Venue: Sparkenhoe Committee Room, County Hall, Glenfield. View directions
Contact: Miss C Tuohy (0116 305 5483). Email: cat.tuohy@leics.gov.uk
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Minutes of the meeting held on 21 January 2022. PDF 146 KB Minutes: The minutes of the meeting held on 21 January 2022 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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To advise of any other items which the Chairman has decided to take as urgent elsewhere on the agenda. Minutes: There were no urgent items for consideration. |
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Declarations of interest in respect of items on the agenda. 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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Presentation of Petitions under Standing Order 35. Minutes: The Chief Executive reported that no petitions had been received under Standing Order 35. |
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2022 Fund Valuation - Results of the Stabilised Employer Modelling. PDF 276 KB There will be a presentation by the Fund’s Actuary, Hymans Robertson, for this item. Additional documents: Minutes: The Committee considered a report of the Director of Corporate
Resources on the 2022 Fund Valuation stabilised employer modelling results. A
copy of the report marked ‘Agenda Item 7’ is filed with these minutes. The Chairman welcomed Mr. T. Hoare and Mr. R. Warden to the
meeting, representing the Fund’s Actuary, Hymans Robertson. Arising from the discussion, the following points were noted: i. In regard to the 0.4% charge included within employer
contributions to fund staffing, IT, actuarial and support services of the
Pension Service the Pension Manager assured the Committee that the figure was
representative of good value and was lower than most fund’s of a comparative
size. Members requested that future reports could include such comparisons with
other funds. ii. The Fund was open to discussions with any contributing
body that would prefer to front load their secondary rate contributions in the
first year, in order to make an overall saving. iii. The proposed rates
would be discussed with the stabilised employers RESOLVED: The Committee noted: a. the proposed changes to the stabilised employer
contribution rates from 1 April 2023 to 31 March 2026, subject to there being
no material changes. b. that discussions
were due to be held with stabilised employers regarding the proposed rates from
1 April 2023 to 31 March 2026. c. the expected
increase in administration charge by 0.1%, from 0.3% to 0.4% from 1 April 2023
to 31 March 2026. |
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IFM Markets Update. PDF 205 KB There will be a presentation by the Fund’s Investment Manager, IFM, for this item. Additional documents: Minutes: The Committee received a report from the Director of Corporate
Resources and a presentation from representatives from IFM proving a Market
Update. A copy of the report and presentation marked ‘Agenda Item 8’ is filed
with these minutes. The Committee was joined by representatives from IFM, Mr. P.
Bolger and Mr. H. Wang. Arising from the presentation the following points
were noted:- i.
IFM set out its view
of Environmental, Social and Governance factors which were embedded into its
decision-making processes and benchmarked against global best practice. ii.
The Global
Infrastructure fund portfolio contained critical infrastructure. IFM supported
it assets in the transition to renewable energy and put in place
self-generation of renewables through its ‘being the meter repowering’ strategy
to replace conventional energy from the grid. iii.
The Committee noted
that IFM was aiming to reduce its carbon intensity by 40% from 2019 levels by
2030 at a minimum, which was aligned with the Paris Agreement. In response to a
query, Members were advised that while IFM used some carbon offsets the 40%
target would be measured against its gross emissions and would not count
offsets as it focused on carbon savings across its portfolio. iv.
In response to a
query on the 41.6% geographic exposure to North America, the Committee were
advised that exposure would contract as further acquisitions in Europe were
made. Members were assured that IFM felt it was a comfortable location to
invest given rule of law, market conditions and infrastructure demand on the
secondary markets. v.
IFM advised the
Committee that inflation was expected to have a net positive impact on the
portfolio given its assets were generally unaffected by the impact on goods and
services. Members noted one exception related to renewable infrastructure which
had been compounded by global supply problems, however through the aggregated
requests across the portfolio it was more attractive for suppliers to
prioritise. RESOLVED: That the presentation provided by IFM be noted. |
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Responsible Investing Update. PDF 505 KB Additional documents:
Minutes: The Committee
considered a report of Corporate Resources setting out the Responsible
Investing Update. A copy of the report marked ‘Agenda Item 9’ is filed with
these minutes. The Chairman noted the detailed representations received on the
case to divest from Climate Action Leicester and Leicestershire that are filed
with these minutes. A Member challenged the Fund’s view on engagement over
divestment, questioning the reliance on engagement and the impact that was
supposed to be had as a result, and requested that divestment be considered as
a viable approach for the Fund. Members were assured that the topic would be
discussed as part of the workshop following the meeting and through development
of the Climate Change Strategy. Members noted that officers had compared the Fund’s approach
with the other LGPS Central funds to date but that further analysis of other
LGPS funds could be shared. RESOLVED: That the report be noted. |
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Business Plan and Budget 2022/23. PDF 592 KB Additional documents:
Minutes: The Committee received a report by the Director of Corporate
Resources on the Pension Fund Budget and Business Plan 2022/23. A copy of the
report marked ‘Agenda Item 10’ is filed with these minutes. The Fund’s Budget and Business Plan was managed separately to
Leicestershire County Council as Administering Authority. The separation
ensured there was no undue influence from the County Council in relation to its
own budgetary pressures. The Committee noted that the Local Pension Board had supported
the Budget and business plan at its meeting on 16 February 2022. RESOLVED: |
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Risk Management and Internal Controls. PDF 328 KB Additional documents: Minutes: The Committee considered a report by the Director of Corporate
Resources the purpose of which was to detail any concerns relating to the risk management
and internal controls of the Fund. A copy of the report marked ‘Agenda Item 11’
is filed with these minutes. RESOLVED: That the revised risk register be approved. |
