The Pension Fund Committee - Appointments Sub Committee of Lancashire Council met on Monday 29 April 2024 to discuss the constitution of the sub-committee and the shortlisting of candidates for the role of Independent Investment Adviser. The committee resolved to note the constitution, membership, and terms of reference of the sub-committee and approved the shortlisting of candidates for the Independent Investment Adviser role, with five candidates to be invited for interview.

Constitution, Membership and Terms of Reference of the Sub Committee

The Sub Committee noted its constitution, membership, and terms of reference, which had been approved by the Pension Fund Committee on 8 March 2024. These terms of reference authorise the Sub Committee to conduct interviews and appoint a new Independent Investment Adviser for the Lancashire County Pension Fund. The Sub Committee is composed of three members of the Pension Fund Committee, with the Chair holding a casting vote. The members confirmed for the Sub Committee were County Councillor E Pope (Chair), County Councillor F De Molfetta, and County Councillor A Schofield.

Appointment of Independent Investment Adviser - Shortlisting

The Sub Committee considered the applications received for the position of Independent Investment Adviser. Twenty applications were received, and these were categorised into three groups: 'Green' (demonstrating relevant experience and skills, recommended for interview), 'Amber' (demonstrating some experience and skills, potentially considered for interview), and 'Red' (not evidencing sufficient experience and skills, not recommended for interview).

The Sub Committee, with assistance from the Head of Pension Fund, Lancashire County Council, and an Investment Consultant from the Fund's Actuary, reviewed the applications to identify suitable candidates for interview.

It was resolved that:

• Four candidates from the 'Green' category and one candidate from the 'Amber' category would be invited for interview on 10 May 2024.
• An additional candidate from the 'Amber' category would be designated as a 'standby' candidate, to be invited for interview if one of the primary five candidates were unable to attend.
• The proposed format for the interviews on 10 May 2024, including the presentation topic, questions and answers, scoring sheet, and timings, were approved.
• The proposed timing for the interviews and the supporting roles of the Head of Fund and Investment Consultant were also approved.

The next meeting of the Appointments Sub Committee is scheduled for 10 May 2024, where interviews will be conducted for the Independent Investment Adviser role.