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Agenda Reports Pack (Public) 10/08/2012, 10.00

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Agenda Reports Pack (Public) 10/08/2012, 10.00 Public Document Pack PENSION COMMITTEE 10.00 am FRIDAY 10TH AUGUST, 2012 Meeting Room 1&2 --- Shire Hall, Gloucester MEETING PAPERS PENSION COMMITTEE TIME: 10.00 am DATE: Friday 10th August, 2012 VENUE: Meeting Room 1&2 - Shire Hall, Gloucester A G E N D A ITEM TOPIC CONTACT 1. Election of Chairperson To appoint a Chairperson for the meeting in the absence of Cllr Alison Theodoulou Wantenaar Tel: 01452425094 2. Apologies Alison Wantenaar Tel: 01452425094 3. Minutes - (Pages 1 - 4) To approve as a correct record the Minutes of the meeting held on Alison 11 May 2012. Wantenaar Tel: 01452425094 4. Declarations of Interest - Members of the Committee are invited to declare any financial or Alison pecuniary interest related to specific matters on the agenda. Wantenaar Tel: Please see note 2 at the end of the agenda. 01452425094 5. Public Questions - Alison To answer any written questions about matters that are within the Wantenaar powers and duties of the Committee. The closing date/time for the Tel: receipt of questions is 10.00am on Friday 3 rd August 2012. 01452425094 To answer any oral question(s) put by members of the public. Depending on the nature of the oral questions asked it may not be possible to provide a comprehensive answer at the meeting, in which case a written answer will be supplied as soon as reasonably possible after the meeting. Published 2 August 2012 6. Members' Questions - To answer any written members’ questions. The closing date/time Alison for the receipt of questions is 10.00am on Friday 3 rd August Wantenaar 2012. Tel: 01452425094 7. Market Valuations and Quarterly Performance Review of the Vicki Morgan Investment Fund Q2 2012 (Pages 5 - 10) (Pensions Accountant) 8. Stock Lending Report (Pages 11 - 14) To receive the report for information. Graham Burrow Tel: 01452 425880 9. Pension Fund Annual Report (Pages 15 - 126) To note the Pension Fund accounts (subject to audit) and agree Graham the content of the Fund’s draft Annual Report. Burrow Tel: 01452 425880 10. Exclusion of the press and public The committee is recommended to exclude the press and public by Cllr Raymond passing the following resolution: Theodoulou That in accordance with Section 100 A (4) of the Local Government Act 1972 the public be excluded from the meeting for the following agenda items, because it is likely that if members of the public were present there would be disclosure to them of exempt information as defined in paragraph 3 of Part 1 of Schedule 12 A to the Act and the public interest in withholding the information outweighs the public interest in disclosing the information to the public. 11. Exempt Minutes To approve as a correct record the exempt minutes of the meeting Alison held on 11 May 2012. Wantenaar Tel: 01452425094 12. Update on Pension Fund Employers To receive a verbal update. Graham Burrow Tel: 01452 425880 13. Investment Report - GMO (Commencing at 10.50h for 40 minutes) Graham Burrow Tel: 01452 425880 14. Strategic Asset Review To consider a report from the Fund’s investment advisor Graham Burrow Published 2 August 2012 Tel: 01452 425880 15. Investment Report - Standard Life (Commencing at 11.45h for 55 minutes) Graham Burrow Tel: 01452 425880 16. Fund performance Report - the WM Company To consider the report Graham Burrow Tel: 01452 425880 NOTES (a) MEMBERSHIP – Councillors Cllr Philip McLellan, Cllr Shaun Parsons, Cllr Lynden Stowe, Cllr Mike Sztymiak, Cllr Ray Theodoulou and Cllr David Thorpe, Cllr N Cooper (b) DECLARATIONS OF INTEREST – Members requiring advice or clarification about whether to make a declaration of interest are invited to contact the Monitoring Officer: Nigel Roberts 01452 425201 /fax: 426790/e-mail: [email protected] prior to the commencement of the meeting. GENERAL ARRANGEMENTS (1) Will Members please sign the attendance list. EVACUATION PROCEDURE - in the event of the fire alarms sounding during the meeting please leave as directed in a calm and orderly manner and go to the assembly point which is outside the main entrance to Shire Hall in Westgate Street . Please remain there and await further instructions. Published 2 August 2012 This page is intentionally left blank Agenda Item 3 PENSION COMMITTEE MINUTES of the meeting of the Pension Committee held on Friday 11th May, 2012 commencing at 10.00 am. PRESENT MEMBERSHIP: Cllr Ray Theodoulou Cllr Lynden Stowe Cllr Philip McLellan Cllr Mike Sztymiak Cllr Shaun Parsons Cllr Nigel Cooper Apologies : Cllr David Allan Thorpe In Attendance: Paul Meredith (Independent Adviser), Jo Walker (Director Strategic Finance), Graham Burrow (Head of Finance Exchequer and Pension Fund), Vicki Morgan (Pensions Accountant) and Alison Wantenaar 13. MINUTES - RESOLVED That the public summary minutes of the meeting held on 10 February 2012 be approved and signed as a correct record. 