Agenda

Members of the public who wish to speak at this meeting can attend the meeting in person or ‘virtually’ through an online connection. To facilitate ‘hybrid’ meetings we ask that requests to speak are submitted by no later than 9.00 a.m. four working days before the meeting: 9.00 a.m. on Monday 2 September 2024.

Requests to speak should be sent to Committeesdemocraticservices@Oxfordshire.gov.uk If you are speaking ‘virtually’, you may submit a written statement of your presentation to ensure that if the technology fails, then your views can still be taken into account. A written copy of your statement can be provided no later than 9.00 a.m. 2 working days before the meeting: 9.00 a.m. 4 September 2024. Written submissions should be no longer than 1 A4 sheet.

To approve the minutes of the meeting held on 7 June 2024 and to receive information arising from them.

10:20am

A copy of the unconfirmed Minutes of the Local Pension Board, which met on  5 July 2024 is attached for information only.

10:25am

The report sets out the items the Local Pension Board wishes to draw to the attention of this Committee following their last meeting on 5 July 2024.

The Committee is RECOMMENDED to note the comments of the Board as set out below.

10.30am

This report will review progress against the key priorities set out in the Annual Business Plan for 2024/25.

The Committee is RECOMMENDED to:

i)      Review progress against each of the key service priorities as set out in the report; and

ii)    Agree any further actions to be taken to address those areas not currently on target to deliver the required objectives.

10.45am

This report will present the latest position on the Fund’s risk register, including any new risks identified since the report to the last meeting.

The Committee is RECOMMENDED to note the latest risk register and accept that the risk register covers all key risks to the achievement of their statutory responsibilities, and that the mitigation plans, where required, are appropriate. 

11.00am

This report covers the key governance and communication issues for the Fund, including a report on any breaches of regulation in the last quarter.

The Committee is RECOMMENDED to:

                 i.          Note the Fund’s update on the Pension Regulator’s General Code of Practice. 

               ii.          Note the Knowledge & Skills update.

             iii.          Review and note the latest quarter’s breaches for the fund.

             iv.          Note the communications update.

11.10am

1.     The Committee is RECOMMENDED to approve the following:

i)      Firefighters’ Pension Scheme policy documents:

(1)  Fire Pension Board Terms of Reference;

(2)  Administration Strategy;

(3)  Conflict of Interest Policy;

ii)    Oxfordshire Pension Fund:

(1)  Conflict of Interest Policy.

11.15am

This report presents the draft Annual Report and Accounts for the Pension Fund, including the latest TCFD report, and progress against the targets set out in the Fund’s Climate Change Policy.

11.30am

This report updates the Committee on the key administration issues including service performance measurement, the debt recovery process and any write offs agreed in the last quarter.

The Committee is RECOMMENDED to consider the write-off of a historical outstanding overpayment resulting from the death of scheme members.

11.45am

This report will cover an overview of the financial markets, the overall performance of the Fund’s investments against the Investment Strategy Statement and commentary on any issues related to the specific investment portfolios.  The report includes the quarterly investment performance monitoring report from Brunel.

12.00pm

This item provides the opportunity to raise any issues concerning Corporate Governance and Responsible Investment which need to be brought to the attention of the Committee.

12.10pm

This report will present an update on the Responsible Investment Policy to the Committee.

The Committee is RECOMMENDED to:

a)    agree the proposed set of Responsible Investment metrics and targets included at Annex 1; and

b)    agree the inclusion of the wording in paragraphs 20 and 21 in the Fund’s Responsible Investment Policy regarding the exclusion of tobacco holdings.

The Committee is RECOMMENDED that the public be excluded for the duration of item 17 in the Agenda since it is likely that if they were present during those items there would be disclosure of exempt information as defined in Part I of Schedule 12A to the Local Government Act 1972 (as amended) and specified in relation to the respective items in the Agenda and since it is considered that, in all the circumstances of each case, the public interest in maintaining the exemption outweighs the public interest in disclosing the information.

The Committee will receive a verbal update from the Head of Pensions regarding the report as published at the previous Pension Fund Committee meeting held on 7 June 2024.