Agenda item

11:25

This report (PF12) provides an opportunity for the Committee to undertake a formal annual review of its major policy documents held in line with the LGPS regulations. The Committee had previously agreed to review all such documents on an annual basis at its June meeting.

Annex 1 – Funding Strategy Statement

Annex 2 – Investment Strategy Statement

Annex 3 – Governance Policy Statement

Annex 3 – Governance Compliance Statement

Annex 4 – Communication Policy

Annex 5 – Early Release of Deferred Benefits Policy

Annex 6 – Scheme of Delegation

Annex 7 – Administration Strategy

Annex 8 – Reporting Breaches of Law to the Pensions Regulator

Annex 9 – Administering Authority Discretions

With reference to Annex 2 – Investment Strategy Statement - the Committee is informed that at its 27 March 2018 meeting, the following motion from Cllr Bob Johnston was agreed by 59 votes to 0 (with 1 abstention):

"Investment, environmental, social and governance (ESG) issues are now rising rapidly up the Agenda. This is evidenced, for example by the recent decision of the Norwegian Sovereign Wealth Fund to cease investment in oil and gas.  The Oxfordshire Local Pension Fund has an obligation to review its investment strategy, when the present 3-year framework expires.   Council therefore calls upon the Pension Committee to incorporate the latest and best advice available on ESG matters when reviewing its policies and drawing up the next 3-year investment strategy."

The Committee is RECOMMENDED to:

(a)          approve the revised policy documents as set out in Annexes 1, 2, and 4-9 to this report, noting the main changes in the documents as discussed above; and

(b)          approve in principle the changes set out in Annex 3 to the Governance Policy and Governance Compliance Statement and RECOMMEND to Council via the Audit and Governance Committee the corresponding changes to the Terms of Reference and Constitution of the Pension Fund Committee.

The Committee considered a report (PF12) which provided an opportunity to undertake a formal annual review of its major policy documents held in line with the LGPS regulations. The Committee had previously agreed to review all such documents on an annual basis at its June meeting.

With reference to Annex 2 – ‘ Investment Strategy Statement’ the Committee was informed that at the 27 March 2018 Council meeting, the following motion from Cllr Bob Johnston was agreed by 59 votes to 0 (with 1 abstention):

‘Investment, environmental, social and governance (ESG) issues are now rising rapidly up the Agenda. This is evidenced for example by the recent decision of the Norwegian Sovereign Wealth Fund to cease investment in oil and gas. The Oxfordshire Local Pension Fund has an obligation to review its investment strategy, when the present 3 - year framework expires. Council therefore calls upon the Pension Committee to incorporate the latest and best advice available on ESG matters when reviewing its policies and drawing up the next 3-year Investment Strategy.’

RESOLVED: (unanimously) to

(a)  approve the revised policy documents as set out in Annexes 1, 2, and 4-9 to this report, noting the main changes in the documents as discussed above; and

(b)  approve in principle to changes as set out in Annex 3 to the Governance Policy and the Governance Compliance Statement and to RECOMMEND to Council via the Audit & Governance Committee the corresponding changes to the Terms of Reference and Constitution of the Pension Fund Committee.