Issue - meetings

 Chris Norton, Strategy and Commissioning Manager (Treasury, Pension, Audit & Risk) presented the report to the Board, noting that this was the first monitoring report following a request by the Board in March 2020.   The aim of the report was to go through the business plan with a simple RAG rating approach.  It was highlighted that the majority of actions were on track and there were no actions with significant risk or that needed major governance input. 

In response to a query regarding the absence of any ‘red’ ratings, it was noted that the governance action plan had been rated ‘amber’ as there was a lot of work to do on the plan, employer contributions had been of concern at the beginning of lockdown and one or two other ratings also remarked on Covid-19 as being a source of pressure. There was also a need to keep a check on employer covenants during the remainder of the year.

With regard to investments, the Board were advised that Border to Coast had maintained operations during lockdown and, whilst it had not been sensible for some funds to launch during the pandemic, the next planned fund launch was in 2021 when it was anticipated that markets would be more settled.  

The Board were also advised that the review of contracts for services (point 31 of the plan), a list of contracts will be maintained designed to ensure that services are tendered for at the right time.  Contracts include for example Hymans as Actuary, contracts with independent financial advisers and Heywoods for the pension fund system. 

The Board indicated a desire to see the rolling programme of policy reviews (point 36 of the plan) in due course.