Agenda item

10.45am

This report will present 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 latest risk register and accept that the risk register covers all key risks to the achievement of their statutory responsibilities, and that the mitigation plans, where required, are appropriate. 

Mukhtar Master, Governance and Communications Manager presented the report of the Executive Director of Resources and Section 151 Officer which set out the current risk scores in terms of impact and likelihood, and a target level of risk and a mitigation action plan to address those risks not currently at their target score.  The risk register was attached at Appendix 1.  He advised that there were no red risks and no new emerging risks to report to the Committee, however highlighted the new National Wealth Fund that would invest in industries of the future which could impact on Risk 18: Failure to Meet Government Requirements on Pooling or could require a separate risk altogether.

Following a question regarding if the Committee wished to make changes to its training policy, Lorna Baxter, Executive Director of Resources and Section 151 Officer advised that this would be a decision taken by this Committee to be ratified at Full Council.  Mukhtar Master advised that for training requirements for Committee members, there was a requirement under the Constitution and Terms of Reference for the Committee for Substitute Members to have received training in line with the Training Policy.  The Training Policy stated that all Members of the Committee should complete training as follows:

a. attend:

·       In their 1^st year – an induction section on the Oxfordshire Pension Funds Policies, and either

o   The 3-day LGA Fundamentals Course or

o   The 5 Core and 4 DB on-line modules of the Pension Regulators Trustee Toolkit.

·       In each subsequent year – all pre-Committee training, and a minimum of 2 days additional training.

He further advised that it was beneficial for new Members of the Committee to join the Committee as soon as possible and complete training within a specified time period, rather than hold off membership and risk lack of quorum.  However, he did point out an anomaly, in that Substitute Members to the Committee were expected to complete training prior to sitting on the Committee as a Substitute, whereas Members of the Committee were allowed one year to complete this training.

Members of the Committee and the Local Pension Board discussed the implications of both Committee members joining the Committee with and without the training, and whether the time period of one year should be shortened to better fulfil the requirements of requisite knowledge that was required for this Committee.

Lorna Baxter advised that she understood that there was an inconsistency between the training requirements of the Committee Members and any named Substitutes and suggested that Induction training could be completed by all Members prior to attendance at a committee meeting, and then allow some time to complete the remaining mandatory training.  She also highlighted the possibility of a whole new Committee following the May 2025 elections and advised that Induction training would be part of a package supplied to all new and existing Members.  It was suggested that this scenario be added as a risk to the Risk Register, as a separate risk, of which was agreed by the Committee for the next meeting.  (ACTION)

The Chair of the Committee agreed the approach for all members joining the Committee to have completed Induction Training, and then to complete the mandatory training modules within a specified time period, and that this would apply to Substitutes as well as Committee Members.

In response to comments raised regarding Risks 18: Failure to Meet Government Requirements and Poolling and 19: Failure of Pooled Vehicle to meet local objectives, Mark Smith advised the Committee that they were working closely with other pooling partners and Brunel to ensure they were kept informed of any government programmes or consultations for developing the pool.

The Committee RESOLVED to note the latest risk register and accept that the risk register covered all key risks to the achievement of their statutory responsibilities, and that the mitigation plans, where required, were appropriate, and to add an additional risk which covered the risks involved in a new membership of the Committee following the May 2025 elections of the Council.