b)       That the additional tasks as detailed in paragraph 3.03 be approved.

Debbie Fielder, Pensions Finance Manager, introduced a report to provide a quarterly update on investment and funding related issues.  She advised that the report provided an update on the following items:

·         Business Plan 2015/16

·         Risk register

·         Delegated responsibilities

            The Pensions Finance Manager advised that a summary of progress against the investment funding section of the Business Plan was appended to the report.  All items except for F15 which related to the review of admission and termination policy, were either on target or achieved as planned. She explained that F15 had now been split into two tasks as detailed in paragraph 3.02 of the report.  The Pensions Finance Manager also advised that two new tasks had been added to the Business Plan as detailed in section 3.03 of the report.

The Pensions Finance Manager reported on the main considerations around the Risk Register, LGPS pooling of investments, annual accounts and investments costs, and Markets in Financial Instruments Directive II (MiFID).  She advised that an update on the areas of delegation since the last meeting was appended to the report and drew attention to section 6.03 and the investment in the Foresight Regional Development Fund which was a collaborative venture with other LGPS.

Referring to the recommendation in paragraph 7.01 of the report Mark Owen pointed out that the Committee’s agreement was sought to the amendments to the Business Plan as detailed in paragraph 3.02, and also the additional tasks as detailed in paragraph 3.03. 

RESOLVED:

(a)       That the amendments to the Business Plan as detailed in paragraph 3.02 be approved; and

(b)       That the additional tasks as detailed in paragraph 3.03 be approved.

28.          ECONOMIC AND MARKET UPDATE    

Kieran Harkin, Fund Investment Consultant – JLT Group, introduced a report to provide the Committee with an economic and market update.

Mr. Harkin presented the Economic and Market update for the period ending 30 September 2015, which was appended to the report. He reported on market performance and referred to the continuing volatility in markets.  He advised that there had been some positive relative performance in the quarter and drew attention to the market statistics provided in section 1 of the report

RESOLVED:

(a)       That the amendments to the Business Plan as detailed in paragraph 3.02 be approved; and

(b)       That the additional tasks as detailed in paragraph 3.03 be approved.