Agenda

Venue: Council Chamber - County Hall, New Road, Oxford OX1 1ND

Contact: Khalid Ahmed  Tel: 07990368048; E-Mail:  khalid.ahmed@oxfordshire.gov.uk

Link: videolink to meeting

Items
No. Item

1.

Election of the Chairman for the 2021/22 Municipal Year

2.

Election of Deputy Chairman for the 2021/22 Municipal Year

3.

Apologies for Absence and Temporary Appointments

4.

Declarations of Interest - see guidance note

5.

Appointment of Representative to the Brunel Oversight Board

6.

Minutes pdf icon PDF 424 KB

To approve the minutes of the meeting held on 5 March 2021, and to receive information arising from them.

7.

Petitions and Public Address

Currently council meetings are taking place in-person (not virtually) with social distancing operating in the venues.  However, members of the public who wish to speak at this meeting can attend the meeting ‘virtually’ through an online connection.  Places at the meeting are very limited due to the requirements of social distancing.  While you can ask to attend the meeting in person, you are strongly encouraged to attend ‘virtually’ to minimise the risk of Covid-19 infection.

 

Please also note that in line with current government guidance all attendees are strongly encouraged to take a lateral flow test in advance of the meeting.

 

Normally requests to speak at this public meeting are required by 9 am on the day preceding the published date of the meeting. However, during the current situation and to facilitate these new arrangements we are asking that requests to speak are submitted by no later than 9am four working days before the meeting i.e. 9 am on Friday 4 June 2021.  Requests to speak should be sent to khalid.ahmed@oxfordshire.gov.uk. You will be contacted by the officer regarding the arrangements for speaking.

 

If you ask to attend in person, the officer will also advise you regarding Covid-19 safety at the meeting.  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 am 2 working days before the meeting. Written submissions should be no longer than 1 A4 sheet.

8.

Minutes of the Local Pension Board pdf icon PDF 225 KB

10:05

 

A copy of the unconfirmed Minutes of the Local Pension Board, which met on  23 April 2021 is attached for information only.

9.

Report of the Local Pension Board pdf icon PDF 248 KB

10:10

 

In a response to a request from the Chairman of Pension Fund Committee to have a dedicated item on each Committee agenda for the work of the Local Pension Board, attached at PF6 is the report by the Independent Chairman of the Local Pension Board.  It invites the Committee to respond to the key issues raised by the Pension Board at is most recent meeting on

10.

Review of the Annual Business Plan pdf icon PDF 250 KB

10.20am

This report provides an update on progress against the key priorities set out in the Annual Business Plan for 2021/22, including the transition of assets to Brunel, an update on the proposals from the independent governance review, the implementation of the climate change policy and the latest position on the Mc Cloud remedy.

 

The Committee is RECOMMENDED to:

a.       note progress against each of the key service priorities as set out in the report;

b.       agree future membership of the Climate Change Working Group;

c.       comment on the proposal from the Local Pension Board that a representative of the Committee attends all future meetings of the Board to answer questions from Board members on decisions made at the most recent Committee meeting;

d.       agree a draft outline for future attendance of Brunel Officers at this Committee.

11.

Age Discrimination Cases in the Firefighters Pension Scheme pdf icon PDF 207 KB

11.00am

The report will highlight the latest legal update in respect of the age discrimination cases in the firefighters pension scheme, and alert the Committee to the likely need to call a special meeting of the Committee to determine their policy in advance of Regulation changes.

 

The Committee is RECOMMENDED to note the latest legal position on the age discrimination cases in the firefighters pension schemes and the intention to call an additional meeting of this Committee to determine our Policy in advance of revised Regulations once in receipt of further legal advice and the publication of the National Framework.


12.

Risk Register pdf icon PDF 204 KB

11.10am

The report presents 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 changes to the risk register and offer any further comments.

Additional documents:

13.

Administration Report pdf icon PDF 409 KB

11.20am

This report updates the Committee on the key administration issues including the iConnect project, service performance measurement and any write offs agreed in the last quarter

 

The Committee is RECOMMENDED to

 

a)       Note the report

b)       Agree the changes to the Scheme of Delegation to add the 2 Employer Team Managers to the list of officers authorised to approve payments from the Pension Fund

 

14.

EXEMPT ITEMS

The Committee is RECOMMENDED that the public be excluded for the duration of items 15 and 16 in the Agenda (during discussion on confidential matters) 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.

15.

Overview of Past and Current Investment Position pdf icon PDF 44 KB

11.40am

 

The Independent Financial Adviser will review the investment activity during the past quarter, present a summary of the Fund’s position as at 31 March 2021, and highlight any key performance issues, with reference to Tables and Graphs, the Investment Performance Reports produced by Brunel.  The report itself does not contain exempt information and is available to the public.

 

The public should be excluded during this item because its discussion in public would be likely to lead to the disclosure to members of the public present of information in the following prescribed category:

 

3.       Information relating to the financial or business affairs of any particular person (including the authority holding that information) and since it is considered that, in all the circumstances of the case, the public interest in maintaining the exemption outweighs the public interest in disclosing the information, in that such disclosure would prejudice the trading activities of the fund managers involved and would prejudice the position of the authority's investments in funding the Pension Fund.

 

The Committee is RECOMMENDED to receive the tables and graphs, and that the information contained in them be borne in mind, insofar as they relate to items on the agenda.

Additional documents:

16.

Overview and Outlook for Investment Markets pdf icon PDF 696 KB

11.55am

 

Report of the Independent Financial Adviser.

 

The report sets out an overview of the current and future investment scene and market developments across various regions and sectors. The report itself does not contain exempt information and is available to the public. The Independent Financial Adviser will also report orally and any information reported orally will be exempt information.

 

The public should be excluded during this item because its discussion in public would be likely to lead to the disclosure to members of the public present of information in the following prescribed category:

 

3.       Information relating to the financial or business affairs of any particular person (including the authority holding that information) and since it is considered that, in all the circumstances of the case, the public interest in maintaining the exemption outweighs the public interest in disclosing the information, in that such disclosure would prejudice the trading activities of the fund managers involved and would prejudice the position of the authority's investments in funding the Pension Fund.

 

The Committee is RECOMMENDED to receive the report, tables and graphs, to receive the oral report, to consider any further action arising on them and to bear the Independent Financial Adviser’s conclusions in mind when considering the Fund Managers’ reports.

ITEMS FOLLOWING THE RE-ADMISSION OF THE PRESS AND PUBLIC

17.

Corporate Governance and Socially Responsible Investment

12.10pm

 

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

LUNCH