Issue - meetings

To provide Committee Members with an update on Pooling Investments in Wales including details of amendments to the WPP IAA for consideration and recommendation for them to be approved by Flintshire County Council

(a)  The Committee considered and noted the JGC agenda and agreed any comments or questions for WPP.

(b)  The Committee recommended the Addendum to the WPP Inter-Authority Agreement to Flintshire County Council for approval, and that the amendments are incorporated appropriately into the Council's Constitution.

(c)  The Committee recommended to Flintshire Council that the Protocol for the Clwyd Pension Board is amended to allow the Board to nominate a Scheme Member Representative to the JGC.

Mrs Fielder noted the following key points regarding asset pooling in Wales:

-       Bfinance has been recently been appointed following a procurement process by the Private Markets sub-group, and they were tasked with procuring an allocator for WPP. However, this will take a considerable amount of time.

-       The focus was the recommendation in relation to the WPP Inter-Authority Agreement to Flintshire County Council. The addendum for this was circulated prior to the meeting with the existing Inter-Authority Agreement and the addendum is attached in appendix 1.  The approval was in relation to the new member scheme representative on the JGC and with the appointment of allocator to the Private Markets sub-group.

Mr Everett noted that if the Committee were in agreement with this, a further report would be presented at the next Flintshire County Council meeting including the changes to the Financial Procedure Rules for  the over and underpayments policy.

Mr Hibbert stated his vote against the second and third recommendations surrounding the scheme member representative elements, as he believed the current process for appointing a representative was discriminatory due to the expectation that the representative would be subject to:

1.    A selection process including a job description, person specification and interview.

2.    A time limitation on membership.

3.    Having no right to vote.

These restrictions will only be applied to trade unionised Scheme Member Representatives on the JGC.

RESOLVED:

(a)  The Committee considered and noted the JGC agenda and agreed any comments or questions for WPP.

(b)  The Committee recommended the Addendum to the WPP Inter-Authority Agreement to Flintshire County Council for approval, and that the amendments are incorporated appropriately into the Council's Constitution.

(c)  The Committee recommended to Flintshire Council that the Protocol for the Clwyd Pension Board is amended to allow the Board to nominate a Scheme Member Representative to the JGC.