Agenda item

To consider the Head of Finance Report

Submitted – the report of the Head of Finance Department updating the Committee Members on the progress made to the development in the Wales Investment Pool to manage the investment assests of eight Local Government Pension Schemes (LGPS) in Wales on a co-operative basis; and to seek the Committee's approval on Inter-Authority Agreements to be recommended to the full Council to approve, in order to commit to establishing an All Wales Pool and govern the relevant Joint-committee.

It was noted that the Burges Salmon company drew up the Inter-Authority Agreement with a contribution from the finance officers and legal officers of the eight funds. The agreement reflected what had been discussed over the past months.

It was highlighted that the document was not final, but the members were asked to delegate the right to the Head of Finance Department, in consultation with the Head of Legal Department and the Chair to agree on any changes to the Inter-Authority Agreement before submitting it to the full Council for approval on 2 March 2017. It was noted that minor amendments needed to be done before submitting it, but that the agreement, in terms of form, was quite accurate.

During the ensuing discussion the following points were highlighted by individual Members:

·         It should be aimed to ensure that the Welsh language was central to the Pool's work

·         The host authority would need to arrange that documents were available bilingually and formal, public meetings would be held bilingually

·         That a suitable location was needed for the Pool's Joint-committee meetings

In response to the observations, it was noted that the language matters had been highlighted at a meeting of the Pool's Chairs on 11/1/2017 and had been 'accepted as an understanding.' The Solicitor highlighted that it was possible to add this to the agreement. It was acknowledged that language provision standards varied across Wales.

Proposed and seconded - to ensure that official formal meetings of the Pool's Joint-committee followed the full bilingual procedure, and appropriate clauses should be included in the agreement.

In expressing gratitude for the work done in drawing up the agreement, an application was made to the officers to note, if they were uncomfortable with any situation, that they report back to the Committee.

In response to the comments, the Solicitor noted, by establishing Partnerships, it was essential not to set strict elements. It was highlighted that a high level of key matters continued on local levels and that this was part of the agreement. It was also noted that the joint-committee would adopt local rules.

In response to a comment made regarding differences in council regulations in committee membership, and specifically the Chairmanship period, it was noted that Gwynedd arrangements would be adapted to comply with rules and arrangements of other Councils.

In response to an observation regarding Gwynedd offering themselves as a host authority, it was accepted that the observation was a discussion matter and that it was possible to offer this to the Joint-committee should that be the Committee's desire. The Solicitor highlighted that Gwynedd led on a number of projects, therefore it would be necessary to ensure that resources were in place before venturing - the scope of the work to meet the requirements. It was explained that the host resource would be funded by the eight funds and therefore the observation could be considered as a response to an opportunity.

RESOLVED:

i.          That the Committee notes the progress to the development of the Wales Investment Pool and supports the commitment to the Pool.

ii.         That the Committee approves the draft Inter-Authority Contract, and supports its recommendation to the full Council on 2 March 2017.

iii.        That the Committee recommends establishing an All Wales Joint-Committee in accordance with the Agreement and that the Joint-committee's official meetings follow the full bilingual procedure.

iv.        That the Committee delegates the right to the Head of Finance Department in consultation with the Head of Legal Department and the Chair to decide on any changes to the Inter-Authority Agreement before submitting it to the Council for approval.