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No. | Item |
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APOLOGIES To receive
any apologies for absence Minutes: Apologies were received
from Councillors Trevor Edwards, Seimon Glyn, Glyn Thomas and H. Eifion Jones
(Isle of Anglesey County Council Representative), |
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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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WALES INVESTMENT POOL PDF 208 KB To consider
the Head of Finance Report Additional documents: Minutes: (a)
Submitted – the report of
the Head of Finance Department updating the Members on the progress made to the
development of the Wales Investment Pool for the purpose of managing the
investment assets of eight Local Government Pension Schemes in Wales on a
collaborative basis. It was noted that the project had moved forward since an
agreement had been reached to set up a General Investment Vehicle in September
2015, with additional information about the process being submitted in February
2016 (stating what would be submitted to the DCLG) and later on, in June 2016
(about the presentation to the Treasury and the DCLG). (b)
Attention was drawn to the
need for regular reporting on the proposal to co-invest, and sharing current
information to ensure consistency. It was reported that the work of
administrating the Gwynedd Fund would remain in Gwynedd with investment taking
place partly in Gwynedd and in the Wales Investment Pool. It was confirmed that
the Pensions Committee would continue to set out the Investment Strategy and
would decide how many assets would need to be categorised. Having agreed on the
portfolio, those elements would be transferred to the manager (operator) to be
implemented, appointing managers (companies) to invest on behalf of
the eight funds in Wales. (c)
That the eight funds in
Wales were constant, was reiterated; and there was agreement on the need to set
up a Joint Committee that would set out a governance procedure to ensure
accountability and to challenge decisions. In order for this to be implemented,
it was suggested that one representative from each of the eight funds would sit
on this Joint Committee. Reference was made to the content of the report along
with the memorandum of understanding (draft) in which the procedures for the
short term and the future were explained. ch) Considering the next steps,
the Head of Finance explained that a formal report would be submitted to the
Full Council in March 2017 which would recommend that the Council revise the
Council's constitution for the future, so that the Joint Committee would retain
some of the powers of the Pensions Committee. (d)
The Head of Legal Services
confirmed that, in embarking on a formal procedure of setting up a Joint
National Committee, initial steps would need to be in place to begin the
procurement process for a new investment procedure. Consequently, as
highlighted, it would be appropriate to establish a clear framework of
governance. It was noted that the memorandum
of understanding would not legally bind the Council into the process, but would
rather create a framework to ensure the input of Chair persons and Senior
Finance Officers to the process and allow the initial work to commence. In
addition, it was noted that the Joint Committee did not have the right to make
decisions, only the right to make recommendations and support the process,
providing guidance as required. (dd) The Chairman highlighted the fact that much additional work had been completed by ... view the full minutes text for item 4. |