Agenda and minutes

The Chairman welcomed everyone to the meeting.

Apologies were received from the following:

Councillor Gina Needs

There were none received.

To agree the minutes of the previous meeting held on 27 July 2022.

The minutes of the meeting held on 27 July 2022 were agreed.

To receive an update from the Chair.

The Chair attended the LCIV Responsible Investment conference.

It was noted that members would like a performance report from the CIV, an update on some of the fund offers and a stakeholder agreement view.

ACTION: Bola to set up a sub group online meeting including the Chair, Vice Chair and Cllr Smith to look at the timeline for redemptions and the speed of the transfer into new assets.

To receive feedback from the last Local Pension Board Meeting held on 15 September 2022.

Bola Tobun updated the Committee on this item.

The Board discussed their structure and introducing an Independent Chair, which is still in discussion as they are not in agreement.

They have requested to constitution to change for the Terms of Reference to reflect a minimum of 4 meetings per year. Advice has been provided on how to action this.

Members raised concern on the Local Pension Board functionality.

ACTION:

1.    Chair to meet with Local Pension Board Chair to discuss the role of the Board.

2.    Robyn Mclintock to send the Chair Local Pension Board meeting invites.

Members are recommended to:

a)    Note the contents of this report.

b)    Note, consider and agree the initial results of 31st March 2022 triennial actuarial valuation attached to this report as Appendix 1;

c)    Note and comment on the draft Funding Strategy Statement (FSS) of the Enfield Pension Fund attached to this report as Appendix 2; and

d)    Agree to circulate the Funding Strategy Statement to all participating employers of the Fund for their comments.

Following part 2 discussions the report was noted.

NOTED Cllr Tim Leaver would not vote as he is Cabinet member

AGREED to circulate the Funding Strategy Statement to all participating employers of the Fund for their comments.

The Pension Policy and Investment Committee are recommended to note the content of this report.

NOTED the report

Pension Policy and Investments Committee are recommended to note the content of Aon’s report set as Appendix 1 to this report.

Following a part 2 discussion the report was noted.

ACTION:

1.    Aon to report back to the Committee within the next two weeks on the key risks.

Pension Policy and Investments Committee are recommended to note the contents of Aon’s reports set as Appendix 1 and 2 to this report.

Following the Part 2 discussion the report was NOTED.

ACTION: Bola to write to the LCIV regarding concerns on the Bailey Gifford fund perfromance.

Pension Policy and Investments Committee are recommended to:

i)     note the contents of this report;

ii)    consider investing 5% of the Fund total assets in London CIV Renewable Fund and or agree for the Fund’s investment consultant and officers of the Fund to work closely to start a search to identify suitable strategy/ies for the implementation of the 10% allocation to (Renewable) Infrastructure pooled funds in which to undertake investments.

Due to timings during the meeting this item was deffered.

Pension Policy and Investments Committee is recommended to:

a)         agree the Treasury Management Strategy for the Pension Fund for 2022/23 to 2024/25

b)         delegate responsibility for Pension Fund treasury management to the Executive Director of Resources, including the authority to add or remove institutions from the approved lending list and amend cash and period limits as necessary inline with the Council’s own creditworthiness policy.

Bola Tobun presented this item confirming that investments are being made in line with the Councils strategy.

NOTED the report.

AGREED to delegate responsibility for Pension Fund treasury management to the Executive Director of Resources, including the authority to add or remove insititutons from the approved lending list and amend cash and period limits as necessary inline with the Council’s own creditworthiness policy.

Members are recommended to:

a)         Note the contents of this report;

b)         Note the Pension Fund Accounts for 2021/22, set at Section 2 of the Pension Fund Annual Report attached as Appendix A to this report;

c)         Consider and approve the draft Enfield Pension Fund Annual Report and Accounts for 2021/22 attached as Appendix A to this report;

d)         Note the Enfield Pension Fund ranking and returns as prepared and produced by PIRC (Pensions & Investment Research Consultants Ltd) UK Local Authority League table for 2021/22, set in section 31 to 34 and Appendix B of this report.

e)         Delegate completion, approval, the publication and distribution of the annual report to interested parties once the audit process is complete to the Executive Director of Resources in consultation with Chair and Vice Chair.

NOTED the report.

The Vice Chair would like to include plans for the AGM.

Chair requested the members to send him an email if there is any issues or clarification needed from the report.

AGREED to delegate completion, approval, the publication, and distribution of the annual report to interested parties once the audit process is complete to the Executive Director of Resources in consultation with Chair and Vice Chair.

Pension Policy and Investments Committee are recommended to:

i)     Note, review and comment on the Responsible Investment Policy attached as Appendix 1 and Trucost Carbon Audit Report for Enfield Pension Fund using 31 March 2022 Fund Valuation attached as Appendix 2.

ii)    Note the reduction in exposure to future CO2 emissions by 83.3% over 2 years, which places the Fund well over halfway to its target of 50% over 5 years.

iii)   Agree that the strategy setting process will consider how the Fund can make a positive contribution to the transition to a low carbon economy, through investment in renewable infrastructure and other suitable asset classes.

NOTED the report.

Bola Tobun highlighted that the strategy going forward will ensure it is making positive contribution to the transition into a low carbon economy.

The result of the latest carbo footprint shows the fund carbon intensity has gone down by 50%.

ACTION Sub group to review the Responsible investment policy report and meet with the LCIV on the renewables fund.

Pension Policy and Investments Committee are recommended to note the contents of this report and the attached Appendix 1 as of 30 June 2022.

Pension Policy and Investments Committee are recommended to note the contents of this report.

Pension Policy and Investments Committee are recommended to note, consider and agree the contents of this report.

Bola Tobun presented this item confirming officers have started a global custodian procurement exercise in collaboration with Wandsworth and six other boroughs which is in the process of evaluation.

Members commented it would be useful to know what the criteria is and what the percentage mix is and we should see this before coming to an agreement.

ACTION Bola to look at the Independent Person Specification.

The dates of the future meetings are as follows:

Thursday 15 December 2022

Wednesday 15 March 2023

NOTED the dates of the future meetings:

Wednesday 23 November

Wednesday 18 January

Wednesday 29 March