Miriam Adams, Interim Head of Pensions and Treasury, introduced the report setting out the Pension Fund Governance Compliance Policy and Statement. She took Members through the structures set out in the report including how Full Council delegates responsibility to the Pensions Committee which in turn delegates many powers to the Corporate Director, Resources. The Pensions Board had also been established as a quasi-scrutiny body to monitor and feed into the work of the Committee.

The report also set out the link to the London CIV which invested much of the fund’s assets. The report also detailed the relevant policies, reports and plans as set out.

Finally, the report set out the compliance statement which highlights where the Council meets (or doesn’t) relevant compliance requirements. In relation to the point about organising an AGM, this was in progress.

Members received the report and agreed the policy and statement, it was:

RESOLVED

1.    To agree the Governance Compliance Policy and the Compliance Statement (as set out in Appendix 1).

Ms Miriam Adams, Interim Head of Pensions and Treasury introduced the report stating that the report outlined the Governance policy and Governance compliance statement in accordance with the Local Government Pensions Scheme Regulations.

Ms Adams referred members to the report appended at page 34 and drew attention to the aims and objectives of the governance policy and statement. She referred to the two areas of partial compliance and said the Pensions Fund was preparing to hold its first AGM with all stakeholders, in January 2024.

In response to questions and comments from members the following was noted:

·       Mr Thompson supported the suggestion of holding an AGM with stakeholders and asked if the publication of the Annual report would coincide with the AGM. Ms Adams said the 18/19 and 19/20 Annual reports were in draft but could not be consulted on until the Council’s accounts had been signed off.

·       The Chair, Mr Jones also welcomed the prospect of an AGM and asked that Pension Board members are also invited to this meeting.

The Pensions Board RESOLVED to:

Note the recommendations made to the Pensions Committee who will consider this report at its meeting of 3^rd July 2023, that:

1.    The Committee should note and approve the draft Governance Compliance Policy and Compliance Statement (Appendix 1).