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Pensions Committee - Tuesday, 25th June, 2024 9.30 am

June 25, 2024 View on council website
AI Generated

Summary

The Pensions Committee of Malvern Hills Council convened on 25 June 2024 to discuss various matters related to the management and governance of the council's pension fund. Key topics included the review of the UK Stewardship Code, updates on the business plan and risk register, and the presentation of the pension fund's annual accounts.

UK Stewardship Code

The committee reviewed the UK Stewardship Code, which aims to enhance the quality of engagement between institutional investors and companies to improve long-term returns to shareholders and the efficient functioning of financial markets. The committee discussed the importance of adhering to the code to ensure responsible investment practices. There was a consensus on the need to align the council's investment strategies with the principles outlined in the code.

Business Plan and Risk Register

The committee examined the business plan and its associated projects, as detailed in Appendix 1 and Appendix 2. The discussion focused on the strategic objectives for the upcoming year and the measures in place to achieve them. The risk register was also reviewed, highlighting key risks and the mitigation strategies to address them. The committee emphasised the importance of proactive risk management to safeguard the pension fund's assets.

Pension Fund Annual Accounts

The committee reviewed the annual accounts for the pension fund, including detailed financial statements and valuation variances. The accounts provided a comprehensive overview of the fund's financial performance over the past year. The committee discussed the implications of the financial results and the steps needed to ensure continued financial health. The valuation variances were particularly noted, with discussions on how to address any discrepancies.

Governance Update

The governance update included a review of the Good Governance Position Statement and the Cyber Security Policy. The committee discussed the importance of robust governance frameworks and the need to protect the pension fund from cyber threats. The Policy Statement on Communications was also reviewed, ensuring transparency and effective communication with stakeholders.

Training Update

The committee received a training update, highlighting the importance of continuous professional development for committee members. The Engagement Update was also discussed, focusing on the engagement activities undertaken to improve stakeholder relations.

For further details, the minutes of the Pension Investment Sub-Committee and Pension Board meetings can be accessed here.

Attendees

Shane Flynn
Councillor Peter Stoddart
Simon Lewis
Profile image for CouncillorKaren Hanks
CouncillorKaren Hanks  Chairman of Economy Overview and Scrutiny Panel •  Conservative
Profile image for CouncillorLuke Mallett
CouncillorLuke Mallett  Vice-Chairman of Waste Credit Governance Committee •  Labour
Profile image for CouncillorElizabeth Eyre
CouncillorElizabeth Eyre  Chair of Pensions Committee •  Conservative

Topics

No topics have been identified for this meeting yet.

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