Decision details

Review of Independent Investment Advisor

Decision Maker: Pensions Committee

Decision status: Recommendations Approved

Is Key decision?: No

Is subject to call in?: No

Decision:

Members considered this report regarding the continuing arrangements to employ an Independent Advisor (IA) for the Committee. It was reported that since her initial appointment in 2002 the IA had attended all Committee meetings, providing advice to the Committee as requested. The mid-term of each Council quadrennium had been selected to the review arrangements, and this was the third formal review of the contract.

 

An Internal Audit report on the Fund’s governance arrangements in 2009 recommended that the role of the independent advisor be reviewed by this committee at least once every 4 years. The contract is open ended and it was confirmed that 3 months’ notice would be required, on either side, to terminate the arrangement.

 

Members confirmed they were happy with the regular agenda item when the IA provided the Committee with a report and an overview of the financial situation in the United Kingdom and abroad and this had continued to be well received at each meeting.

 

It was suggested that Officers and the IA review the arrangement once the Committee’s interaction with the Brunel partnership had become clearer after assets had been transferred. It was also thought that it would be helpful if the IA be involved when considering future arrangements.

 

The Committee was agreed that the IA had fulfilled the role as requested and that the contract should be renewed.

Publication date: 24/06/2019

Date of decision: 07/06/2019

Decided at meeting: 07/06/2019 - Pensions Committee