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Training Policy Refresh. PDF 284 KB Additional documents: Minutes: The Committee received a report from the Director of Corporate
Resources, the purpose of which was to present the revised Training Policy. A
copy of the report is filed with these minutes, marked ‘Agenda Item 12’. The Committee noted the Local Pension Board had supported the
revised Training Policy at its meeting on 16 February 2022. RESOLVED: That
the revised training policy be approved. |
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Summary Valuation of Pension Fund Investments. PDF 527 KB Additional documents:
Minutes: The Committee received a report from the Director of Corporate
Resources, the purpose of which was to present a summary valuation of the
Fund’s investments as at 31 December 2021. A copy of the report is filed with
these minutes, marked ‘Agenda Item 13’. RESOLVED: That the report be noted. |
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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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LGPS Central Quarterly Report. Minutes: The Committee considered an exempt report by Legal and General,
a copy of which marked '15' is filed with these minutes. The report was
not for publication by virtue of paragraphs 3 and 10 of Part 1 of
Schedule 12(A) of the Local Government Act 1972. RESOLVED: That the report be noted |
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Adams Street Quarterly Report. Minutes: The Committee considered an exempt report by Adams Street, a
copy of which marked '16' is filed with these minutes. The report was not
for publication by virtue of paragraphs 3 and 10 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 Manager Quarterly Report Minutes: The Committee considered an exempt report by LGIM, a copy of
which marked '17' is filed with these minutes. The report was not for
publication by virtue of paragraphs 3 and 10 of Part 1 of Schedule
12(A) of the Local Government Act 1972. RESOLVED: That the report be noted |
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Targeted Return Factsheet. Minutes: The Committee considered an exempt report by LGPS Central, a
copy of which marked '18' is filed with these minutes. The report was not
for publication by virtue of paragraphs 3 and 10 of Part 1 of
Schedule 12(A) of the Local Government Act 1972. RESOLVED: That the report be noted |
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Aspect Capital Quarterly Report Minutes: The Committee considered an exempt report by Aspect Capital, a
copy of which marked '19' is filed with these minutes. The report was not
for publication by virtue of paragraphs 3 and 10 of Part 1 of
Schedule 12(A) of the Local Government Act 1972. RESOLVED: That the report be noted |
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Ruffer Quarterly Report Minutes: The Committee considered an exempt report by Ruffer, a copy of
which marked '20' is filed with these minutes. The report was not for
publication by virtue of paragraphs 3 and 10 of Part 1 of Schedule
12(A) of the Local Government Act 1972. RESOLVED: That the report be noted |
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Pictet Quarterly Report Minutes: The Committee considered an exempt report by Pictet, a copy of
which marked '21' is filed with these minutes. The report was not for
publication by virtue of paragraphs 3 and 10 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 Quarterly Report. Minutes: The Committee considered an exempt report by Aegon, a copy of
which marked '22' is filed with these minutes. The report was not for
publication by virtue of paragraphs 3 and 10 of Part 1 of Schedule
12(A) of the Local Government Act 1972. RESOLVED: That the report be noted |
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Colliers Quarterly Report. Minutes: The Committee considered an exempt report by Colliers, a copy of
which marked '23' is filed with these minutes. The report was not for
publication by virtue of paragraphs 3 and 10 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 and Company Quarterly Report. Minutes: The Committee considered an exempt report by Christofferson,
Robb and Company, a copy of which marked '24' is filed with these minutes.
The report was not for publication by virtue of paragraphs 3 and 10
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 which marked '25' is filed with these minutes. The report was not
for publication by virtue of paragraphs 3 and 10 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 LLP Quarterly Report. Minutes: The Committee considered an exempt report by Infracapital
Greenfield Partners LLP, a copy of which marked '26' is filed with these
minutes. The report was not for publication by virtue of paragraphs 3
and 10 of Part 1 of Schedule 12(A) of the Local Government Act 1972. RESOLVED: That the report be noted |
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JP Morgan Quarterly Report Minutes: The Committee considered an exempt report by JP Morgan, a copy
of which marked '27' is filed with these minutes. The report was not for
publication by virtue of paragraphs 3 and 10 of Part 1 of Schedule
12(A) of the Local Government Act 1972. RESOLVED: That the report be noted |
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KKR Quarterly Report Minutes: The Committee considered an exempt report by KKR, a copy of
which marked '26' is filed with these minutes. The report was not for
publication by virtue of paragraphs 3 and 10 of Part 1 of Schedule
12(A) of the Local Government Act 1972. RESOLVED: That the report be noted |
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LaSalle Quarterly Report. Minutes: The Committee considered an exempt report by LaSalle, a copy of
which marked '29' is filed with these minutes. The report was not for
publication by virtue of paragraphs 3 and 10 of Part 1 of Schedule
12(A) of the Local Government Act 1972. RESOLVED: That the report be noted |
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Millennium Global Quarterly Report Minutes: The Committee considered an exempt report by Millennium, a copy
of which marked '30' is filed with these minutes. The report was not for
publication by virtue of paragraphs 3 and 10 of Part 1 of Schedule
12(A) of the Local Government Act 1972. RESOLVED: That the report be noted |
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Partners Quarterly Report. Minutes: The Committee considered an exempt report by Partners, a copy of
which marked '31' is filed with these minutes. The report was not for
publication by virtue of paragraphs 3 and 10 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 which marked '32' is filed with these minutes. The
report was not for publication by virtue of paragraphs 3 and 10 of Part
1 of Schedule 12(A) of the Local Government Act 1972. RESOLVED: That the report be noted |
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Aegon Quarterly Report Minutes: The Committee considered an exempt report by Aegon, a copy of
which marked '33' is filed with these minutes. The report was not for
publication by virtue of paragraphs 3 and 10 of Part 1 of Schedule
12(A) of the Local Government Act 1972. RESOLVED: That the report be noted |