Committee details

Pension Fund Board (now reconfigured as Local Pension Board)

Purpose of committee

(i)         The Pensions Fund Investment Panel does not have a statutory role; the Panel acts to represent the Council as quasi trustees to the Pension Fund their fiduciary duty is to the Council, not members of the fund;


(ii)        the Panel will have responsibility for the overseeing of the investment strategy and performance of Enfield's Pension Fund;


(iii)       the Pension Fund functions can be delegated to the Director of Finance and Corporate Resources;


(iv)       three members must be present for the Panel to be quorate;


(v)        two trade union representatives may sit on the Panel as observers without any voting powers;


(vi)       the Panel will be guided on its investment decisions by an independent investment advisor in conjunction with the Director of Finance and Corporate Resources or his/her representatives;


(vii)      the Panel will delegate day to day decisions on investments to its appointed fund managers within parameters determined by the Panel;


(viii)     the Panel will review the fund managers' performance on a quarterly basis.  At the discretion of the Chairman, interim meetings will be called on an ad-hoc basis;


(ix)       The Panel will have responsibility for the appointment and dismissal of the Pension Fund investment managers and investment advisor; and


the Panel will regularly review the Council's Statement of Investment Principles and its policy on Socially Responsible Investments.  The Panel will recommend any change in policy on these matters to Council.