Meeting documents

SCC Somerset Pensions Board
Friday, 21st October, 2022 10.00 am

Venue: Luttrell Room - County Hall, Taunton. View directions

Contact: Neil Milne on 01823 357628 or Email: ndmilne@somerset.gov.uk  or Sarah Wright on 01823 357628 or Email: sarah.wright@somerset.gov.uk

Note: PLEASE NOTE: The deadline for registering to speak at this meeting is 5.00pm on Monday 17 October 

Items
No. Item

1.

Declarations of Interest

Details of all Members’ interests in District, Town and Parish Councils can be viewed on the Council Website at

County Councillors membership of Town, City, Parish or District Councils and this will be displayed in the meeting room (Where relevant).

 

The Statutory Register of Member’s Interests can be inspected via request to the Democratic Service Team.

 

Minutes:

The Chair noted that there is a standing declaration of interest for all Board members. There were no new declarations.

2.

Minutes from the previous meeting held on 8 July 2022 pdf icon PDF 103 KB

The Committee is asked to confirm the minutes are accurate.

Minutes:

The minutes of the meeting held on 8 July 2022 were corrected at section 123 changing ‘permutation’ to ‘commutation’ and were subsequently accepted as being an accurate account of the meeting.

 

3.

Election of Chair of Pensions Board

For the Board to agree the Chair for the ensuing year. Under the Terms of Reference adopted by the Board the position of Chair is to be reappointed annually.

Minutes:

Cllr A Hills was proposed as chair by Mr A White and seconded by Ms R Ellins. All voted unanimously in favour. Cllr Hills was elected as Chair.

4.

Public Question Time

The Chair will allow members of the public to present a petition on any matter within the Board’s remit. Questions or statements about any matter on the agenda for this meeting will be taken at the time when each matter is considered.

Minutes:

A question was submitted by Mr Sigurd Reimers who was in attendance at the meeting:

 

Question: The Government is currently consulting on plans for a new Sustainability Disclosure Requirements (SDR) regime, in its document Local Government Pension Scheme (England and Wales): Governance and reporting of climate change risk.

Is our  ...  view the full minutes text for item 4.

5.

Review of Pensions Committee Papers

To consider the papers provided to the Pensions Committee at their meeting on 16 September 2022.

Minutes:

Review of Pensions Committee Papers - Agenda Item 6

The Funds and Investments Manager went through each of the reports presented at the Pensions Committee meeting on 16 September 2022.

 

LGPS Pooling of Investments (item 6): Now that the transition is complete, it was suggested in future, this review is  ...  view the full minutes text for item 5.

6.

Review of Pension Fund Risk Register pdf icon PDF 41 KB

To consider this report from the Funds and Investments Manager.

Additional documents:

Minutes:

There will be full review in 2023 in addition to ongoing quarterly reviews. The Investment Strategy Statement states three yearly review of the Risk Register. The review will identify current risks and the mitigations.

 

The Covid Risk Assessment remains in place and a Power Outage Risk Assessment will be completed.  ...  view the full minutes text for item 6.

7.

Business Plan Update pdf icon PDF 38 KB

To consider this report from the Funds and Investments Manager.

Additional documents:

Minutes:

There is an outstanding item to undertake a detailed review of the investment report and the derivation of the investment performance statistics. IT was requested that maximum drawdown and standard deviation are also discussed as part of this.  It was agreed that this would take place at the April meeting  ...  view the full minutes text for item 7.

8.

Review of Environment, Social and Governance Investment Arrangements pdf icon PDF 68 KB

To consider this report from the Funds and Investments Manager.

Additional documents:

Minutes:

Mr Sweet referred to the report and invited questions.

 

It was asked how the results from Brunel compare in the wider context. Mr Sweet stated that Brunel’s drive toward reducing carbon intensity and other social and governance aspects of their activities was strong.

 

The Local Authority Pension Fund Forum (LAPFF)  ...  view the full minutes text for item 8.

9.

Any Other Urgent Business

The Chair may raise any items of urgent business.

Minutes:

The Chair invited Mr Sigurd Reimers to read his second statement. Mr Reimers stated that one way of measuring a pension company’s commitment to ESG is via their voting records and how often and effectively ESG arrangements are questioned and challenged, including evidence of these. Brunel partners may also request  ...  view the full minutes text for item 9.