The Mayor in Cabinet is recommended to agree:

2.1         To participate in the establishment of the London (LGPS) Collective Investment Vehicle (CIV)

2.2         To participate in the establishment of a private company limited by shares to be incorporated to be the Authorised Contractual Scheme Operator (the ‘ACS Operator’) of the London (LGPS) Collective Investment Vehicle (CIV), the ACS Operator to be structured and governed as outlined in this report.

2.3         That following the incorporation of ACS Operator, the London Borough of Tower Hamlets:

2.3.1   become a shareholder in the ACS Operator.

2.3.2   contribute £1 to the ACS Operator as initial capital;

2.3.3    appoint  an executive member to exercise the Council’s rights as shareholder of the ACS Operator; 

DECISION

1.            To participate in the establishment of the London (LGPS) Collective Investment Vehicle (CIV)

2.            To participate in the establishment of a private company limited by shares to be incorporated to be the Authorised Contractual Scheme Operator (the ‘ACS Operator’) of the London (LGPS) Collective Investment Vehicle (CIV), the ACS Operator to be structured and governed as outlined in this report.

3.            That following the incorporation of ACS Operator, the London Borough of Tower Hamlets:

·         become a shareholder in the ACS Operator.

·         contribute £1 to the ACS Operator as initial capital;

·         appoint  an executive member to exercise the Council’s rights as shareholder of the ACS Operator; 

4.    Under Regulation 11 of the Local Authorities (Arrangement for the Discharge of Functions) (England) Regulations 2012 to establish the Pensions CIV Joint Committee, pursuant to the existing London Councils Governing Agreement dated 13 December 2001 as amended, to act as a representative body for the Local Authorities participating in these arrangements; and

5.    to delegate to this Joint Committee those functions necessary for the proper functioning of the ACS Operator including the effective oversight of the ACS Operator and the appointment of Directors.

Action by:

CORPORATE DIRECTOR, RESOURCES (C. HOLME)

(Investment and Treasury Manager (B. Tobun)

(Chief Accountant (K. Miles)