Agenda and minutes

Councillor Simon (Chair) welcomed all to the meeting.

NOTED:

Apologies for absence were received from Councillor Sitkin.

Noted:

Councillor Simon declared his wife is a governor of Enfield Learning Trust, a multi-academy trust, a scheme employer.

To receive and agree the minutes of previous meeting: 20^th November 2017

Minutes of the meeting held 20^th November 2017 were AGREED by all present.

The Chair explained this was an informal meeting (due to the agenda had not being published giving the seven days’ notice). Members noted the minutes and considered the proposed decisions coming out of this pre-meeting.

To review the investment strategy

Received:

The presentation material included in members’ meeting papers

Received:

Minutes from the meeting 19^th February 2018. (Please refer to this for further information on the item)

Agreed:

·         The meeting would not to look for further investment opportunities in hedge funds but they were content to retain the four existing exposures.

Received:

The presentation pack included in members’ meeting papers.

Received:

Minutes from the meeting 19^th February 2018. (Please refer to this for further information on the item

Received:

The presentation pack was included in members’ meeting papers.

Received:

Minutes from the meeting 19^th February 2018. (Please refer to this for further information on the item.

To review the Committee terms of reference

Received:

Minutes from the meeting 19^th February 2018. (Please refer to this for further information on the item

To note the date of the next meeting:

Thursday 12^th April 2018

Dates Of Future Meetings

Noted:

Thursday 12th April 2018

To pass a resolution under Section 100A(4) of the Local Government Act 1972 excluding the press and public from the meeting for any items of business moved to part 2 on the grounds that it involves the likely disclosure of exempt information as defined in those paragraphs of Part 1 of Schedule 12A to the Act (as amended by the Local Government (Access to Information) (Variation) Order 2006) as listed on the agenda.

Please see part two agenda.

Received:

The presentation pack included in members’ meeting papers.

Received:

Minutes from the meeting 19^th February 2018. (Please refer to this for further information on the item.

Agreed:

To commit £45 million to the CBRE UK Secured Long Income. Given the current funding level of the Fund at 95%, this index linked investment would be a low-risk, liability matching investment.

CBRE had agreed to introduce the LGA code of transparency on cost disclosure once a template for property managers has been agreed.

Received:

A consultation document from the London CIV.

Received:

Minutes from the meeting 19th February 2018. (Please refer to this for further information on the item)

Agreed:

Councillor Simon to circulate an updated response, for comment by 27^th February 2018.

To receive an investment update including the quarterly investment report.

Received:

Quarterly Investment Report Q3 2017

Received:

Minutes from the Officer meeting 19^th February 2018. (Please refer to this for further information on the item)

Agreed:

Given the delays with the LCIV appointing a transition manager, officers were planning to appoint Blackrock as transition manager to transfer the funds into the LCIV Henderson, Longview and Ballie Gifford funds, under the LGPS framework run by Norfolk.

Following discussions around fixed income the meeting decided to consider the following at the April Committee meeting:

·         Consideration of the role of bonds in the Fund’s investment strategy, and the strategic allocation to them, in light of the recent investment strategy review and cash flow considerations

·         Review of the existing index-linked gilts, absolute return bonds and corporate bond mandates and their current investment objectives;

·         Considerations of alternative potential structures for the Fund’s bond portfolio incorporating both existing asset class strategies as well as alternative strategies provided by the London CIV;

·         Overview of the key characteristics for each of the asset classes under consideration which will allow the meeting to compare/contrast the differences between the asset classes with respect to key features such as expected risk and return profiles, expected risk, liquidity;

·         Establish proposals for the future structure for the bond portfolio.

Aon were asked to prepare a report accordingly