Chris Norton, Strategy and Commissioning Manager (Treasury, Pension, Audit & Risk), presented the report to the Committee confirming that a copy would also be presented at the Staff and Pensions Committee meeting (held on 08/06/2020).  It was noted that the report presented to members of the Pension Fund Investment Sub-Committee focuses on investment risk; and the report presented to Staff and Pensions will focus on the administration risk (to the fund).

The Committee noted that the impact of Covid-19 has been identified in the report, however there is a separate report dedicated to the impact of Covid-19 under item 10 of the agenda.

Following a question from Councillor Neil Dirvieks in relation to the Cyber Security Policy, it was confirmed that this item was due to be presented at the Staff and Pension Committee later today.  However, in view of time constraints at the meeting driven by the new remote meeting arrangements, priority items had remained on the agenda and the decision was taken to move the Cyber Security Policy to a future meeting.

Following a suggestion from Peter Jones, Independent Advisor, the Committee agreed to remove the word “significantly” from item 9, (table 1 (Risk Assessment Update)).

In relation to item 4, (table 1 (Risk Assessment Update)), Karen Shackleton, Independent Advisor suggested that the risk level be increased due to the increased volatility in markets due to the current situation.

Resolved

That the Pension Fund Investment Sub Committee notes and comments on the report.