Agenda and minutes
Venue: MP702 - Town Hall, Mulberry Place, 5 Clove Crescent, London, E14 2BG. View directions
Contact: David Knight, Democratic Services. Tel: 0207 364 4878 Email: david.knight@towerhamlets.gov.uk
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APOLOGIES Minutes: Apologies for absence were received from Councillor Puru Miah and John Grey.
Annette McKenna sent apologies for lateness. |
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DECLARATIONS OF DISCLOSABLE PECUNIARY INTERESTS PDF 67 KB Minutes: None.
VARY ORDER OF BUSINESS
At the request of the Chair, the Board agreed to vary the order of business. To aid clarity, the minutes are presented in the order that the items originally appeared on the agenda.
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PETITIONS Minutes: No petitions were received. |
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UNRESTRICTED MINUTES To confirm as a correct record of the proceedings the unrestricted minutes of the meeting of the Pensions Board held on 18th September, 2018. – To follow. Minutes: The Chair did not have an opportunity to review the minutes in advance and they were not included in the agenda pack. The Board requested they be given one week to review the minutes before formal sign off by the Chair.
RESOLVED: 1. For the Committee Officer to circulate the minutes of the 18 September 2018 Board meeting for comment before final sign off by the Chair. |
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SUBMISSIONS FROM FUND MEMBERS To consider any written submissions from Fund Members/Stakeholders.
(Submissions must be received by the Clerk to the meeting no later than 5.00p.m. on the day before the meeting.) Minutes: None.
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SUBMISSIONS / RESPONSES FROM PENSION COMMITTEE Minutes: None. |
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PRESENTATIONS |
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PRESENTATION FROM PIRC - LOCAL AUTHORITY PENSION PERFORMANCE ANALYTICS ANNUAL REVIEW PDF 557 KB The Board will receive a presentation from PIRC– Local Authority Pension Performance Analytics Annual Review. Minutes: The Board received a presentation from Pensions & Investment Research Consultants (PIRC) on the Pension Performance Annual Review.
Board Members received the following in response to their questions:
ACTION: ... view the full minutes text for item 7.1 |
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Presentation: Views on current Fund Investment Strategy and Divestment Consideration Process from the Fund Independent Advisor – Colin Robertson Minutes: The Board received a presentation from Colin Robertson, Independent Advisor, on the soundness of the Council’s investment strategy and consideration of fossil fuels.
Fossil fuels:
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REPORTS FOR CONSIDERATION |
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Voting and Engagement Update for Quarter Ending September 2018 PDF 101 KB Additional documents: Minutes: The Committee received a report from Bola Tobun, Investment and Treasury Manager, on voting and engagement LAPFF Fund for quarter ending September 2018.
Members requested a presentation form LAPFF to learn how they effectively manage a large number of assets. Bola Tobun agreed to invite someone from LAPFF to speak.
Members wished to query why the newsletter did not provide a reason for why there was a variance and why there was only a 50% return rate. Bola Tobun agreed to look into this and provide a briefing note.
ACTION:
RESOLVED:
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Local Pension Board General Remit and LBTH Pensions Board Draft Work Plan For 2019/20 PDF 111 KB Additional documents:
Minutes: The Board received the report of Bola Tobun, Investment and Treasury Manager, on the draft work plan for the Pension Board 2019/20.
ACTIONS:
RESOLVED: 1. To note the report. 2. Note the Pension Board’s Terms of Reference attached at Appendix 1 of the report. 3. To agree the work plan as attached at Appendix 2 of the report.
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MINUTES OF THE PREVIOUS PENSIONS COMMITTEE PDF 139 KB Minutes: It was noted that Councillor Puru Miah had raised the following query outside of the meeting: ‘given that Tower Hamlets has the most assets in the London CIV pool, should it not have representation on the CIV Board?’
RESOLVED: 1. The minutes of the previous pension committee were agreed as an accurate record. |
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PENSIONS COMMITTEE AGENDA FOR THE FORTHCOMING MEETING Pensions Committee Agenda to follow.
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ANY OTHER UNRESTRICTED BUSINESS To consider any other unrestricted business which the Chair has deemed to be urgent.
Minutes: Councillor Puru Miah has requested that meetings be moved later in the day due to his daytime work commitments. Some other Board Members agreed that they would prefer a later start. The Board proposed meetings be held at 5pm. It was agreed that the Committee Officer should contact the Board to confirm a preferred start time.
ACTION: · Committee Officer to confirm with Board Members whether a 5pm start time was acceptable.
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DATE OF NEXT MEETING The next scheduled Pensions Board meeting will be on 7th March, 2019. Minutes: 13 March 2019, time to be confirmed. |
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EXCLUSION OF THE PRESS AND PUBLIC In view of the contents of the remaining items on the agenda the Committee is recommended to adopt the following motion:
“That, under the provisions of Section 100A of the Local Government Act 1972, as amended by the Local Government (Access to Information) Act 1985, the press and public be excluded from the remainder of the meeting for the consideration of the Section Two business on the grounds that it contains information defined as Exempt in Part 1 of Schedule 12A to the Local Government Act, 1972.”
EXEMPT SECTION (Pink Papers)
The exempt committee papers in the agenda will contain information, which is commercially, legally or personally sensitive and should not be divulged to third parties. If you do not wish to retain these papers after the meeting, please hand them to the Committee Officer present. Minutes: The Chair moved and it was
RESOLVED
“That, under the provisions of Section 100A of the Local Government Act 1972, as amended by the Local Government (Access to Information) Act 1985, the press and public be excluded from the remainder of the meeting for the consideration of the Section Two business on the grounds that it contains information defined as Exempt in Part 1 of Schedule 12A to the Local Government Act, 1972.” This information pertains to paragraphs 1 and 3 of Schedule 12A – information likely to reveal the identity of an individual and information pertaining to the financial and business affairs of an individual including the authority including the authority holding that information.
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RESTRICTED MINUTES OF THE PENSIONS BOARD Minutes: None. |
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RESTRICTED MINUTES OF THE PENSIONS COMMITTEE Minutes: None. |