Agenda, decisions and minutes

www.swansea.gov.uk/DisclosuresofInterests

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

Councillors P N Bentu, P Downing, M B Lewis, P Rogers and

W G Thomas declared personal interests in the agenda as a whole.

I Guy declared a personal interest in the agenda as a whole.

Officers:

J Dong, J Parkhouse and C Isaac declared personal interests in the agenda as a whole.

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

Councillors P N Bentu, P Downing, M B Lewis, P Rogers and

W G Thomas declared personal interests in the agenda as a whole.

I Guy declared a personal interest in the agenda as a whole.

Officers:

J Dong, J Parkhouse and C Isaac declared personal interests in the agenda as a whole.

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

Approved.

Resolved that the Minutes of the Pension Fund Committee meeting held on

10 July 2024 be signed and approved as a correct record.

For information.

Jeff Dong, Deputy Chief Finance Officer / Deputy S151 Officer provided a ‘for information’ report which informed the Committee of reported exceptional items contained within the internal control assurance reports of appointed fund managers/custodians.

It was explained that asset managers and custodians and depositaries were subject to heavy regulation from a global, EU and UK context. They were required to report on their systems of internal control which were subject to external audit and comment by suitably qualified and independent audit companies. Details of the scope of the internal control environment were provided.

Appendix 1 provided the Russell Investments System and Organisation Control Report.  Appendix 2 provided the Report on Controls at Blackrock placed in Operation and Tests of Operating Effectiveness in Asset Management.  Appendix 3 provided the Fund Manager Summary 2023/24 and Appendix 4 provided the Northern Trust System and Organisation Control (SOC1) Report (for 12 months ended 31/03/2024).

For information.

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 Policy had been introduced. It was noted that no breaches had occurred since the previous meeting on 10 July 2024.

Approved.

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)

Approved.

The Deputy Chief Finance Officer / Deputy S151 Officer presented a report which updated the Committee on the progress and work of the Wales Pension Partnership (WPP).

The Deputy S151 Officer also verbally outlined the recently issued Government Pension Review – Call for evidence consultation which was issued too late for inclusion in the formal papers. It was proposed that the Deputy S151 Officer drafts a response to The Call for Evidence, in consultation with the Chair of the Pension Fund Committee.

Resolved that: -

1)       The JGC Quarterly Update be noted. 

2)       The WPP Annual Update be noted.

3)       The RAID Log be noted.

4)       The proposal that the Deputy S151 Officer drafts a response to The Call for Evidence, in consultation with the Chair of the Pension Fund Committee, be approved.

For information.

Mike Johnson and Andre Ranchin, Hymans Robertson presented ‘for information’ the Climate and Nature Risk report which outlined progress in respect of the Fund’s path to net zero by 2037.

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

For information.

Andre Ranchin, Hymans Robertson presented the ‘for information’ quarterly investment and market update to the fund. 

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