Issue - meetings
2016/17 Pension Fund Annual Report with ISA 260 Report and Review of Fund Managers Internal Control Reports
Meeting: 21/09/2017 - Pensions Committee (Item 5)
Additional documents:
Minutes:
Bola Tobun, Investment And Treasury Manager presented the final Pension Fund Annual Report for 2016/17. The draft version of the accounts was presented to the Committee in July 2017 together with the 2016/17 Audit Report of the Pension Fund (ISA 260 Report) following the audit by KPMG.
The Statement of Accounts has been prepared under International Financial Reporting Standards (IFRS) rules. This report also presents the finding of the review of the adequacy of internal control measures put in place by the fund managers that hold the Fund’s assets. Officers and Advisers have reviewed the SAS70 and SSAE16 (which signifies that a service organisation has had its control objectives and control activities examined by an independent accounting and auditing firm).
The reviews of fund managers, internal control reports, have identified no significant changes in the internal control environment from last year.
The Fund managers’ internal control reports have been audited and approved by external auditors and six out of the seven fund managers received unqualified opinion from their managers with the exception of Schroder. This means the auditors are satisfied that adequate controls are in place for managing and reporting of the Fund’s assets.
The Chair thanked the Chief Accountant and the Pensions Team for their work on the Pension Fund Annual Report.
RESOLVED:
1. That the report be noted;
2. That the draft ISA 260 (Annex 2) be noted;
3. To approve the Pension Fund Statement of Accounts (Appendix 5 of Annex 1);
4. To approve the Pension Fund Annual Report and to give delegated authority to s151 to finalise and publish this in order to meet the statutory publication deadline of 1 December 2017 (Annex 1); and
5. To approve publication and distribution to interested parties.