Issue - meetings

This report was presented by Chris Norton, Strategy and Commissioning Manager (Treasury, Pension, Audit & Risk) who explained that the report provided a quarterly progress update against the action plan which had been previously agreed by the Pension Fund Investment Sub-Committee.

Appendix 1 to the report provided a breakdown of the Business Plan into a total of 49 actions.  The actions were RAG rated, and the majority were on track but a number of activities were subject to challenges identified in the report at paragraphs 1.5 to 1.10.  Chris Norton highlighted capacity issues and the preparation of business cases to seek to address this in the areas of governance and investment.

It was mentioned that the late finalisation and publication of the accounts was due to external audit capacity.

It was confirmed that the intention was to hold the Pension Fund Annual General Meeting remotely (with a test run in advance to eliminate any technical problems).

With regard to questions about the accounts, Chris Norton advised that there would be an adjustment to the figures in relation to the Habourvest Private Equity Fund.  This was not an uncommon position in the national landscape and a comment would be made in the accounts to explain that the correct values were reflected at the balance sheet date but that due to market factors the investments were subsequently worth more.

Keith Francis suggested that action point 34 regarding the plan to tender expired contracts may need to remain red (rather than move to amber) as it could take several months before they were all completed.

With regard to paragraph 1.5, Chris Norton confirmed that reference to “CMA” referred to the Competition and Markets Authority and it was noted that acronyms needed to be explained in future reports.

The Board also discussed the use of colour in the report and whether or not there might be a better way to provide the content in an accessible format.

The Local Pension Board noted the report.