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Agenda and minutes

Venue: Committee Room 3A, Guildhall, Swansea. View directions

Contact: Democratic Services:: - 636923 

Items
No. Item

39.

Disclosures of Personal and Prejudicial Interests.

Minutes:

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

 

Councillor P Downing - agenda as a whole - my brother is a member of the Local Government Pension Scheme – personal.

 

Councillors M B Lewis, C E Lloyd and W G Thomas - agenda as a whole – member of the Local Government Pension Scheme - personal.

 

Councillor P Rees - agenda as a whole – Daughter-In-Law is a member of the Local Government Pension Scheme - personal.

 

Councillor D G Sullivan - agenda as a whole – Daughter-In-Law works for the Authority and I am in receipt of a pension administered by Dyfed County Council Pension Scheme - personal.

 

Officers:

 

J Dong, J Parkhouse and S Williams – Agenda as a whole – Member of Local Government Pension Scheme – personal.

40.

Exclusion of the Public. pdf icon PDF 111 KB

Minutes:

The Committee was requested to exclude the public from the meeting during consideration of the item(s) of business identified in its recommendation(s) to the report on the grounds that it/they involve(s) the 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)

41.

Equity Protection - Manager Selection.

Minutes:

The Deputy Section 151 Officer presented a report which sought to approve the appointment of the Equity Protection Manager.

 

It was outlined that the Pension Fund Committee had approved a programme of de-risking within its equity markets portfolio at its investment strategy review in March 2018. The strategic aim of the de-risking programme was to reduce equity exposure whilst increasing diversification into growth real assets (property, private equity and infrastructure).

 

The Committee approved (September 2018) the implementation of an equity protection programme on the portion of the portfolio which was to be disinvested from equities (to be re-invested into real assets).  As a continuation of this process the Committee sought to appoint an Equity Protection Manager.

 

A presentation was made by Ronan O’Riordan and Craig Shubin of Russell Investments.

 

Questions in relation to the content of the presentation were asked by the Committee and responses were provided accordingly.

 

The Committee requested that the programme be commenced at the earliest opportunity given the uncertainty at present.

 

Resolved that: -

 

1)    Russell Investments be appointed as Equity Protection Managers;

2)    Russell Investments be requested to commence the process at the earliest opportunity.

 

Contacts:
© 2011 City and County of Swansea
Civic Centre, Oystermouth Road, Swansea. SA1 3SN. Tel: 01792 636000 Fax: 01792 636340