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No. | Item |
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ELECT CHAIRMAN To elect a
Chairman for 2016/17 Minutes: Resolved to elect Councillor Stephen Churchman as chairman for the year
2016 - 2017 Councillor Stephen Churchman thanked Councillor Tudor
Owen for his work and support as former chair of the Pensions Committee. |
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ELECT VICE-CHAIR To elect a
Vice-chairman for 2016/17 Minutes: ELECTION OF
VICE-CHAIR Resolved to elect
Councillor Peredur Jenkins as vice-chair for the year 2016 - 2017 |
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APOLOGIES To receive
any apologies for absence Minutes: Apologies were received from Councillors Seimon
Glyn, John P. Roberts and Glyn Thomas |
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DECLARATION OF PERSONAL INTEREST To receive
any declaration of personal interest Minutes: None to note |
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URGENT ITEMS To note any
items which are urgent business in the opinion of the Chairman so that they may
be considered Minutes: None to note |
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The
Chairman shall propose that the minutes of the meeting of this committee held
on 17.3.2016 to be signed as a true record Minutes: The Chairman signed the minutes of the previous meeting of this committee, held on 17 March 2016, as a true record. |
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PRIVATE EQUITY INVESTMENT PDF 103 KB Consider
the Investment’s Manager report Minutes: a)
Submitted - the report of the Investment Manager,
requesting the Pensions Committee
to confirm a direct investment in the Partners Group Direct Equity 2016 Fund in accordance with
the opinion of the Panel held
on 19.5.16. Following a presentation and discussion with Hymans Robertson at the Investment Panel regarding the possible options for a further
commitment to private equity to attain the strategic benchmark of 5%, the panel's opinion was to invest £25 million in a direct equity
fund with Partners Group. It was reported that the matter had already been discussed by the Investment Panel, but that a formal decision
was required by the
Pensions Committee. b)
In response to a question regarding the fees paid for the investment, it was reported that the fee was based on
the investment amount. It was added that
the fee would have been discussed
as the contract was made, but the suggestion to share relevant information was accepted. It was suggested that a request be made for Hymans
Robertson to provide the information
about the fees and for the Investment manager to share that directly with
the Councillors. RESOLVED that the Pensions Committee confirms a direct investment with Partners Group Direct Equity 2016 Fund in accordance with
the opinion of the Investment Panel |
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INVESTMENT POOLING FOR LGPS PENSION FUNDS IN ENGLAND AND WALES PDF 389 KB Consider
the Head of Finance report Minutes: a)
Submitted – the report of the Head of Finance Department providing an update
on the investment pooling project for Local Government Pension Scheme funds (LGPS) in Wales. Members were reminded that
a proposal for a Wales Pool had been submitted
to the Department for Communities and Local Government (DCLG) in February 2016. It was noted that
the proposal addressed each of the stated criteria except for scale
where DCLG had indicated that they anticipated
pools with a minimum of £25bn of assets (total assets across
the Welsh funds were in the region of £12-13bn at
March 2015). He added that
the proposal had also stressed the substantial work done to date
and the unique situation of collaboration across Wales. It was reported that the response to the proposal from DCLG strongly supported the intended use of a formal regulated vehicle and acknowledged the unique characteristics of a Wales
Pool. The funds were encouraged to work up the proposal
in more detail for submission in July. It was noted that Councillor
Stephen Churchman and the Head
of Finance Department had attended
a meeting of the Wales Pool
Chairs in Cardiff on 13 May. A brief update was provided on some of the matters discussed. ·
Confirm the intention to proceed to use a third party operator
for joint-investment ·
It was confirmed that individual funds would continue
to have control over their own
investment strategies (allocating to categories of assets) ·
Investment transfer discussions needed to be held to consider arrangements and implementation ·
That there was a need to engage regarding the role of Pension Boards, and whether a Pension
Board for Wales would be needed ·
A Joint-committee (including Chairs of Pension Committees and Chief Finance Officers) would be established to monitor and challenge the work of the operator ·
The Government would not give guidance in terms
of the % of the fund to be invested
in infrastructure - the Pool would be expected
to make a statement of ambition (5% - 10%). ·
It was difficult to identify savings from the process - the Government would not insist that the Pool would adhere
to its estimated saving It was reported that the Head of Finance Department of
Gwynedd Council, along with
two other officers from the Wales Pool and support
from Hymans, would make a presentation
to the Government Panel at HM Treasury
in London on 16 June. It was also noted that the Chair of the Gwynedd
Pensions Committee and the Head of Finance Department would attend the next
meeting of the Wales Pool Chairs in Cardiff on 27 June to agree on the way
forward, and would attend a meeting of the Gwynedd Pension Board on 29 June to
report on relevant progress. b) In response to a question regarding what the costs of 'withdrawing' from the Fund's current investments would be, it was reported that this would be dependent on the operator, the investment managers and their ... view the full minutes text for item 8. |