Agenda and decisions

Local Pension Committee - Friday, 26 November 2021 9.30 am

Venue: Sparkenhoe Committee Room, County Hall, Glenfield. View directions

Contact: Miss C Tuohy (0116 305 5483).  Email: cat.tuohy@leics.gov.uk

Note: The Meeting can be viewed live here:- https://www.youtube.com/channel/UCWFpwBLs6MnUzG0WjejrQtQ 

Items
No. Item

1.

Minutes of the meeting held on 10 September 2021. pdf icon PDF 161 KB

2.

Question Time.

3.

Questions asked by members under Standing Order 7(3) and 7(5).

4.

To advise of any other items which the Chairman has decided to take as urgent elsewhere on the agenda.

5.

Declarations of interest in respect of items on the agenda.

6.

2022 Fund Valuation Assumption. pdf icon PDF 165 KB

There will be a presentation by the Fund’s Actuary, Hymans Robertson, for this item.

Additional documents:

Decision:

RESOLVED:

 

a.    That the assumption setting out the likelihood of meeting future investment returns be set at 75% for use in the 2022 Fund Valuation.

 

b.    That the remaining assumptions be noted.

 

7.

Responsible Investing Update. pdf icon PDF 523 KB

There will be a presentation from LGPS Central on this item regarding the Climate Risk Report.

Additional documents:

Decision:

RESOLVED:

 

That the following recommendations as set out within the Climate Risk Report 2021 be approved, to:

a. Develop a Climate Strategy

b. Integrate communications on climate risk into communications strategy

c. Make clear the roles of key governance committees in the ISS

d. Update the governance policy statement to explain how climate risks are governed

e. Review as part of the FSS the extent to which climate risks could affect other risks noted in the FSS

 f. Consider reporting against the Stewardship Code, should it be deemed feasible given the Fund’s resources

8.

LGPS Central Emerging Markets Equity and Global Equity Funds Update. pdf icon PDF 427 KB

Representatives from LGPS Central will provide a presentation as part of this item. A copy of the presentation slides is attached,

Additional documents:

Decision:

That the presentation provided by LGPS Central on Emerging Markets Equity and Global Equity Funds be noted.

9.

Summary Valuation of Pension Fund Investments. pdf icon PDF 474 KB

Additional documents:

Decision:

That the report be noted.

10.

Local Pension Board Annual Report. pdf icon PDF 198 KB

The Chairman of the Local Pension Board, Mrs. R. Page CC has been invited to attend for this item.

Additional documents:

Decision:

That the Local Pension Board’s Annual Report be noted.

11.

Pension Fund Annual Report and Accounts. pdf icon PDF 201 KB

Additional documents:

Decision:

RESOLVED:

 

a.    That the progress report provided by the External Auditor’s, which anticipated issuing an unqualified opinion on the Pension Fund Accounts be noted.

 

b.    That it be noted that the Corporate Governance Committee would consider the External Audit of the 2020/21 Leicestershire County Council Statement of Accounts, Annual Governance Statement and Pension Fund Accounts at its meeting on 3rd December 2021.

 

c.    That the Pension Fund’s Annual Report and Accounts, be approved, subject to the inclusion of the small number of additional disclosures required by the new CIPFA guide as discussed.

 

12.

Risk Management and Internal Controls. pdf icon PDF 240 KB

Additional documents:

Decision:

That the revised risk register be approved.

13.

Update on LGPS Central Joint Committee and Annual General Meeting. pdf icon PDF 370 KB

Decision:

That the update provided be noted.

14.

Action Agreed by the Investment Subcommittee. pdf icon PDF 310 KB

Decision:

That the report be noted.

15.

Exclusion of the Press and Public.

The public are likely to be excluded during consideration of the remaining items in accordance with Section 100(A)(4) of the Local Government Act 1972 (Exempt Information).

16.

Climate Risk Report.

There will be a presentation by LGPS Central for this item. A copy of the presentation is attached.  

Decision:

That the report be noted.

17.

LGPS Central Quarterly Report.

Decision:

That the report be noted.

18.

Ruffer Quarterly Report

Decision:

That the report be noted.

19.

Aspect Capital Quarterly Report

Decision:

That the report be noted.

20.

Adams Street Quarterly Report.

Decision:

That the report be noted.

21.

Legal and General Investment Manager Quarterly Report

Decision:

That the report be noted.

22.

Pictet Quarterly Report

Decision:

That the report be noted.

23.

Aegon Active Value Property Quarterly Report.

Decision:

That the report be noted.

24.

Christofferson, Robb and Company Quarterly Report.

Decision:

That the report be noted.

25.

IFM Investors Quarterly Report

Decision:

That the report be noted.

26.

JP Morgan Quarterly Report

Decision:

That the report be noted.

27.

KKR Quarterly Report

Decision:

That the report be noted.

28.

LaSalle Quarterly Report.

Decision:

That the report be noted.

29.

Millennium Global Quarterly Report

Decision:

That the report be noted.

30.

Partners Quarterly Report.

Decision:

That the report be noted.

31.

Stafford Timberland Quarterly Report

Decision:

That the report be noted.

32.

Aegon Quarterly Report

Decision:

That the report be noted.

33.

Any other items which the Chairman has decided to take as urgent.