Issue - meetings

10:45

The report (PF8) covers the Business Plan for the Pension Fund Committee for the forthcoming financial year and includes the key objectives for the forthcoming year, the proposed Budget and the Cash Management Strategy. Progress against the objectives set for the current financial year is also set out to provide the context for the forthcoming year.

The Committee is RECOMMENDED to:

(a)  approve the Business Plan and Budget for 2019/20 as set out at Annex 1;

(b)  approve the Pension Fund Cash Management Strategy for 2019/20;

(c)  delegate authority to the Director of Finance to make changes necessary to the Pension Fund Cash Management Strategy during the year, in line with changes to the County Council’s Treasury Management Strategy;

(d)  delegate authority to the Director of Finance to open separate pension fund bank, deposit and investment accounts as appropriate; and

(e)  delegate authority to the Director of Finance to borrow money for the pension fund in accordance with the regulations.

(a)  approved;

(b)  approved;

(c)  agreed;

(d)  agreed;

(e)  agreed; and

(f)   note the intention of Mr Collins to bring to the next meeting in June, an update on the current work ongoing within Brunel on ESG decision making.

Mr Collins undertook, at the request of the Committee, to make available to members of the Committee a breakdown of fees, manager by manager, at Brunel level. He also agreed to supply ,separately, those which relate to the Managers overseen by this Committee.

Members considered the report PF8 which covered the Business Plan for the forthcoming financial year, and which included the key objectives for the year, the proposed budget, and the Cash Management Strategy. Progress against the objectives set for the current financial year was also set out in order to provide the context for 2019/20.

Mr Collins undertook, at the request of the Committee, to make available to members of the Committee a breakdown of fees, manager by manager, at Brunel level. He also agreed to supply, separately, those which related to the Managers overseen by the Committee.

With regard to paragraph 12 of the report, Mr Collins stated his intention to bring to the next meeting an update on the current work within Brunel on ESG issues within investment decision making. He further stated that Brunel was building on the current work with the responsible investment team to develop a suite of reports which demonstrated the effectiveness of the ESG policies and the impact of company engagement by fund managers. He reported that the Committee would receive a report on a quarterly basis which would afford an opportunity for the Committee to hold Brunel to account on this particular issue.

RESOLVED: to

(a)  approve the Business Plan and Budget for 2019/20 as set out at Annex 1;

(b)  approve the Pension Fund Cash Management Strategy for 2019/20;

(c)  agree to delegate authority to the Director of Finance to make changes necessary to the Pension Fund Cash Management Strategy during the year, in line with changes to the County Council’s Treasury Management Strategy;

(d)  agree to delegate authority to the Director of Finance to open separate pension fund bank, deposit and investment accounts as appropriate;

(e)  agree to delegate authority to the Director of Finance to borrow money for the pension fund, in accordance with the regulations; and

(f)   note the intention of Mr Collins to bring to the next meeting in June, an update on the current work ongoing within Brunel on ESG decision making.