Transcript

[BLANKAUDIO] [BLANKAUDIO]

Good evening and welcome to this evening's pensions board. The agenda orders has changed and the election of chair will be passed. So item one, election of chair. Chair would need to be elected for the pensions board. Are there any nominations for chair? Absolutely. Thank you. Thank you. There has been an nomination in a second for Councillor SRI for chair of Pimps Kingston's Board for 2024-25. Is that agreed? Yeah, really. Now pass over to the chair. Thank you very much. Welcome to this pensions board meeting. While I'm Councillor and a bray chair of pensions board, please note the recording of tonight's meeting may also be used for quality and training purposes, while we hope everything runs smoothly. Please be patient if we hit any technical difficulties. In the event that technical issues require the meeting to be adjourned and it cannot be restarted within a few minutes. Further updates will be posted on the Council's democracy Twitter account, which is at LBL democracy. We now move to the introductions. Please, can I ask members turn on their cameras and microphones just before they are about to speak? I think that's necessary. Anyway, I will introduce members of the of the board and co-opsies in alphabetical order by CERN. There's me Councillor Lyndsey Bray, Captain Town Councillor. I've got Councillor Atty Bryant. Hello. Councillor Liam Jainley. Good evening. Thank you. Thank you. Thank you. And we move on to agenda item one. Has anyone got any peuniary interest in any of these items for us? Thank you. We'll turn to the minutes of the previous meeting of the board, which was held on 31st January 2024, and they are set out from page one in the main agenda pack. Now amendments have been received by Democratic services. So are the minutes agreed? Great, great, good. Thank you. So moving on to item four. Can I ask Saul Amuco to comment on this item, please? Good evening, Chair. My name is Saul Amuco, Acting Head of Treasure and Pensions. I haven't got much to say on this item. I'm not sure if my colleague Linda D'Souza has anything to add on to the report. Good evening, Chair. Linda D'Souza, nothing to add on this report. Obviously, they'll be a new one for 24/25 at the next board meeting. Great, thanks very much. So item six, performance report January to March 2024, page one, do -- no, I would like to ask Linda D'Souza to give a brief introduction and good evening. Sorry, yes, yes, I beg your pardon, yeah, as Saul or Linda got anything to say about the business plan tracker. I don't think -- Nothing for me, Chair. Nothing to add on the business plan tracker. Thank you, yes, so on to item six, which is page one or two. Can I ask a question about -- sorry, can I ask a question about the contract, the actuarial services, it's been going on quite a while now, is the end in sight. I know it says completion of October '24, but the meeting I come to, we can see it halfway down. Page, we all need an active business plan tracker, but it's fine to say, sorry, sorry, yes. I'm on the wrong. It is the right place to discuss, this is the contract ender, I think. Yeah. Which item was -- If the -- sorry, it's going to be -- it's kind of prepared for the actuarial services contract. Just put page D, one, two, three. Oh, yes, sorry. I'm -- yeah, I'm on the wrong page. Yeah, I was going to ask about that as well, yes. So, put all all in the comments on that, please. Good afternoon, Chair. As previously updated, we had issues with the staffing issues between procurement and finance. However, we now have a dedicated officer from procurement, and we have asked the current actuary for a short extension to allow officers to restart this returner process, and we have that extension for both the actuarial services and investment management consultancy services to October '24 by which time we hope that we'll have completed the returner process. Mm-hmm. Yes, you can just follow up on that to solve it. So, whether you're expecting -- you don't actually have the limitations to tend to yet, not whether those likely to be issued to interested far away. We don't have an exact date at the moment, the officers are walking through the process. There is an internal process before those invitations go out to prospective participants. So, for that, it's October '24, the actual date you expect completion, or that's just your estimate of when you might have finished the process. That's the estimated end point when we expect to have completed the process and awarded a contract. Any other questions on that? Would it be possible, Chair, to ask for an update at the next meeting? Yes. Absolutely. Okay, so I noticed the actual actuarial services contract is far at the end of this month. So presumably, are we just rolling that over with the existing provider? Yes, we have asked them for a short extension to October '24. Yeah, so we have received that from both the actuarial provider and the current investment. Yes. Yes. So, I think that's the last question that I want to talk about, and I want to talk about what I want to talk about, and I want to talk about what I want to talk about. I want to talk about what I want to talk about, what I want to talk about, what I want to talk about, and what I want to talk about, what I want to talk about, what I want to talk about. Are we on the business tracker still? Yes. Okay. Yes, I will update you when I talk about the risk register, because we've made a change to that risk, so I'll update you on that, if I may, at that point. I've got to talk one more query, Chair, it's a minor point, but would it be possible to number the objective since it's quite hard to point people to get it out, so the report will give you the number of each objective? Okay, that's noted, that's easy enough to do, yeah, okay, I'll make a note on that. Thank you. Thank you. Thank you. 