Agenda item
UNRESTRICTED MINUTES
- Meeting of Reconvened from 13.09.18, Pension Board, Tuesday, 18th September, 2018 5.00 p.m. (Item 3.)
- View the background to item 3.
To confirm as a correct record of the proceedings the unrestricted minutes of the meeting of the Pensions Board held on 19 July 2018 and 13 September 2018.
Minutes:
The minutes of the meeting held on 13 September 2018 were agreed and approved as a correct record.
The minutes of the meeting held on 19 July 2018 were agreed and approved as a correct record subject to the below amendments.
Item 2 Appointment of Vice-Chair.
David Stephen Thompson surname be amended and be recorded correctly as Thompson
Item 4 Unrestricted Minutes
Neville Murton surname be amended and be recorded correctly.
Item 9 Minutes of the Previous Pensions
John Gray surname be amended and be recorded correctly as Gray
Matters Arising
Item 4 Unrestricted Minutes: Matters Arising ((Item 4 Unrestricted Minutes Matters Arising)
Members were advised that the London CIV (LCIV) had not provided a response about Tesla labour practise. The Board agreed that a written explanation should be sought from the LCIV on the above topic. The Board noted that there were concerns regarding the working conditions at Tesla, in particular in relation to Health and Safety. The Company is also refusing to engage with Trade Unions. Officers advised members that Baillie Gifford was a major shareholder in Tesla and reminded the Board that they no longer had a contractual relationship with the Fund Manager.
Members noted that the LCIV organise a Managers Day every year and agreed that this Forum would be a good opportunity to raise enquiries about stated concerns.
Item 4 Unrestricted Minutes: Matters Arising (Item 11 Pensions Committee Agenda for the forthcoming Meeting / (Item 6.4 – Update on Pensions Fund Procurement Plans 2017/2018)
Members were reminded that a majority of their investments were in pooled Funds and that they might encounter difficulties when advocating for ‘Class Action Report’ and this was dependent on whether this product was also desired by the other Investors. The Board was advised that Northern Trust provided this Service and that Officers were currently holding discussions with a potential provider. Members were reminded that they had a separate mandate with GMO.
Item 7 Presentation London CIV – Governance Arrangement Update.
Officers advised Members that the LCIV had not responded to queries raised by the Board. This included concerns raised over the governance arrangements at the LCIV, Fund Managers not following the LAPFF guidelines on voting and also the lack of representation on the Shareholders Committee. The LCIV has also not responded to the joint letter which was sent by the Chairs of the Pensions Board and Pensions Committee. The Chair requested that Officers liaise with the Pension Committees about the non-response and that the LCIV be pursued over the matters raised by the Board and those stated in the correspondence.
The Board commented and welcomed the presentation that was provided by the LCIV. The Board requested that PIRC be invited to attend a meeting in the New Year and deliver a presentation on the LBTH Pensions Fund Investment Strategy.
Item 9 Minutes of the Previous Pensions Committee (Matters Arising – Item 6.2 Pensions Scheme Administration Update / One Housing)
Officers advised Members that no further communication had been received from One Housing regarding their wish to withdraw from the LBTH Pensions Fund.
RESOLVED:
1. That John Gray, Admitted Bodies Representative for Active Fund Members, sends Officers online links which provides information on Tesla’s labour practise.
2. That the LCIV be invited to a future Pensions Board and be requested to advise Members on the reasons why the Body has not responded to the Board’s queries.
3. That Officers liaise with Pensions Committee regarding LCIV failure to respond to the joint letter sent by the Committee’s previous Chair and the Chair of the Pensions Board and
4. That the PIRCC be invited to attend Pensions Board in the New Year and deliver a presentation on the LBTH Pensions Fund Investment Strategy.
Supporting documents: