Issue - meetings

(TO FOLLOW)

Risk Register – update

Reported: Paul Reddaway the Pension Fund Risk Register – it had been updated for risks around opting-up for MIFID II and the earlier closedown of 2017/18 statement of accounts.

Noted: The Fund had successful opted up all with all of the Fund’s managers within the time limit. PR reminded the Board that this would remain on the risk register, as the Fund will continue to demonstrate that the Pension Committee has the capacity to make professional decision. A number of Committee members will be standing down in May. To mitigated this risk a training policy has been agreed  and a change the Committee’s terms of reference is being considered whereby an independent members  could be added to the Committee membership.

An earlier closedown timetable has been agreed, this will involve a greater use of estimation to ensure the earlier closure date is achieved. This has been agreed with the external auditor.

To receive a report from Paul Reddaway.