Venue: Sparkenhoe Committee Room, County Hall, Glenfield. View directions
Contact: Mrs Angie Smith (0116 305 2583). Email: Angie.Smith@leics.gov.uk
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Appointment of Chairman. Minutes: RESOLVED: That Mr. T. Barkley CC be appointed Chairman for the period ending with the date of the Annual Meeting of the County Council 2025. |
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Appointment of Deputy Chairman. Minutes: RESOLVED: That Mr. D. Grimley CC be elected Deputy Chairman for the period ending with the date of the Annual Meeting of the County Council 2025. |
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Minutes: The minutes of the meeting held on 8 March 2024 were taken as read, confirmed and signed. |
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Question Time. Minutes: The Chief Executive reported that no questions had been received under Standing Order 34. |
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Questions asked by members under Standing Order 7(3) and 7(5). Minutes: The Chief Executive reported that no questions had been received under Standing Order 7(3) and 7(5). |
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Urgent Items. Minutes: There were no urgent items for consideration. |
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Declarations of Interest. Minutes: The Chairman invited members who wished to do so to declare any interest in respect of items on the agenda for the meeting. No declarations were made. |
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Risk Management and Internal Controls. Additional documents:
Minutes: The Committee
considered a report of the Director of Corporate Resources, the purpose of
which was to provide information on any changes relating to the risk management
and internal controls of the Pension Fund, as stipulated in the Pension
Regulator’s Code of Practice. The report
also provided updates on the information provided to the Local Pension Board on
the internal audit arrangements for the Pension Fund, outcomes of audits
conducted during 2023/24 and outlined the internal audit plan for 2024/25. A
copy of the report marked ‘Agenda Item 8’ is filed with these minutes. Arising from
discussion, the following points were made:
RESOLVED: (a) That the Risk Management and Internal
Controls report be noted. (b) That the revised Pension Fund Risk Register
attached as Appendix A to the report be approved. (c) That the Director of Corporate Resources be requested to provide further information to Members on the number of cases of ... view the full minutes text for item 8. |
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Responsible Investing Update. Additional documents:
Minutes: The Committee
considered a report of the Director of Corporate Resources, the purpose of
which was to provide an update on progress versus the Responsible Investment
(RI) Plan 2024, the Fund’s 2023 Taskforce for Climate-related Financial
Disclosures report and the Fund’s quarterly voting report and stewardship
activities. A copy of the report marked ‘Agenda Item 9’ is filed with these
minutes. Arising from
discussion, the following points were made: i.
Members
thanked officers for the opportunity to discuss the Funds approach to
monitoring and reporting on responsible investment outside of the meeting,
which had helped Members understanding when approaching the subject. ii.
Officers
were aware of the action taken by Exxon against its shareholders for putting
forward a climate related motion to its Committee annual meeting. An update
would be provided within the next quarterly report. RESOLVED: That the update
report on Responsible Investing be noted. |
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McCloud Remedy Progress Report. Additional documents: Minutes: The Committee
considered a report of the Director of Corporate Resources which provided an
update on progress in respect of the implementation of the McCloud remedy for
Leicestershire County Council Pension Fund. A copy of the report marked ‘Agenda
Item 10’ is filed with these minutes. Arising from
discussion, the following points were made:
RESOLVED: That the McCloud
Remedy Progress Report be noted. |
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Summary Valuation of Pension Fund Investments. Additional documents: Minutes: The Committee
considered a report of the Director of Corporate Resources which provided an
update on the investment classes and how individual classes were performing.
The report also provided an update on progress with respect to the listed
equity changes, as approved by the Investment Sub-Committee (ISC) on 19 April
2023, and update on progress at the ISC meetings on 11 October 2023 and 8 March
2024. A copy of the report marked ‘Agenda Item 11’ is filed with these minutes. Arising from
discussion, the following points were made:
RESOLVED: That the Summary
Valuation of Pension Fund Investment report be noted. |
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Action Agreed by the Investment Sub-Committee. Minutes: The Committee
considered a report of the Director of Corporate Resources which provided
details of decisions taken by the Investment Sub-Committee at its meeting held
on 1 May 2024. A copy of the report marked ‘Agenda Item 12’ is filed with these
minutes. RESOLVED: That the report on
actions agreed by Investment Sub-Committee be noted. |
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Training Policy Review. Additional documents:
Minutes: The Committee
considered a report of the Director of Corporate Resources, the purpose of
which was to seek the Committee’s approval of the revised Training Policy. A
copy of the report marked ‘Agenda Item 13’ is filed with these minutes. A Member commented
that whilst progress in training was encouraging, this was not mandatory and it
was therefore disappointing that a six-month timespan was being put on Members
to complete the training. RESOLVED: That the proposed
changes to the Training Policy attached as Appendix A to the report be
approved. |
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Investment Sub-Committee Membership. Minutes: The Committee considered a report of the Director of Corporate Resources, which informed Members of the membership of the Investment Sub-Committee for the period ending May 2025. RESOLVED: That the Investment Sub-Committee Membership be noted. Cllr. Cartwright left the meeting at 11:06am and did not
return. |
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LGPS Central Update. Additional documents: Minutes: The Committee
considered a report of the Director of Corporate Resources the purpose of which
was to provide an update on the Leicestershire Pension Fund’s (the Fund)
investments with LGPS Central (Central). A copy of the report marked ‘Agenda
Item 15’ is also filed with these minutes. The Chairman
welcomed Mr. Richard Law Deeks, Mr. Nadeem Hussain, Ms. Anouska Ramsey and Ms.
