Agenda and minutes

www.swansea.gov.uk/DisclosuresofInterests

In accordance with the Code of Conduct adopted by the City and County of Swansea, the following interests were declared: -

Councillor P Downing - agenda as a whole - my brother works for the Council and contributes to the Pension Fund.

NOTED that Councillor P Downing had received dispensation from the Standards Committee in this respect. 

Councillor C E Lloyd – agenda as a whole – my father is a member of the Local Government Pension Scheme – personal.

Councillor J Newbury - I am in receipt of a Council pension that was passed to me upon my wife’s death - personal.

Councillor M Thomas - agenda as a whole - I and my wife are members of the Local Government Pension Scheme - personal.

NOTED that Councillor M Thomas had received dispensation from the Standards Committee in respect of his wife.

To approve & sign the Minutes of the previous meeting(s) as a correct record.

RESOLVED that the Minutes of the Pension Fund Committee held on 10 March 2016 be approved as correct record

The Chief Treasury and Technical Officer presented a report to determine an annual training programme for Trustees and Officers of the Pension Fund.  The training would ensure compliance with the CIPFA Public Sector Pensions Finance Knowledge & Skills Code of Practice.

RESOLVED that the Training identified for Members and Officers outlined above be approved.

The Chief Treasury and Technical Officer presented a ‘for information’ report which presented an update on the Infrastructure Investment Manager appointment approved by the Pension Fund Committee on 3^rd December 2014.

The Chief Treasury and Technical Officer presented a ‘for information’ report regarding the cessation of Colin Laver Heating Ltd. as an Admitted Body in the City and County of Swansea Pension Fund.

The Chief Treasury and Technical Officer presented a ‘for information’ report which informed the Pension Fund Committee of reportable items contained within the internal controls reports of appointed fund managers.

The Committee was requested to exclude the public from the meeting during consideration of the item(s) of business identified in the recommendation(s) to the report on the grounds that it/they involve(s) the likely disclosure of exempt information as set out in the exclusion paragraph of Schedule 12A of the Local Government Act 1972, as amended by the Local Government (Access to Information) (Variation) (Wales) Order 2007 relevant to the item(s) of business set out in the report.

The Committee considered the Public Interest Test in deciding whether to exclude the public from the meeting for the items of business where the Public Interest Test was relevant as set out in the report.

RESOLVED that the public be excluded for the following items of business.

(CLOSED SESSION)

The report presented the economic update and market commentary from the perspective of the appointed Independent Investment Advisors.  Mr N Mills provided an economic and market update and Mr V Furniss provided an investment report for the quarter ended 31^st March 2016. He also provided the exchange rates and index returns for the period from 31st March to the 7th July 2016 and some essential detail in the aftermath of the Brexit Referendum.

The content of each report was noted by the Committee and the Independent Advisors were thanked for their reports.

The Chief Treasury and Technical Officer provided a “for information” report which presented the investment performance for the quarter year ended 31^st March 2016.  Attached at Appendix 1 of the report were the Quarterly Investment Summaries for the Pension Fund for the quarter ended 31^st March 2016. 

The Chief Treasury and Technical Officer presented for approval the joint submission in respect of the 8 Welsh Pension Funds in response to the Government’s Investment Reform Criteria and Guidance.  The final submission was provided at Appendix 1 of the report.

RESOLVED that the formal submission in respect of the 8 Welsh Pension Funds be approved on behalf of the City & County of Swansea Pension Fund Committee.

·         Aberdeen Asset Management - Global Equities & Frontier Markets;

·         Schroders Asset Management - UK Equities;

·         JP Morgan Asset Management - Global Equities.

(1)  A presentation was provided by Richard Dyson on behalf of

      Aberdeen Asset Management – Global Equities and Frontier Markets; 

(2)  A joint presentation was provided by Lyndon Bolton and Andy Simpson on

      behalf of Schroders Asset Management – UK Equities;

(3)  A joint presentation was provided by Adrian Brown and Monique

      Stephens on behalf of JP Morgan Asset Management – Global Equities.

Questions in relation to the content of the presentations were asked at the end of each presentation by the Committee and responses were provided by the respective Fund Managers. 

The contents of the presentations were noted and the Chair thanked each of the Fund Managers for attending the meeting.