Note: Information on how to access the meeting is set out in the agenda. However, if you just want to watch the live broadcast you can copy and paste the following link into your browser: https://bit.ly/3RETBcx The video will remain available to view for 180 days.
Items
No.
Item
1.
Declarations of Pecuniary Interests
Under Standing Order 4.4, where any councillor has a
Disclosable Pecuniary Interest (as defined in the Members’
Code of Conduct (para.4)) in any matter to be considered at a
meeting of the Council, a committee, sub-committee or joint
committee, they must withdraw from the meeting room during the
whole of the consideration of that matter and must not participate
in any vote on that matter unless a dispensation has been obtained
from the Monitoring Officer.
Minutes:
There were no declarations of pecuniary
interests.
2.
Election of the Vice-Chair
To elect a Pensions Committee Vice-Chair.
Minutes:
The Chair, Councillor Adrian Garden, asked if
anyone wished to be or wanted to nominate the post of Vice-Chair.
Councillor Martin Bailey indicated that he wanted to be
Vice-Chair and this was seconded, and
supported by three other Members.
RESOLVED: To elect Councillor Martin
Bailey as Vice-Chair of the Committee for a period of two
years.
Robert Browning, Head of Treasury and
Pensions; Tony English from Mercer; and Sandy Dickson presented the
report and summarised the financial performances, noting
in particular that:
The market value of the pension fund
decreased over the quarter to £1.8bn and had underperformed
its quarterly and one-year benchmark, mainly because of the slowing
global economy.
Regarding the investment strategy,
there were plans in development with the London CIV to launch a
residential fund.
The fossil fuel exposure’s
figure was incorrect and had not actually doubled as suggested; the correct
records would be distributed after the meeting.
100% of the Fund was actively
managed.
Global equity performance continued
to suffer as a result of the
Russsian invasion of Ukraine.
Inflation was increasing and it had
contributed to Fund underperformance.
Equities had been overweight earlier
in 2021 and some of these had been sold to rebalance the Fund, with
the majority of the proceeds still being
held in reserve.
RESOLVED:
That the report, together with the
information in the accompanying performance report at Appendix One,
be noted.
Robert Browning, Head of Treasury and
Pensions, presented the report and stated that:
This report provided the Pensions
Committee and Board with details of the arrangements in place to
manage the risks within the Lambeth Pension Fund.
It was a live document that was
regularly updated and monitored.
There were no direct financial
implications in agreeing this report outside of the ongoing
administration and governance of the Pension
Members noted the importance of membership
training on the issue of monitoring risk and queried how to hold
members accountable for not attending training.
RESOLVED:
To note and review the Lambeth
Pension Fund Risk Register and the additional actions proposed to
mitigate risk.
Robert Browning, Head of Treasury and
Pensions, introduced the report and noted:
It set out key objectives of the
Pension Fund for 2022-23, such as administration and governance,
communications, actuarial findings, funding, finance and risk
management, and the wider Investment Strategy.
The administration and governance
objectives ensured the Fund continued to be run in accordance with
the relevant Regulations and agreed service standards and
identified and rectified any instances of non-compliance at the
earliest opportunity.
The Fund’s Investment Strategy
will be revised later in the year and the investment management
contract was being retendered.
Robert Browning, Head of Treasury and
Pensions; and Hamant Bharadia, Director of Finance and Property,
presented the report and stated that:
Lambeth’s net fee savings from
being in the London Collective Investment Vehicle (LCIV) were
estimated at over £1m for the year ending March 2022.
The LCIV CEO was stepping down in
March 2023.
The LCIV’s high turnover would
be raised with the LCIV and discussed at the next meeting, with a
Taskforce proposed to review issues.
Low Member attendance at training
sessions was noted and it was suggested that members be named for
not attending.
Formal training to be delivered by
officers and/or advisers will be held before Committee meetings and
Members are required to undertake their own necessary training
during the year.
RESOLVED:
To note the report, together with
the information in the accompanying papers.
10.
Investment Managers Performance Report - 31 March 2022
RESOLVED:
Unanimously that members of the Press and Public be excluded from
the remainder of the meeting under Section 100A(4) of the Local
Government Act 1972 on the grounds that: (i) it involved the likely disclosure of exempt
information as defined in Paragraph 3 (Information relating to the
financial or business affairs of any particular person (including
the authority holding that information)) of Part 1 of Schedule 12A
of the Act; and, (ii) that the public interest in maintaining the
exemption outweighed the public interest in disclosing the
information.
RESOLVED:
Unanimously that members of the Press and Public be excluded from
the remainder of the meeting under Section 100A(4) of the Local
Government Act 1972 on the grounds that: (i) it involved the likely disclosure of exempt
information as defined in Paragraph 3 (Information relating to the
financial or business affairs of any particular person (including
the authority holding that information)) of Part 1 of Schedule 12A
of the Act; and, (ii) that the public interest in maintaining the
exemption outweighed the public interest in disclosing the
information.
PDF 345 KB