Susan Martin from LGPS Central, who supplemented the report with a
presentation. A copy of the presentation slides is filed with these minutes. It was noted that
LGPS Central influenced and challenged investment managers for public markets
through engagement. As a large pool it (Central) was a desirable investor and
has used its leverage with managers to encourage more transparent reporting
processes and encourage managers to make improvements. RESOLVED: That the report on
the Leicestershire Pension Fund’s investments with LGPS Central and
presentation be noted. |
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LGPS Central - Infrastructure Presentation. Additional documents: Minutes: The Committee considered a report of the Director of
Corporate Resources which provided information on the Leicestershire Pension
Fund (the Fund) infrastructure investments with LGPS Central (Central). A copy
of the report marked ‘Agenda Item 16’ is filed with these minutes. Representatives from LGPS Central were again present and
supplemented the report with a presentation. A copy of the presentation slides
is filed with these minutes. Arising from discussion the following points were made:
RESOLVED: That the report on the Leicestershire Pension Fund’s infrastructure
investments with LGPS Central and presentation be noted. |
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Date of next meeting. The next meeting is scheduled for 6 September 2024, at 9.30am. Minutes: RESOLVED: That it be noted that the date of the next meeting would be 6 Sept,ebe 2024, at 9.30am. |
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Exclusion of the Press and Public. The public are likely to be excluded during consideration of the remaining items in accordance with Section 100(A)(4) of the Local Government Act 1972 (Exempt Information). Minutes: RESOLVED: That under Section 100(A) of the Local Government Act 1972 the
public be excluded from the meeting for the remaining items of business on the grounds that they involve the likely disclosure of
exempt information as defined in Part 1 of Schedule 12(A) of the Act. |
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Presentation on LCCPF and Infrastructure Investments Minutes: The Committee received a presentation by LGPS Central. A copy of the presentation marked ‘Agenda Item 20’ is filed with these minutes. The presentation was not for publication by virtue of paragraph 3 of Part 1 of Schedule 12(A) of the Local Government Act 1972. RESOLVED: That the presentation on LCCPF and infrastructure investments delivered by LGPS Central be noted. |
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LGPS Central Quarterly Report. Minutes: The Committee considered an exempt report by LGPS Central. A copy of the report marked ‘Agenda Item 21’ is filed with these minutes. The report was not for publication by virtue of paragraph 3 of Part 1 of Schedule 12(A) of the Local Government Act 1972. RESOLVED: That the report be noted. |
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Ruffer. Minutes: The Committee considered an exempt report by Ruffer. A copy
of the report marked ‘Agenda Item 22’ is filed with these minutes. The report
was not for publication by virtue of paragraph 3 of Part 1 of Schedule 12(A) of
the Local Government Act 1972. RESOLVED: That the report be noted. |
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Aberdeen SL Capital. Minutes: The Committee considered an exempt report by Aberdeen SL Capital.
A copy of the report marked ‘Agenda Item 23’ is filed with these minutes. The report
was not for publication by virtue of paragraph 3 of Part 1 of Schedule 12(A) of
the Local Government Act 1972. RESOLVED: That the report be noted. |
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Adam Street Partners. Minutes: The Committee considered an exempt report by Adam Street Partners.
