Investment Committee

INVESTMENT COMMITTEE

Membership Six Council members, plus up to seven co-opted non-voting members.

  Terms of Reference

  To consider and decide all matters appertaining to the investment, administration and management of the Council's Local Government Pension Fund and, in particular to  

(i)             decide the overall investment strategy and strategic asset allocation of the pension fund, reporting to Council as necessary;

(ii)            decide how the pension fund is invested and to appoint investment managers, global custodians, actuaries and any other professional independent external advisors necessary for the good stewardship of the pension fund;

(iii)          monitor performance of the pension fund, the individual fund managers and other external advisors;

(iv)          authorise the acquisition and sale of investment properties which are or to be held within the direct property portfolio in the pension fund;

(v)           prepare, publish and ensure compliance with the Investment Strategy Statement, the Funding Strategy Statement, the Business Plan, the Governance Compliance Statement and the Communications Policy and Practice Statement and revise the statements to reflect any material changes in policy;

(vi)          approve policy on environmental, social and governance considerations and on the exercise of share voting rights;

(vii)         approve any other investment or pension policies that may be required to comply with regulations or good practice in the management of pension funds and to make any decisions in accordance with those policies;

(viii)       approve and publish the Pension Fund Annual Report and Accounts, reporting it to Council for information;

(ix)          receive actuarial valuations of the pension fund regarding the overall funding level and the level of employers’ contributions necessary to maintain the pension fund and to make recommendations to the Council about the level of contributions required;

(x)           consider any proposed legislative changes in respect of the pension fund and to respond to government consultations;

(xi)          receive and consider the external auditor’s report on the governance of the pension fund; and

(xii)         decide on the admission to and cessation of bodies to the pension fund.