Agenda

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

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

Link: videolink to meeting

Items
No. Item

1.

Apologies for Absence and Temporary Appointments

2.

Declarations of Interest - see guidance note

3.

Minutes pdf icon PDF 392 KB

10.15

To approve the minutes of the meeting held on 11 June 2021 and to receive information arising from them.

4.

Petitions and Public Address

10.15

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 3 September 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.

5.

Minutes of the Local Pension Board pdf icon PDF 221 KB

10:20

 

A copy of the unconfirmed Minutes of the Local Pension Board, which met on 9 July 2021 is attached for information only.

6.

Report of the Local Pension Board pdf icon PDF 291 KB

10:25

 

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 is the report by the Independent Chairman of the Local Pension Board. 

 

The report sets out the items the Local Pension Board wishes to draw to the attention of this Committee following their last meeting in July 2021.

7.

Passive Equity Allocation pdf icon PDF 235 KB

10.30

 

This report sets out the new passive options developed by Brunel in conjunction with FTSE Russell and Legal and General Investment Management in response to the requests from Client Funds for suitable alternatives aligned to the Paris Agreement. 

 

The Committee is RECOMMENDED to determine any changes to the current allocation to passive equities, and if appropriate, to the current commitments set out in the Investment Strategy Statement.

8.

Climate Change Report pdf icon PDF 204 KB

10.50

 

This report sets out the Fund’s current arrangements for managing the climate change risk in accordance with the TaskForce for Climate Related Financial Disclosures (TCFD) Template.  The report will also highlight progress in the first year since the adoption of our Climate Change Policy.

 

The Committee is RECOMMENDED to note the report.

 

 

 

Additional documents:

9.

Governance Review pdf icon PDF 234 KB

11.20

 

This report updates the Committee on the progress against each of the 10 Recommendations made in the Independent Governance Review completed by Hymans Robertson, and seek the Committee’s agreement on the way forward.

 

The Committee is RECOMMENDED to:

a.       Adopt the Conflict of Interest Policy as set out in Annex 1;

b.       Review the job description for a new Governance Officer role as set out in Annex 2, and agree the establishment of the new position;

c.       Comment on the future agendas for the meetings of the committee to be based on the key roles and responsibilities of the Committee as set out in annex 3, and in particular the proposal to focus on a review of investment performance annually, and the need for a separate annual business meeting;

d.       Agree the proposals to amend the current Training Policy to include an annual assessment and an escalation procedure to cover cases on non-engagement with the Policy;

e.       Ask Officers in conjunction with Hymans Robertson to amend the draft Training Programme as set out in Annex 4 based on the results of the initial knowledge assessment and bring the revised programme back to the December meeting for approval.

Additional documents:

10.

Review of the Annual Business Plan pdf icon PDF 407 KB

12.00

 

This report provides an update on progress against the key priorities set out in the Annual Business Plan for 2021/22.

 

The Committee is RECOMMENDED to note progress against each of the key service priorities as set out in the report.

11.

Risk Register pdf icon PDF 204 KB

12.10

 

This 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:

12.

Administration Report pdf icon PDF 431 KB

12.15

 

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

 

i)        Agree to a further extension of the reduction is SLA target, to be reviewed at the December meeting;

ii)       Agree to the proposed changes to communication policy;

iii)      Note the amounts written off by the Pension Services Manager; and

iv)      Decide whether the fund should undertake an annual benchmarking exercise.

Additional documents:

13.

Annual Report and Accounts 2020/21 pdf icon PDF 2 MB

12.25

This report presents the Annual Report and Accounts for the Pension Fund and highlight any issues raised by external audit.

 

The Committee is RECOMMEDED to note the report.

14.

Analysis of Relative Investment Performance to March 2021 pdf icon PDF 219 KB

12.30

This report summarises the findings of the annual review of the investment performance of the LGPS Funds carried out by PIRC.

15.

EXEMPT ITEMS

The Committee is RECOMMENDED that the public be excluded for the duration of items 16 and 17in 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.

 

16.

Overview of Past and Current Investment Position pdf icon PDF 49 KB

12.40

 

The Independent Financial Adviser will review the investment activity during the past quarter, present a summary of the Fund’s position as at 30 June 2021, and highlight any key performance issues, with reference to Tables and Graphs, the Investment Performance Reports produced by Brunel. The report 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:

17.

Overview and Outlook for Investment Markets pdf icon PDF 760 KB

12.45

 

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

18.

Corporate Governance and Socially Responsible Investment pdf icon PDF 1 MB

13.00

 

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