A copy of the report marked ‘Agenda Item 24’ is filed with these minutes. The report
was not for publication by virtue of paragraph 3 of Part 1 of Schedule 12(A) of
the Local Government Act 1972. RESOLVED: That the report be noted. |
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Catapult Ventures. Minutes: The Committee considered an exempt report by Catapult
Ventures. A copy of the report marked ‘Agenda Item 25’ is filed with these
minutes. The report was not for publication by virtue of paragraph 3 of Part 1
of Schedule 12(A) of the Local Government Act 1972. RESOLVED: That the report be noted. |
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Fulcrum. Minutes: The Committee considered an exempt report by Fulcrum. A copy
of the report marked ‘Agenda Item 26’ is filed with these minutes. The report
was not for publication by virtue of paragraph 3 of Part 1 of Schedule 12(A) of
the Local Government Act 1972. RESOLVED: That the report be noted. |
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Legal and General Investment Managers. Minutes: The Committee considered an exempt report by Legal and General
Investment Managers. A copy of the report marked ‘Agenda Item 27’ is filed with
these minutes. The report was not for publication by virtue of paragraph 3 of
Part 1 of Schedule 12(A) of the Local Government Act 1972. RESOLVED: That the report be noted. |
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LGPS Central Limited. Minutes: The Committee considered an exempt report by GGPS Central
Limited. A copy of the report marked ‘Agenda Item 28’ is filed with these
minutes. The report was not for publication by virtue of paragraph 3 of Part 1
of Schedule 12(A) of the Local Government Act 1972. RESOLVED: That the report be noted. |
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Colliers Property Performance and Investment. Minutes: The Committee considered an exempt report by Colliers Property
Performance and Investment. A copy of the report marked ‘Agenda Item 29’ is
filed with these minutes. The report was not for publication by virtue of
paragraph 3 of Part 1 of Schedule 12(A) of the Local Government Act 1972. RESOLVED: That the report be noted. |
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Christofferson Robb & Company. Minutes: The Committee considered an exempt report by Christofferson
Robb & Company. A copy of the report marked ‘Agenda Item 30’ is filed with
these minutes. The report was not for publication by virtue of paragraph 3 of
Part 1 of Schedule 12(A) of the Local Government Act 1972. RESOLVED: That the report be noted. |
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IFM Investors Quarterly Report. Minutes: The Committee considered an exempt report by IFM Investors.
A copy of the report marked ‘Agenda Item 31’ is filed with these minutes. The report
was not for publication by virtue of paragraph 3 of Part 1 of Schedule 12(A) of
the Local Government Act 1972. RESOLVED: That the report be noted. |
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Infracapital Greenfield Partners. Minutes: The Committee considered an exempt report by Infracapital
Greenfield Partners. A copy of the report marked ‘Agenda Item 32’ is filed with
these minutes. The report was not for publication by virtue of paragraph 3 of
Part 1 of Schedule 12(A) of the Local Government Act 1972. RESOLVED: That the report be noted. |
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LaSalle. Minutes: The Committee considered an exempt report by Lasalle. A copy
of the report marked ‘Agenda Item 33’ is filed with these minutes. The report
was not for publication by virtue of paragraph 3 of Part 1 of Schedule 12(A) of
the Local Government Act 1972. RESOLVED: That the report be noted. |
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M&G Investments. Minutes: The Committee considered an exempt report by M&G
Investments. A copy of the report marked ‘Agenda Item 34’ is filed with these
minutes. The report was not for publication by virtue of paragraph 3 of Part 1
of Schedule 12(A) of the Local Government Act 1972. RESOLVED: That the report be noted. |
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Partners Group. Minutes: The Committee considered an exempt report by Partners Group.
A copy of the report marked ‘Agenda Item 35’ is filed with these minutes. The report
was not for publication by virtue of paragraph 3 of Part 1 of Schedule 12(A) of
the Local Government Act 1972. RESOLVED: That the report be noted. |
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Quinbrook Infrastructure Partners Minutes: The Committee considered an exempt report by Quinbrook Infrastructure Partners. A copy of the report
marked ‘Agenda Item 36’ is filed with these minutes. The report was not for
publication by virtue of paragraph 3 of Part 1 of Schedule 12(A) of the Local
Government Act 1972. RESOLVED: That the report be noted. |
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Stafford Timberland Quarterly Report. Minutes: The Committee considered an exempt report by Stafford
Timberland. A copy of the report marked ‘Agenda Item 37’ is filed with these
minutes. The report was not for publication by virtue of paragraph 3 of Part 1
of Schedule 12(A) of the Local Government Act 1972. RESOLVED: That the report be noted. |
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Aegon Asset Management. Minutes: The Committee considered an exempt report by Aegon Asset Management.
A copy of the report marked ‘Agenda Item 38’ is filed with these minutes. The report
was not for publication by virtue of paragraph 3 of Part 1 of Schedule 12(A) of
the Local Government Act 1972. RESOLVED: That the report be noted. |
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Total Fund Summary 31 March 2024. Minutes: The Committee considered an exempt report by Hymans Robertson. A copy of the report marked ‘Agenda Item 39’ is filed with these minutes. The report was not for publication by virtue of paragraph 3 of Part 1 of Schedule 12(A) of the Local Government Act 1972. RESOLVED: That the report be noted. |