Agenda item

Annual Review of Fund Policies

11.25

 

The report (PF11) provides the annual review of the Fund policies and seeks Committee approval of any changes.

 

The strategy statements and policies are attached as follows:

 

·         Annex 1 - The Funding Strategy Statement

·         Annex 2 – The Statement of Investment Principles

·         Annex 3 – Governance Policy and Governance Compliance Statement

·         Annex 4 – Communication Policy and Annex

·         Annex 5 – Early Release of Deferred Benefits Policy

·         Annex 6 – Scheme of Delegation

·         Annex 7 – Administration Strategy Statement

 

The Committee is RECOMMENDED to approve the revised policy documents as set out in Annexes 1 - 7 to this report, noting the main changes in the documents as discussed above.

 

 

 

Minutes:

The Committee had before them the Fund Policies and Strategy Statements for annual review (PF11).

 

Members also considered some proposed amendments as submitted by Councillor Nick Hards and shown on the Addenda.

 

RESOLVED: (on a motion by Cllr Richard Langridge duly seconded and carried nem con) to:

 

 

(a)  note the main changes within the policies as set out in the report; and

 

(b)  approve the revised policy documents as set out in Annexes 1 – 7 to this report, subject to the further changes below;

 

(i)    the correction to the table within the Statement of Investment Principles on page 49 of the papers, to Chief Finance Officer, as the Investment Manager for quoted private equity trusts;

 

(ii)  to amend the paragraph on Monitoring and Review in the Statement of Investment Principles (page 51 of the papers) to read “The individual fund manager’s performance, current activity and transactions are monitored on a quarterly basis by the Independent Financial Adviser and the Officers to the Fund, and all issues of concern reported directly to the Committee.  Quarterly reports from all managers are made available to the Committee, who can raise any issues they wish to follow up.  All Managers formally report to the Committee once a year, spread over the four quarterly meetings, with the Committee retaining the right to request more frequent attendance if they have matters of concern.  The investment management performance of the Fund as a whole is reviewed annually by the Committee, supported by a presentation by State Street Global Services”;

 

(iii)to amend the wording of the paragraph on Custody and Stock Lending within the Statement of Investment Principles (page 52 of the papers) to delete the reference to hedge funds, and add a reference to the diversified growth fund to the exceptions of assets not held by the Custodian;

 

(iv)to amend the Governance Compliance StatementPrinciple F (page 61 of the papers) to read that the Fund arranges an Annual Pension Fund Employers Forum, rather than holds, to reflect the fact that the Forum may be cancelled due to lack of employer interest; and

 

(v)  to amend paragraph 9 of the Early Release of Benefits Policy Statement to delete the words “doubtless by all current fund employers”   

 

 

 

 

 

Supporting documents: