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Disclosures of Personal and Prejudicial Interests. Decision: Councillor P Downing - agenda as a
whole - my brother is a member of the Local Government Pension Scheme –
personal. Councillor M B Lewis - agenda as a
whole – member of the Local Government Pension Scheme - personal. Councillor C E Lloyd – 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 is a member of the Local Government Pension Scheme and
I am in receipt of a pension administered by the former Dyfed Council -
personal. Councillor W G Thomas - agenda as a
whole – member of the Local Government Pension Scheme - personal. Officers: K Cobb – Agenda as a whole – Member of
Local Government Pension Scheme – personal. J Dong – Agenda as a whole – Member of
Local Government Pension Scheme – personal. C Isaac - Agenda as a whole – Member of
Local Government Pension Scheme – personal. A Lowe - Agenda as a whole – Member of
Local Government Pension Scheme – personal. Minutes: In accordance with the Code of Conduct adopted by the City
& County of Swansea, the following interests were disclosed: Councillor P Downing - agenda as a whole - my brother is a
member of the Local Government Pension Scheme – personal. Councillor M B Lewis - agenda as a whole – member of the
Local Government Pension Scheme - personal. Councillor C E Lloyd – 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 is a member of the Local Government Pension Scheme and I am in
receipt of a pension administered by the former Dyfed Council - personal. Councillor W G Thomas - agenda as a whole – member of the
Local Government Pension Scheme - personal. Officers: K Cobb – Agenda as a whole – Member of Local Government
Pension Scheme – personal. J Dong – Agenda as a whole – Member of Local Government
Pension Scheme – personal. C Isaac - Agenda as a whole – Member of Local Government Pension
Scheme – personal. A Lowe - Agenda as a whole – Member of Local Government
Pension Scheme – personal. |
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To approve & sign the Minutes of the previous meeting(s) as a correct record. Decision: Approved. Minutes: Resolved that the Minutes of the Pension Fund Committee held on 8 September 2021 be approved and signed as a correct record. |
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Audit of Accounts Report - City and County of Swansea Pension Fund. PDF 820 KB Decision: Approved. Minutes: The Deputy Chief Finance Officer / Deputy S151 Officer clarified that this was the stand-alone ISA260 report of the External Auditor. Daniel King offered apologies from Jason Garcia and presented the unqualified audit report which summarised the main findings from the audit of the 2020-21 accounts. The Deputy Chief Finance Officer / Deputy S151 Officer stated that there were fewer matters to note than in previous years and clarified the issues in relation to the significant matters outlined in Exhibit 2. The Chair thanked Audit Wales for the report and praised the Deputy Chief Finance Officer / Deputy S151 Officer, Karen Cobb, Senior Accountant and Finance staff for all their work. Resolved that the Audit of Accounts Report be approved. |
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Breaches Report. (For Information) PDF 286 KB Decision: For Information. Minutes: The Deputy Chief Finance Officer / Deputy S151 Officer presented a ‘for information’ report which presented any breaches which had occurred in the period in accordance with the Reporting Breaches Policy. Appendix A provided the details of breaches that had occurred since the previous Pension Fund Committee in September 2021. The details of the breaches and the actions taken by Management were highlighted. |
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Policy Update - Overpayment of Pension. PDF 130 KB Additional documents: Decision: Approved. Minutes: The Deputy Chief
Finance Officer / Deputy S151 Officer presented a report in accordance with statute, to approve an Overpayment
of Pensions Policy. Resolved that the Overpayment of Pensions Policy at Appendix 1 be approved. |
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Competition & Markets Authority (CMA). PDF 484 KB Additional documents: Decision: Approved. Minutes: The Deputy Chief
Finance Officer / Deputy S151 Officer presented a report to set and monitor measurable objectives for
appointed investment consultants as required by CMA requirements. Resolved that the Investment Consultants’ identified objectives and their progress against the same outlined in Appendix 1, subjective to periodic review by the Deputy Chief Finance Officer be approved. |
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Pension Admin Update. PDF 141 KB Additional documents:
Decision: Approved the Pensions Administration Strategy. Minutes: The Deputy Chief Finance Officer / Deputy
S151 Officer presented a report in accordance with statute, to update
Applicable Administering Authority Discretions Policy and Pensions
Administration Policy. He stated that at this time he was only seeking
approval on the Pensions Administration Strategy. The Administrating Authority Discretions
Policy would be presented to the next meeting of the Pension Fund Committee. The Chair, on behalf of the Pension Fund
Committee conveyed his thanks to the Pensions Manager and her team for all their
hard work. Resolved that the Pensions Administration Strategy be approved. |
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Net Zero Carbon Investment Strategy. PDF 165 KB Additional documents:
Decision: Approved. Minutes: The Deputy Chief Finance Officer / Deputy
Section 151 Officer presented a report to consider the implications and
identify an appropriate target date and methodology to achieve a carbon net
zero investment portfolio in the City & County of Swansea Pension Fund. David Morton and Andre Ranchin, Hymans
Robinson LLP outlined the details in Appendix 1 – Net Zero Ambition and Investment
Beliefs. Resolved that the following be approved: A) A commitment to achieve a net zero
carbon position in its investment portfolio by 2037; B) The adoption of the Fund's Responsible
Investment Beliefs as outlined in Appendix 1, will underpin the Fund's actions
on climate risk; C) The climate actions of the Fund are
developed across three key areas ('3-dimensions') to give greater balance
between: 1. Carbon and other ESG metrics (both
backward and forward looking); 2. Opportunities that will benefit from the
transition to a lower carbon Economy; 3. Engagement activities focussed on climate, and encouraging best practice amongst fund managers, investee companies and other investors. |
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Exclusion of the Public. PDF 236 KB Decision: Approved. Minutes: 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 involved 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) |
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Wales Pension Partnership - Progress Update. (For Information)
Decision: For Information. Minutes: The Deputy Chief Finance Officer / Deputy
S151 Officer presented a report To update The Pension
Fund Committee on the progress and work of the Wales Pension Partnership (WPP) He stated that the Joint Governance Committee had approved the inter-Authority agreement which was also approved by Swansea Council on 4 November 2021. |
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Investment Consultant's Quarterly Report. (For Information) Decision: For Information. Minutes: Andre Ranchin Investment Consultant, Hymans presented
Quarter 3 2021 Investment Monitoring Report The content of the report was noted by the Committee and various questions were asked, which were responded to accordingly. The Investment Consultant was thanked for his report. |
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Investment Summary. (For Information)
Decision: For Information. Minutes: The Deputy Chief Finance Officer / Deputy S151
Officer presented a ‘for information’ report which presented the asset valuation and investment performance for
the quarter, year and 3 years ended 30 September 2021 |
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Fund Manager's Presentation(s): ·
Russell
Investments – Global Equities and Fixed Income Update Decision: Noted. Minutes: Russell Investments – Global Equities and Fixed Income Update A presentation was made by and Aidan Quinn, Taran Paik and William Pearce of Russell Investments.
Questions in relation to the content of the presentation were asked by the Committee and responses were provided accordingly.
The content of the presentation was noted and the Chair thanked the Fund Managers for attending the meeting. |