Transcript

okay we're ready to go live right thank you very much uh to the entrance committee meeting in council uh by the council john gray um share and if i could just quickly introduce um um christine ancestor clerk can i just also make an announcement chair so on the front page of the agenda the membership is wrong so we've got council john gray council joshua garfield's counselor jane uh loft house counselor reheat um just gufta counselor jennifer bailey counselor erissa sorry sorry um counselor uh carolyn adagia and counselor lester hudson um so just to make everyone aware of that and also um this is committee room one and not the council chamber so just some corrections to the agenda um just a moment okay um yes i can come back to you i'm participating by teams um gloria gloria hanson unison i'm having a camera that's why we can't see you you did unmute but we couldn't hear you but i could introduce you unison yeah i don't know what's going on here tony finanis unite union again we've got a problem christine will try to resolve this if it's all possible but we better continue but welcome tommy you know i can say remember finally in this committee and james uh hello i don't know if you can hear me but james we're after him pensions officer well welcome you here if they have questions they can put them in the chat and then i can i can please use the chat please use the chat okay um we have an apology from councilor jane laughhouse and councilor um joshua garfield right does anyone okay oh no that i didn't have that but i'll get it so no more further apologies any declarations any members i i did claim i'm not i'm sure that i'm a member of the ministry to change that with a trading representative on the 100th stage and the most advice chair on the 24th of july all right um he's having samples and there is a correction i've uh in the name of the uh advisor not dr barry today um i'll take matters up and see and the back is rising on on the agenda at the same time any matters back received or um matters arising i can't see anybody painting on that so what we're going to have to do now is i want to move to the exact part of the meeting to deal with exact items then we can move that main body of the meeting the committee or content for that okay so christine i'll pause the recording there are no members of the press okay it's resumed so okay um so firstly on item one within the best just to the final fact that the final action plan it's part of the business plan for the next meeting because we already did the publication and moving on to the funding level funding um so the funding level in terms of the actual the funding deficit is as close as 68 within as of june um which is less than it was in p1 which was at 96 within funny level it's probably unnecessary fine um we will also be revisiting that when we um assessing the trial evaluation as p comes out earlier um the expectation expectations are obviously the depression going down provide an increase in the funding level for the final evaluation uh the funding investment performance so the funds value at the pre-tune is at 1.8 1.89 billion that ends the highest that the fund has been since since it started i suppose uh as at 49 million from on the previous quarter uh 3.2 we put a table together that just shows the performance against the plan benchmark you can see the fund and the index over the three one year and five year three and five year uh the key um point was on item four the active value manager which we discussed at length but just uh to give members uh the update when we discussed this at the qsr and we invited um the uh elsir two percent along with the new elsir laboratory value manager um all this is uh the problem three that the uh has already gone through to the same extent with the exempt item the launch date for this is expected to be in q4 and it's something that um members have discussed over a number of months in terms of this and we don't expect there to be uh in terms of how this will be worked through uh we've got some comments in terms of the financial financial aspect in terms of how we've done um the funded value probably around 150 million mark uh committee will reduce their exposure to um the global focus fund uh we have funds which are part with elgin um for this specific purpose uh and we'll be looking down to 120 from the elgin plan and 30 from the elson globally focus fund um and that is that yeah no i mean then there's other open information or reading book for taking me to training the report expected that to be made in seven and most of those in the um core of evidence and i just don't really um drop actually for that report we did have a training related that's which is that's the we'll do that it's just the best um so sorry so good so the recommendation is one six three and is that agreed three okay so we're now moving back to um just to hear a brief update on the what's been happening with another city was the hanging conference which took place on the 4th and 5th of canada and the offices uh in terms of final monetary status we need else to go with the focus fund invested in continues to stay there remaining on in the next week there's been a lot of fun activity uh obviously we discussed about the global equity fund which is available also the cpre fund the indirect real estate fund where elsif are uh launched with as has cpr is the sub advisor and then this is something that we will be coming back to at the next year such discussed in detail uh one additional change is the elsif global fund that we invested in to have obtained in art and approvals or enhancing their est credentials so we just wanted to point that out there have been a number of changes within the elsif staffing um brian lee who was the chief financial officer of this uh stepping down and if they have an interest in finance direct character is starting the sustainability is on paternity and they have a new person who is coming up with entry chief sustainability officer the cloud relation manager is on a lead and hiring process is the process because processing for our population manager and also um save our gun process to equip the independent solution to join the new chief opposition because let me see we're going to switch to video to get updates this is something in relation to pensions investment review which was launched uh on the 19th of august by the government uh and within that he said it was a two-based process to review focus on investments and findings and phase two is to later launch in the year and consider steps to improve pension outcomes and increase investments in the uk um the call for evidence was published by the mhclg on the focus of camber inviting it for from the local authorities this first phase of the pension investment review the task is your response was quite short the dot that was quite good september uh i think it is actually consistent with the government's try to make these proposed changes uh for reference focused on questions in three areas which is related to scale and consolidation cost versus value investing in the dk um appendix one provides a copy of the response to conservation uh which is for members to notice um i'll move on to item four pension fund monitor we have a great value of revenue the penances two and three there are no concerns much liquidity uh which is uh 23.4 again as i mentioned in the training we we look to publish this by the first of the standard this year and it's recommended that any chains that are made to this platform will be dedicated to section 1 5 obviously not suggestions to be checked okay then there are and if you've got any questions or what clarification after again page 57 recommendations remote uh to record and to read drop pension yeah we we can't continue leading them up before it doesn't matter i mean if you want to end meeting maybe and then stuff i can i can you sure i was just talking about the uh so if the uh admin board uh thank you okay next time so [BLANK_AUDIO]