Agenda item

(a)          The Committee considered the update.

(b)          The Committee noted the changes to timescales in the business plan for items G3 and G5, due to Government delays in taking forward The Pension Regulator’s Single Code and the SAB Good Governance review outcomes.

(c)           The Committee approved the changes to the Fund’s Governance Policy and Compliance Statement as shown in Appendix 3.

            Mr Latham congratulated Mrs Fielder and Mrs K Williams who were both nominated and shortlisted for the Women in Pensions Award. He also highlighted Mrs K Williams had received a highly commended award. The Committee congratulated Mrs Fielder and Mrs William.

Mr Latham noted the following key points:

-          Paragraph 1.01 outlined the business plan update, on which Mr Latham confirmed good progress was being made. He reminded the newer Committee members who were unable to attend sessions of the induction training to confirm when they had watched the relevant recordings. 

-          The TPR Single Code of Practice and the Good Governance Review consultation were still outstanding and so had been moved forward in the business plan.

-          Mrs E Williams, wo had been originally appointed as the non-trade union scheme member representative of the Pension Board for the three years to February 2023, had been reappointed in this role for a further two years.

-          National issues that the Committee were required to be aware of were listed in paragraphs 1.06 to 1.11.

-          The Governance Policy and Compliance Statement had been reviewed and proposed changes were highlighted in Appendix 3. This includes incorporating the changes relating to the Head of Clwyd Pension Fund taking over responsibilities from the Chief Executive. Mr Latham asked the Committee to approve the updates to the Policy and Statement.

-          The annual review of the objectives measures for governance related policies and strategies was included in Appendix 4. Most areas were on target, but some areas still require some work to be completed.

-          As outlined in paragraph 1.14, it was good to see a high percentage of members attending the training. There was a list of future training events and Mr Latham asked Committee members to note these dates and attend if possible.

-          There were currently recruitment and retention issues which was causing additional strain due to the amount of additional work due to factors outside of the Fund’s control, such as the Pensions Dashboard and the McCloud remedy. Further work was also being carried out to understand whether increases in administration workflow from a membership perspective would continue.

            Mrs Fielder mentioned that an email had been sent out regarding the upcoming LGC investment seminar at Carden Park. She asked if members could let her know as soon as possible if they wished to attend so the Fund could take advantage of the early bird discount, noting it was always a valuable event to attend and was local.

RESOLVED:

(a)          The Committee considered the update.

(b)          The Committee noted the changes to timescales in the business plan for items G3 and G5, due to Government delays in taking forward The Pension Regulator’s Single Code and the SAB Good Governance review outcomes.

(c)           The Committee approved the changes to the Fund’s Governance Policy and Compliance Statement as shown in Appendix 3.