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Broadcasted on: Tuesday, 19th of September 2023 at 09:00 UTC

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Pension Committee

Broadcasted on: Tuesday, 19th of September 2023 at 09:00 UTC

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  • 01

    Apologies for Absence

    To receive any apologies for absence from any members of the Committee.

     

  • 02

    Minutes of the Previous Meeting

    To approve the minutes of the meeting held on XXX as an accurate record.

  • 03

    Disclosure of Interests

    Members and co-opted Members of the Council are reminded that, in accordance with the Council’s Code of Conduct and the statutory provisions of the Localism Act, they are required to consider in advance of each meeting whether they have a disclosable pecuniary interest (DPI), another registrable interest (ORI) or a non-registrable interest (NRI) in relation to any matter on the agenda.  If advice is needed, Members should contact the Monitoring Officer in good time before the meeting.  

     

    If any Member or co-opted Member of the Council identifies a DPI or ORI which they have not already registered on the Council’s register of interests or which requires updating, they should complete the disclosure form which can be obtained from Democratic Services at any time, copies of which will be available at the meeting for return to the Monitoring Officer.

     

    Members and co-opted Members are required to disclose any DPIs and ORIs at the meeting.  

    ·          Where the matter relates to a DPI they may not participate in any discussion or vote on the matter and must not stay in the meeting unless granted a dispensation.  

    ·          Where the matter relates to an ORI they may not vote on the matter unless granted a dispensation.   

    ·          Where a Member or co-opted Member has an NRI which directly relates to their financial interest or wellbeing, or that of a relative or close associate, they must disclose the interest at the meeting, may not take part in any discussion or vote on the matter and must not stay in the meeting unless granted a dispensation.  Where a matter affects the NRI of a Member or co-opted Member, section 9 of Appendix B of the Code of Conduct sets out the test which must be applied by the Member to decide whether disclosure is required.

     

    The Chair will invite Members to make their disclosure orally at the commencement of Agenda item 3, to be recorded in the minutes.

     

     

  • 04

    Urgent Business (if any)

    To receive notice of any business not on the agenda which in the opinion of the Chair, by reason of special circumstances, be considered as a matter of urgency.

     

  • 05

    Conflicts of Interest Policy

    This report advises the Committee of the arguments for adopting a whole Fund Conflicts of Interest Policy and recommends that they agree the draft attached as Appendix B.

    Conflicts of Interest Policy

    Appendix B Conflict Policy version of 30 August (002)

  • 06

    Strategies and Policies required for the Fund

    This report advises the Committee of the various policies and strategies required for the proper administration of the Fund.

    Strategies and Policies

  • 07

    Fund Representation Policy

    This report asks the Committee to agree the Representation Policy (attached as Appendix A) and to comment as appropriate.

    Fund Representation Policy

    Appendix A Representation Policy (002)

  • 08

    Risk Management Policy Review

    This report updates the Committee on the review of the Fund’s Risk Management Policy and asks them to agree it.

    Risk Management Policy

    Appendix A LBC Pension Fund Risk Management Policy

  • 09

    Review of Risk register

    It is recommended best practice for the Pension Committee to maintain a risk register covering the most significant risks faced by the Fund. This report presents the current register (Appendix A) for the Committee’s consideration.  

    Review of Risk register

    Appendix A Risk Log Sep 2023

  • 10

    Administration Report

    This report sets out Key Performance Indicators for the administration of the Local Government Pension Scheme for thethree-month period up to the end of July 2023. 

    KPI report for September

    Appendix A KPIs

  • 11

    Breaches of the Law Log

    It is consistent with The Pension Regulator’s (TPR) Code of Practice that the Pension Fund maintains a breaches log detailing incidences where breaches have occurred.  In line with the recommendations of the Aon Hewitt Governance Review, on 15 September 2020 the Committee agreed the revised Reporting Breaches of the Law Policy.  This included a requirement for the Committee to monitor breaches on a regular basis.  This report presents the current log (Appendix A) for the Committee’s consideration and comment.

    Review of Breaches Log

    Appendix A Breaches Log

  • 12

    Update of training

    This report advises the Committee of training undertaken by the Pension Committee members in Year 2023/24 to 31 August 2023 and asks them note the contents of the Log attached to this report as Appendix A, the Hymans online training Log to 31 August 2023 attached to this report as Appendix B and the mandatory training items required to be completed attached to this report as Appendix C

    Training Update

    Appendix A Committee and Reserve Committee Training Record 2023 Sept Cttee

    Appendix B Hymans On-line Training Progress Report Sept Cttee

    Appendix C Training Events for Cttee Sept 23

  • 13

    London CIV Savings Report

    This report advises the Committee of the extent to which the Fund is complying with the pooling requirements of Guidance issued by the, then, Department for Communities& Local Government (DCLG) in 2015, the savings made through pooling in 2022/23and the governance structure of the London Collective Investment Vehicle (LCIV).

    London CIV pooling and savings

  • 14

    Scheme Advisory Board and The Pensions Regulator Updates

    This report advises the Committee of the matters currently being considered by the Local Government Pension Scheme Advisory Board and The Pensions Regulator which are relevant to the Fund. Any implications for the Fund have been noted and are being addressed in consultation with Fund advisers.

    SAB and TPR update

  • 15

    Investment Strategy Statement Review

    This report presents a draft Investment Strategy Statementfor the Pension Fund for consideration by the Committee. 

    ISS Covering Report

    London Borough of Croydon Investment Strategy Statement

  • 16

    Responsible Investment Policy

    This report presents a draft Responsible InvestmentPolicy for the Pension Fund for consideration by the Committee.

    Responsible Investment

    Appendix A LBoC - RI Policy - Draft for Committee comment (September 2023)

  • 17

    Officers' Investment Progress Report to 30 June 2023

    This report provides an update on the Fund’s performance for the quarter to 30June 2023The report falls into four parts.  Section 1 addresses performance against strategic goals.  The second section considers the asset allocation strategy and how that is being applied, specifically current and planned investments.  The third section deals with risk management and the fourth and final section summarises the recent investment manager site visit.

    Progress Report Investments Part A

  • 18

    Exclusion of the Press and Public

    The following motion is to be moved and seconded where it is proposed to exclude the press and public from the remainder of a meeting:

     

    “That, under Section 100A(4) of the Local Government Act, 1972, the press and public be excluded from the meeting for the following items of business on the grounds that it involves the likely disclosure of exempt information falling within those paragraphs indicated in Part 1 of Schedule 12A of the Local Government Act 1972, as amended.”

     

  • 19

    Advisors' investment Progress Report and Market Update Report 30 June 2023

    That, under Section 100A(4) of the Local Government Act, 1972, the press and public be excluded from the meeting for the following items of business on the grounds that it involves the likely disclosure of exempt information falling within those paragraphs indicated in Part 1 of Schedule 12A of the Local Government Act 1972, as amended.

    Advisors' Investment Progress Report and Market Update Report 30 June 2023

    Part B Appendix A London Borough of Croydon performance report to 30 June 2023

    Appendix B Croydon - Q2 2023 Market Background and Outlook

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