Issue - meetings
London Collective Investment Vehicle (CIV) Latest Development
Meeting: 14/03/2018 - Pensions Committee (Item 6)
6 London Collective Investment Vehicle (CIV) Latest Development PDF 269 KB
Minutes:
The Chair briefed the Committee on a London CIV meeting she attended earlier in the day. Key points included:
· Many boroughs had concerns that the CIV was not functioning as well as it could. They talked about what the CIV should look like in the long term and what boroughs wanted out of it.
· Several proposals and recommendations came out of the meeting. There was a suggestion to hold the shareholder meeting twice a year. The first meeting will be held in July 2018.
· The formation of a Shareholder and Treasury Advisory Group. Made up of 8 Members, 4 treasurers and 1 Trade Union Representative with observer status. This would not be a decision making body but could make recommendations to the CIV Board.
· There are 2 local authority Member positions to be filled on the CIV Board.
· With regard to investment, more detailed consultation was requested with more options to be presented.
· The meeting reminded Members to sign up to the City of London Pension Scheme. The Chair requested Finance Officers to confirm sign off on this via Council as Tower Hamlets may be one of a few that has not yet confirmed.
· The meeting notes will be circulated to CIV Members.
RESOLVED
· To note the outcome of the governance review of the London CIV undertaken by Willis Towers Watson.
· To note issues that exist within the LCIV.
· To note a number of recommendations for change and improvement to LCIV’s current governance arrangements.
· To note the London CIV Consultation process.
· And to fund launch progress.
ACTION – Officers to progress sign up to the LCIV participation in the City of London Pension Scheme.