Agenda item

(a)          The Committee considered and noted the update.

(b)          The Committee considered the proposed changes to the Council’s Constitution and Pension Board Protocol, relating to pension fund related responsibilities and recommended the proposed changes for consideration by Constitution and Democratic Services Committee and then approval by the Council.

(c)          The Committee approved the proposed changes to the Delegations of Functions to Officers Schedule.

            Mr Latham highlighted the recommendations and the following key points to the Committee:

-       The outcome of the Pension Board effectiveness survey was summarised in appendix 3.

-       The recommendations included proposed changes to the Constitution and Pension Board Protocol as outlined in paragraphs 1.04 to 1.09.  The key changes proposed moving  responsibilities from the previous Chief Executive to the Head of Clwyd Pension Fund.  They also added the Corporate Manager for Human Resources and Organisational Development to the Advisory Panel, replacing the Chief Executive.  The Monitoring Officer had considered the changes and supported them.  The next steps would be consideration by the Council’s Constitution and Democratic Services Committee, before going to Flintshire County Council for approval.  At this point the Chair and Councillor Wren highlighted that they were members of the Constitution and Democratic Services Committee but Mr Lathan and Mrs McWilliam, the Independent Adviser felt there was no conflict in those roles, and if anything it would be helpful for them to be there.

-       An update from the Scheme Advisory Board was in appendix 5.

-       As shown in paragraph 1.11, there were new appointments following the many resignations of ministers of the Department for Levelling Up, Housing and Community.

-       Paragraph 1.13 had information about a new Supreme Court judgement which would likely impact both the Fund and employers. The LGA and SAB were aware of the issue and Mr Latham said the Fund may be required to make retrospective changes to records including benefit calculations for this. It is hoped that there might be national guidance in due course.

-       Future training events were outlined in paragraph 1.14 and Mr Latham asked for the Committee members to contact Mrs Fielder if they wished to attend. The training on the Investment Strategy Review was due to take place on 5^th October and he emphasised that this was essential training and important for members to attend.

-       A key risk relates to the difficulties with recruitment and retention. This matter was being considered by the Advisory Panel given the impact it is having on the Fund.

            Following Mr Hibbert’s concerns raised and discussed at the last meeting regarding Michael Lynk’s letter on Palestine, Mr Hibbert suggested that the Fund reviewed the ‘Social’ part of ESG relating to the companies the Fund is invested in. Mr Latham highlighted work was ongoing with the WPP and Robeco on this matter. Mrs Fielder added that the WPP Responsible Investment group meets regularly with Robeco to discuss engagement themes and the stocks and shares that are being voted and engaged on within these areas, and she referred to the appendices in agenda item nine.

RESOLVED:

(a)          The Committee considered and noted the update.

(b)          The Committee considered the proposed changes to the Council’s Constitution and Pension Board Protocol, relating to pension fund related responsibilities and recommended the proposed changes for consideration by Constitution and Democratic Services Committee and then approval by the Council.

(c)          The Committee approved the proposed changes to the Delegations of Functions to Officers Schedule.