Agenda and minutes
Venue: Room C1, 1st Floor, Town Hall, Mulberry Place, 5 Clove Crescent, London E14 2BG
Contact: Antonella Burgio, Democratic Services. Tel: 0207 364 4881. Email: antonella.burgio@towerhamlets.gov.uk
Note: Meeting moved from 17 September 2015
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APPOINTMENT OF CHAIR FOR THE DURATION OF THE MEETING To appoint a Chair for the duration of the meeting. Minutes: Councillor Dave Chesterton proposed and Mr David Thompson seconded that Minesh Jani be appointed Chair for the duration of the meeting. There being no other nominations, it was
AGREED
that Minesh Jani be appointed Chair of the duration of the meeting. |
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APOLOGIES FOR ABSENCE To receive any apologies for absence. Minutes: Apologies for absence were received from Andrew Crompton.
Unfilled Appointments
It was noted that the following Pensions Board positions had yet to be appointed:
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DECLARATIONS OF DISCLOSABLE PECUNIARY INTEREST PDF 64 KB To note any declarations of interest made by Members, including those restricting Members from voting on the questions detailed in Section 106 of the Local Government Finance Act, 1992. See attached note from the Monitoring Officer.
Minutes: No declarations of disclosable pecuniary interests were made.
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MINUTES OF THE PREVIOUS MEETING PDF 79 KB To confirm as a correct record of proceedings the informal notes of the inquorate meeting held on 28 July 2015. Minutes: The notes of the meeting held on 28 July 2015 were considered by the Board. It was noted that, because the meeting was inquorate, the proceedings had been discharged an informal basis.
Having considered the informal notes, Members
AGREED
Matters Arising:
Board Members noted the following:
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PETITIONS Minutes: No requests submit petitions to the Board were received
Discussion of Submissions and Requests from Fund Members
The Board discussed and came to a view that it was desirable that Fund members and stakeholders should be able to raise any issues of concern with Board Members. The Board then requested that: · this agenda item be retitled ‘Submissions’ and · that Fund members and stakeholders be informed that they may send their written submissions to the clerk at any time before 5.00 pm on the day prior to the date meeting. · that the facility be suitably advertised to fund members and stakeholders via internet mechanisms such as the Council's intranet website and admitted bodies intranet websites.
Ms Tobun, Investments and Treasury Manager informed the Board that a Pension Fund micro-site was being developed in conjunction with the Council's IT service. Other suitable mechanisms would also be sought to notify fund members of this amenity.
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REPORTS FOR CONSIDERATION |
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Pensions Committee Meeting Papers 17 September 2015 PDF 52 KB To Consider the meeting papers of the Pensions Committee held on 17 September 2015. Additional documents: Minutes: The Board considered the agenda and papers that had been presented to the Pensions Committee on 17 September 2015 and discussed the following matters:
Pensions Committee Minutes 24 February 2015: The Board:
· Enquired whether there a paper setting out how the CIV will operate was available and asked whether such a paper had been made available to the Pension Committee? Ms Tobun informed the Board that she was presently preparing a briefing for Pensions Committee on this matter. The Board asked that a copy of this paper be made available at its next meeting:
Action by: B Tobun, Investments and Treasury Manager
· Cautioned against duplicating the work of the Pensions Committee. · Was concerned that the resolution at minute 4.2 did not address the key concerns raised regarding the CIV Joint Committee relating to accountability. The Board was informed that Ms Tobun would circulate the private minute relating to this item to the Pensions Board
Action by: B Tobun, Investments and Treasury Manager
· Asked for assurances that the concerns around accountability had been addressed as there was no evidence to indicate this in the minute. Ms Tobun informed the Board that the concerns referred to related to the CIV Joint Committee and not to the Council's own Pensions Committee. · Notwithstanding Councillor Chesterton asked that these concerns be reported back to the Pensions Committee asking the Pensions Committee to ensure that their minutes are properly concluded, addressing all matters discussed in the agenda item.
Action by: B Tobun, Investments and Treasury Manager
· Noted (Concerning minute 4.5) that it was important that the Board was able to view the KPIs listed. It was also important that Pension Committee ... view the full minutes text for item 6.1 |
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Training and Development For Members PDF 106 KB Minutes: The Investment and Treasury Manager introduced the report which set out requirements and proposals for a training and development programme of members of the Pensions Board
The Board noted:
RESOLVED
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Pensions Board Work Plan for 2015/16 PDF 92 KB Additional documents: Minutes: The Investment and Treasury Manager introduced the report which outlined an indicative work plan for the Board to pursue for the remainder of the municipal year.
The Board reviewed the proposed topics and the following matters were raised:
RESOLVED
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ANY OTHER ITEM THE CHAIR CONSIDERS TO BE URGENT |
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WM League Table - the Fund and Managers' Positions Minutes: A copy of “Local Authority Quarterly League Tables March - June 2016” were tabled.
Members inspected the league tables were informed by the Chief Accountant that the report indicated active managers had outperformed tracking managers which went against the views of some commentators who advocated tracing managers above active managers.He cautioned that these performance tables could be mislead committees as asset allocation is the most significant factor for the investment strategy (i.e.how much should be in equities, property, etc). A fund manager who is performing above their peers in an investment type showing no growth will not be as good for the fund than a manager slightly below the benchmark in an asset category increasing in value. He recommended caution in taking an simplistic approach to manager monitoring.
The Board requested a report be brought to the next meeting addressing the topic of performance league table and strategies for investment manager monitoring.
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Pensions Board Independent Chair Minutes: The position of independent chair of the Pensions Board had yet to be appointed. The Board heard that an approach had been made to the Director of Resources to place advertisement for the role and this had been supported. A member enquired whether a Chair would be in post by the next meeting and was informed that the enquiry would be referred to the Corporate Director Resources.
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