14. DECLARATIONS OF INTEREST - Cllr R Theodoulou made declarations as a member of Cotswold District Council and School Governor at Kempsford C of E Primary School. Cllrs P McLellan made a declaration as a member of Gloucester City Council. Cllr N Cooper made declarations as a member of Stroud District Council and as a member of the Governing Body of South Gloucestershire and Stroud College. Cllr M Sztymiak made declarations as a member of Tewkesbury Borough Council, Tewkesbury Town Council, and School Governor at Mitton Manor Primary School. Cllr L Stowe made a declaration as a member of Cotswold District Council (CDC), and a declaration regarding Ubico, the members of CDC being shareholders of this company. 15. PUBLIC QUESTIONS - - 1 - Page 1 Minutes subject to their acceptance as a correct record at the next meeting No public questions had been received. 16. MEMBERS' QUESTIONS - No Members’ questions had been received. 17. MARKET VALUATIONS AND QUARTERLY PERFORMANCE REVIEW OF THE INVESTMENT FUND Q1 2012 The committee considered the 1 st Quarter Report to 31 March 2012 on the Fund’s performance and its cash position. The Fund was valued at £1,196 million, an increase of £69 million since 4 th Quarter 2011 and an increase of £47.5 million since 31 March 2011. It was reported that performance in the 1 st Quarter 2012 had exceeded benchmark for the second quarter running, at 0.7% above benchmark for the total fund. Not including funds under transition, GMO were the only managers who had not exceeded their target. Performance over the last year failed to reach target in main due to Western Asset, although looking at their rolling three-year performance they had outperformed all other managers. It was noted that since inception the figures for the total fund remained below benchmark. It was confirmed that the strategic asset reallocation was now complete and the Fund was now fully dis-invested from Acadian with the funding now allocated to the new BlackRock Emerging Market Passive Fund. Funds previously in BlackRock regional overseas equity funds were now invested in the BlackRock global equity fund. It was advised that following the quarterly rebalancing exercise, surplus cash would be transferred to CBRE, increasing the allocation to property with CBRE having approximately £20 million to invest. In addition to this, a further £10m will be moved from Standard Life to GMO in order to re-align the current asset allocation to the strategic position. It was confirmed that the Standard Life net and gross performance data requested at the meeting on 4 November 2011, had been distributed to the committee on 24 February 2012. It was therefore RESOLVED That the report be noted. Discussion then considered the overall performance of fund managers and the recent matter in the press regarding executive pay. Various suggestions were made. However, The Statement of Investment Principles states, at paragraph 8, Corporate Governance, that - 2 - Page 2 Minutes subject to their acceptance as a correct record at the next meeting “The Pension Committee supports the principles of best practice in corporate governance and delegates authority to the investment managers to exercise these voting rights in line with NAPF or PIRC or other proxy voting guidelines which are detailed in the investment manager’s Investment Management Agreement. Investment managers should report their voting actions as part of their quarterly reports to the Pension Committee.” It was noted that the matter could be considered again when the Committee’s Annual Report was being prepared. 18. GLOUCESTERSHIRE LOCAL GOVERNMENT PENSION SCHEME FUND STATEMENT OF INVESTMENT PRINCIPLES Graham Burrow, Head of Finance & Exchequer, introduced the report. He explained the duty to review and revise the Statement of Investment Principles, which had last been updated in May 2010. Following the asset/liability and strategic asset review in 2011, these changes were reflected in the attached report. Following a short discussion it was RESOLVED That the amendments to the Statement of Investment Principles as advised be approved. 19. EXCLUSION OF THE PRESS AND PUBLIC RESOLVED THAT in accordance with Section 100 A (4) of the Local Government Act 1972 the public be excluded from the meeting for the business specified in minute 9, 10 and 11 because it is likely that if members of the public were present there would be disclosure to them of exempt information as defined in paragraph 3 of Part 1 of Schedule 12 A to the Act and the public interest in withholding the information outweighs the public interest in disclosing the information to the public. 20. EXEMPT MINUTES The exempt minutes of the meeting held on 10 February 2012 were agreed as a correct record subject to one amendment to minute 9 and signed by the Chairman. 21. PENSION FUND EMPLOYERS - 3 - Page 3 Minutes subject to their acceptance as a correct record at the next meeting Graham Burrow introduced the item and advised members of an application for Admitted Body status and also reported on progress with regard to two other separate matters.
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