Issue - meetings

(a)  The Committee considered the update for delegated responsibilities.

(b)  The Committee approved the extension of the timescales in relation to a number of actions within the business plan.

            Mrs Fielder noted that within the Business Plan there was an amended timeline in respect to the creation of the cash-flow policy, which the Committee approved.

As part of the transition, the Fund transitioned all of the assets to bring the asset classes in line with the new strategy. The Fund had transitioned the BlackRock passive global equity fund to the new BlackRock ESG passive global equity fund as agreed by the Committee. Until the WPP were set up to take all of the emerging market assets, the Fund had transitioned some of the assets to the BlackRock emerging market passive fund, as it is materially cheaper than an active manager. As a result of the transition, all asset classes except private market allocations were in line with the new strategy.

Cllr Bateman queried the cashflow position on page 462 and asked what caused the drop from £35m to £20m. Mrs Fielder confirmed that as part of the transition, the Fund utilised some cash to assist with the timing of the transition. If the Fund had continued with the initial redemptions from managers, they would have risked being out of the market. Therefore, the Fund used an additional c£9.3 million of in-house cash to manage the transition effectively.

RESOLVED:

(a)  The Committee considered the update for delegated responsibilities.

(b)  The Committee approved the extension of the timescales in relation to a number of actions within the business plan.