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Do you have a climate change report? Do you have a climate change report? Do you have a climate change report? Do you have a climate change report? As Linda said, our exposure to Israel and Palestine is very, very, very, very minimal. And it is only indirect. And there is not much that we can do. Generally speaking, our fund is not invested in that area at all. And it's less than, I think, 0.5% total value of the fund that is exposed indirectly. And nothing much. And our fund managers are aware we are in constant communication with them. That they need to avoid investing in that area. And particularly, there is a list of 112 specific organizations that the UN lists. And do not have exposure to those. Thank you. Unless they are in questions. Thank you. Any other questions? No, I haven't got any questions. So, all the recommendations agreed. Thank you. So, on to item 8, which is the investment performance quarter four, page 15. Thank you. Good evening. Again, a few remarks from me on this. Good news is that the fund following the previous quarters under performance is beginning to turn the corner. The actual absolute market value in this quarter ending that first of December increased by about 1.3%, which is roughly about 21.7 million over the previous quarter, which is good news. On the downside, overall, the fund was slightly below the benchmark, but by only 0.1%, the benchmark that we should have hit was 5%. But we came at 4.9% of 1, 3 and 5 year tenors. So, the fund is moving in the right direction. We are turning a corner. The other thing perhaps to observe is again, relating to the question about the government asking us about pulling and reporting our exposure to the UK. We best on the information that we have, our exposure to the UK at the moment is about 19.3% of the fund, which amounts to 329 million. Again, so final point is that our funding level at the end of December stood at 110%, which was slight drop from the previous quarter of 118%. Those are the few remarks that I have to point out, but otherwise, this is standard performance support. I hand over now to the chair for any questions. Thank you. Okay, any questions, please. A tie, I was about the progress of the. Laura, you've learned that have committed to completing another full review of the LSIV absolute return fund in May. 2024. I was just wondering how that was going. That, that's, that was a general comment on LCIV's progress with its sub funds. It's not a fun that we are actually invested in, but they have completed that review of one of their sub funds. It's not one that we are invested in. It was just a general observation of what is LCIV has been up to over the quarter. Thank you. Okay. Yes, Councillor Bryant. Yes, so I just sort of also had a question about the London SIV UK housing fund. Absolutely decision to invest in that. And so I think we would generally support, but it doesn't seem to be up and running yet. Is there a reason why that, or we don't have any, we don't have any money in it. We do have that is minuscule as at the end of December. It was only about 500 K. However, as we speak, we have about 6 million now invested. So the fund is up and running. As you would appreciate, it's a fund on physical assets. It takes time for them to go down the funds, but it is up and running. This fund generates funds to for the building of new houses, plants or whatever, or is it just investing in property. Yes, that's that's that's the so when they have identified an area or a land or piece of land or a host of properties that another entity is disposing of that they believe, can generate a return and also meet. The social housing needs and the objectives of the fund. They come to us who are invested in the fund and ask for monies to the tune of how much that will cost to them. And so we are always waiting on the LC to go down the funds, but we are on the ready to provide them with the funds. You're absolutely right. That's why they asked for the funds to create those houses for the purpose. That's OK. On the page 25 asset allocation. Should we not have more invested in LG eyes. Or what was looking at the benchmark figures and hours. So you're absolutely right, Chancellor. So what happened is at the end of the quarter, we had actually already subscribed added some more funds topped up the LDI up to the tune of 70 million. But because it takes time for that to show. So it showed up in the following quarter, but you absolutely right here. So in the next quarter, you will see that increase gone up. Yeah, good. Okay. I assume the pensions committee has got its eye on that as well. Okay. Thank you very much. Any other questions. Okay. In that case, are the recommendations agreed. Thank you. Okay. Well, that concludes the public part of this meeting. I now move that the person publicly excluded from the remainder of the meeting due to the likely disclosure of exempt information in that section, having considered the public interest test. So, do we all agree with that proposal? Yeah. Thank you. Okay, then. So we now close the. All right. Thank you. Thank you. All right. All right.