Agenda and decisions

Local Pension Committee - Friday, 8 March 2024 9.30 am

Venue: Sparkenhoe Committee Room, County Hall, Glenfield. View directions

Contact: Mrs Angie Smith (0116 305 2583).  Email: Angie.Smith@leics.gov.uk

Items
No. Item

1.

Minutes. pdf icon PDF 141 KB

2.

Question Time.

3.

Questions asked by members under Standing Order 7(3) and 7(5).

4.

Urgent Items.

5.

Declarations of interest.

6.

Terms of Reference. pdf icon PDF 125 KB

Additional documents:

Decision:

RESOLVED:

 

That the revised Terms of Reference appended to the report be approved.

7.

Pension Fund - Business Plan and Budget 2024/25. pdf icon PDF 186 KB

Additional documents:

Decision:

RESOLVED:

 

(a)  That the Pension Fund’s Administration and Investment Plans attached to the report as Appendices A and B respectively, and Pension Fund budget for 2024-25 be approved.

 

(b)  That Committee Members be requested to complete the Hymans on-line training Module 2 – Pension Governance sub section, LGPS oversight bodies (The Pensions Regulator).

 

(c)   That the training plan for the year 2024/25 attached as Appendix C to the report be noted.

 

8.

Summary Valuation of Pension Fund Investments. pdf icon PDF 443 KB

Additional documents:

Decision:

RESOLVED:

 

That the report on the Summary Valuation of Pension Fund Investments be noted.

9.

Risk Management and Internal Controls. pdf icon PDF 161 KB

Additional documents:

Decision:

RESOLVED:

 

That the report on Risk Management and Internal Controls be noted.

10.

Pension Fund Policy Report. pdf icon PDF 167 KB

Additional documents:

Decision:

RESOLVED:

 

That the following revised policies appended to the Pension Fund Policy Report be approved:

Appendix A – Overpayment of Pensions Policy

Appendix B – Draft Administration and Communication Policy

Appendix C – Draft Administering Authority (Fund) Discretions Policy

Appendix D – Draft Cyber Policy

Appendix E – Fund Employer Risk Policy

Appendix F – Investment Strategy Statement

 

11.

Responsible Investing Update. pdf icon PDF 162 KB

Additional documents:

Decision:

RESOLVED:

 

(a)  That the progress versus the Responsible Investment (RI) Plan 2024 and the Fund’s quarterly voting report attached as Appendices A and B respectively to the report be noted.

(b)  That the presentation now delivered by LGPS Central and the slides attached as Appendix C to the report be noted and welcomed.

(c)   That LGPS Central be requested to provide clarity on the estimated figures presented to the Committee regarding the percentage of global assets that would be at risk of the effects of climate change by 2100.

(d)  That the Director of Corporate Resources be requested to consider how best to disseminate information contained in LGPS Central’s presentation to Fund members for information.

12.

Adam Street Partners (ASP) - Private Equity Presentation. pdf icon PDF 121 KB

Additional documents:

Decision:

RESOLVED:

 

(a)  That the report on Leicestershire Pension Fund (Fund) private equity (PE) investments, and the performance of the Fund’s PE investments held with Adam Street Partners (ASP) be noted.

(b)  That the presentation now provided by ASP and the slides appended to the report be noted and welcomed.

(c)   That ASP be requested to provide further detailed survey information around environmental, social and governance (ESG) risks challenged by managers.

 

13.

Date of next meeting.

The next meeting is scheduled for 19 June 2024, at 9.30am.

15.

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).

Decision:

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.

 

 

16.

Adam Street Partners Quarterly Report.

Decision:

RESOLVED:

 

That the report and presentation delivered by Adam Street Partners (ASP) be noted.

17.

Supplementary Information - LGPS Central Stewardship Approach.

Decision:

RESOLVED:

 

That the report and presentation delivered by LGPS Central be noted.

 

18.

LGPS Central Quarterly Investment Report.

Decision:

RESOLVED:

 

That the report be noted.

 

19.

Leicestershire Summary Valuation - Hymans Robertson.

Decision:

RESOLVED:

 

That the report be noted.

 

20.

Ruffer Quarterly Report.

Decision:

RESOLVED:

 

That the report be noted.

 

21.

Aberdeen SL Capital.

Decision:

RESOLVED:

 

That the report be noted.

 

22.

Aspect Capital Quarterly Report.

Decision:

RESOLVED:

 

That the report be noted.

 

23.

Legal and General Investment Manager Quarterly Report.

Decision:

RESOLVED:

 

That the report be noted.

 

24.

LGPS Central PE Primary Partnership Quarterly Report.

Decision:

RESOLVED:

 

That the report be noted.

 

25.

Pictet Asset Management Quarterly Report.

Decision:

RESOLVED:

 

That the report be noted.

 

26.

IFM Investors Quarterly Report.

Decision:

RESOLVED:

 

That the report be noted.

 

27.

UK Active Value Property Unit Trust.

Decision:

RESOLVED:

 

That the report be noted.

 

28.

Colliers Global Investors.

Decision:

RESOLVED:

 

That the report be noted.

 

29.

Christofferson Robb & Company.

Decision:

RESOLVED:

 

That the report be noted.

 

30.

Infracapital Greenfield Partners.

Decision:

RESOLVED:

 

That the report be noted.

 

31.

JP Morgan Quarterly Report.

Decision:

RESOLVED:

 

That the report be noted.

 

32.

LaSalle Quarterly Report.

Decision:

RESOLVED:

 

That the report be noted.

 

33.

LGPS Central Core/Core Plus Infrastructure Partnership LP Quarterly Report.

Decision:

RESOLVED:

 

That the report be noted.

 

34.

LGPS Central Credit Partnership.

Decision:

RESOLVED:

 

That the report be noted.

 

35.

M&G Investments Quarterly Report.

Decision:

RESOLVED:

 

That the report be noted.

 

36.

Stafford Timberland Quarterly Report.

Decision:

RESOLVED:

 

That the report be noted.

 

37.

Aegon Asset Management Quarterly Report.

Decision:

RESOLVED:

 

That the report be noted.