Agenda and minutes

Venue: Council Chamber - County Hall. View directions

Contact: Carol Johnson  01597 826206

Items
No. Item

1.

Apologies

To receive apologies for absence.

Minutes:

Apologies for absence were received from County Councillor A W Davies.

 

2.

Declarations of interest

To receive any declarations of interest from Members relating to items to be considered on the Agenda.

Minutes:

Members of the Committee declared interests as members of the Local Government Pensions Scheme.  These are personal interests, not prejudicial interests in accordance with Paragraph 12(b) (iv) of the Members Code of Conduct 2016.

 

3.

Minutes pdf icon PDF 73 KB

To authorise the Chair to sign the minutes of the last meeting held on 13 July, 2018 as a correct record.

                

Minutes:

The Chair was authorised to sign the minutes of the meeting held on 13 July, 2018 as correct record. 

 

 

4.

Exempt item

The Monitoring Officer has determined that category 3 of the Access to Information Procedure Rules applies to the following items. His view on the public interest test (having taken account of the provisions of Rule 14.8 of the Council's Access to Information Rules) was that to make this information public would disclose information relating to the financial or business affairs of any particular person (including the authority holding that information).  These factors in his view outweigh the public interest in disclosing this information.

Members are asked to consider these factors when determining the public interest test, which they must decide when considering excluding the public from this part of the meeting.

Minutes:

RESOLVED to exclude the public for the following items of business on the grounds that there would be disclosure to them of exempt information under category 3 of The Local Authorities (Access to Information) (Variation) (Wales) Order 2007).

 

 

5.

Global Equity sub-fund

To consider the report from the Strategic Director of Resources.

Additional documents:

Minutes:

The Committee considered the report regarding the transition of Global Equity assets into the Wales Pension Partnership [WPP] and the advice from Aon.

 

The Committee noted that both funds, the Wales PP Global Growth Fund and the Wales PP Global Opportunities Equity Fund were considered as acceptable.  Aon advised that the Global Growth Fund was the closet to the previous investment made by the Fund.

 

RESOLVED

Reason for decision

1.    That the transition of assets into the WPP be approved and

2.    that the sub-funds assets should be transitioned into the Wales PP Global Growth Fund.

As per reports and supporting documentation.

 

The Pension Fund Manager advised that he would advise the WPP of the Committee’s decision.

 

The Chair agreed to change the order of the agenda as and take the following item next.

 

 

 

 

6.

Hedge Fund Managers Legal Review

To consider the report.

Minutes:

The Committee considered the report and findings from the Fund’s legal advisers, Burges Salmon, who reviewed the paperwork provided by the four replacement Hedge Fund Managers, following the Committee’s decision to invest in four single strategy Hedge Fund managers in November 2017.

 

Comments were made about the basis of the legal opinion and the advice given.  Officers advised that much of the Committee’s work was to consider the advice of experts.

 

Recommendation

Reason for decision

1.    That the instructions to the legal advisers and their opinion be circulated by email to the Committee for consideration and

2.    that the Committee forward any questions and comments to the Financial Reporting & Policy Accountant within five days of receipt of the email and

3.    that if no issues are raised, it be delegated to the Chair and Vice Chair to agree to proceed with the investment in the four funds.

To ensure that the Committee has sight of the legal advice.

 

To ensure that the investment can be progressed in a timely manner.

 

 

 

 

7.

Hedge Fund Managers Fees

To consider a report regarding Hedge Fund Manager Fees.

Minutes:

The Committee considered the report regarding the fee structures for each manager.

 

RESOLVED

Reason for decision

to approve the investment in Share Class O to the Stone Milliner Macro Fund.

 

To approve Option 1 – a flat fee basis for investment in CFM Institutional Systematic Diversified Fund LP.

The investment in Share Class O class will see reduced fees.

 

A flat fee basis was seen as the most appropriate for this investment

 

 

 

8.

Fixed Income report and presentation from Aon

To consider the Fixed Income paper and receive a presentation from Aon.

 

Minutes:

The Committee received a report from Aon with thoughts on a possible Fixed Income sub-fund within the WPP, based on some preliminary work.  The Committee’s views would be taken back to the WPP.

 

 

The issue of pension funds investing in organisations undertaking fracking was raised and the Committee asked that it be briefed on its current investment and policy.