Martin Griffiths (Technical Specialist – Pension Fund Policy and Governance) introduced the report which provided updated governance information relating to Warwickshire Pension Fund’s forward plan, risk monitoring, training, and policy. He advised that, following discussion with officers, it was proposed to remove specific COVID-19 risk scores from the Risk Register as these risks would be included within the other general items within the Register.
In response to Councillor Millar, Martin Griffiths acknowledged that COVID-19 remained an ongoing threat, however, individual risks associated with the Pandemic had been allocated across specific risk categories.
Councillor Gifford suggested that a broader ‘pandemic’ risk be included within the Risk Register. It was impossible to predict when the next pandemic could occur, but the experience of COVID-19 demonstrated the importance of being prepared.
In response to Councillor Gifford, Chris Norton (Strategy and Commissioning Manager, Treasury, Pension, Audit and Risk) advised that employers’ ability to pay contributions was monitored closely. A register of ‘breaches’ was maintained, and action would be taken if an employer failed to meet their obligations. He stated that this was a very uncommon occurrence and information relating to employer contributions was regularly reported to the Local Pension Board.
In response to the Chair, Victoria Moffett (Lead Commissioner, Pensions and Investment) advised that risk scores were reviewed on a quarterly basis with a focus on long-term and short-term market risks. These were covered in the Quarterly Investment Monitoring Report (agenda item 8).
That the Sub-Committee notes the content of the report.