None

Members are required to register their disclosable pecuniary interests within 28 days of their election or appointment to the Council. A member attending a meeting where a matter arises in which s/he has a disclosable pecuniary interest must (unless s/he has a dispensation):

 • Declare the interest if s/he has not already registered it

• Not participate in any discussion or vote

• Must leave the meeting room until the matter has been dealt with

• Give written notice of any unregistered interest to the Monitoring Officer within 28 days of the meeting

Non-pecuniary interests must still be declared in accordance with the Code of Conduct. These should be declared at the commencement of the meeting.

The minutes were agreed as a true and accurate record.  There were no matters arising.

Chris Norton, Strategy and Commissioning Manager presented the report to the Sub-Sub-Committee   giving a short summary of the forward plan.

In addition to the information provided it was agreed that presentations at the Sub-Sub-Committee   by existing fund managers outside of the pool are added to the plan to ensure that all funds have enough oversight.

Resolved

That the Sub-Committee notes the content of the report.

With reference to the minutes from the Local Pension Board, the Chair reminded the Sub-Committee that this was a form of scrutiny; although the Sub-Committee will only have access to public minutes. 

It was also noted that the Local Pension Board will have access to the public minutes of the Pension Fund Investment Sub-Committee.

The Sub-Committee noted the minutes of the Special Meeting of the Local Pension Board held on 19 October 2019.

The Sub-Committee noted the minutes of the Local Pension Board held on 14 November 2019.

To consider passing the following resolution:

‘That members of the public be excluded from the meeting for the items mentioned below on the grounds that their presence would involve the disclosure of exempt information as defined in paragraph 3 of Schedule 12A of Part 1 of the Local Government Act 1972’.

The Sub-Committee resolved that members of the public be excluded from the meeting for the items mentioned below on the grounds that their presence would involve the disclosure of exempt information as defined in paragraph 3 of Schedule 12A of Part 1 of the Local Government Act 1972’.

The Sub-Committee noted the exempt minutes of the PFISC meeting held on 9 September 2019.  There were no matters arising

Chris Norton, Strategy and Commissioning Manager presented the report to the Sub-Committee for the first quarter of 2019/20.

Resolved

That the Sub-Committee notes the content of the report.

Michael Nicolaou, Treasury and Pension Fund Manager introduced the report confirming the data for 2019 would be provided at a future meeting.

Resolved

That the Sub-Committee notes the content of the report.

Andrew Stone from Border to Coast presented an update to the Sub-Committee  

Resolved

That the Sub-Committee s notes the content of the report.

Michael Nicolaou, Treasury and Pension Fund Manager presented the report to the Sub-Committee.

Resolved

That the Sub-Committee notes the content of the report.

Chris Norton, Strategy and Commissioning Manager introduced Paul Potter from Hymans Robertson who presented the report to the Sub-Committee.

Resolved

That the Sub-Committee notes the content of the report.

Rob Bilton, Hymans Robertson presented the report which included a review of the funding strategy.

Resolved

That the Sub-Committee notes the content of the report.

John Smith from CEM benchmarking presented the report to the Sub-Committee.

Resolved

That the Sub-committee notes the content of the report.

The Sub-Committee accepts the proposed objectives for its investment consultants.  The objectives will be regularly reviewed by the Sub-Committee.

Karen Shackleton, Independent Investment Adviser presented the results of a training needs analysis completed by members of the Pension Fund Investment Sub Committee.

Resolved

That the Sub-Committee s notes the content of the report.