Agenda and minutes

Venue: Committee Room 'D' - The Henry Bolingbroke Room, County Hall, Preston. View directions

Contact: Dave Gorman  Tel: (01772) 534261, Email:  dave.gorman@lancashire.gov.uk

Items
No. Item

1.

Apologies

Minutes:

Apologies for absence were received from County Councillors Malcolm Barron, Janice Hanson, and David Westley; Councillor Mark Smith and Alastair Milloy.

Announcement

George Graham, Director, Lancashire County Pension Fund informed the Committee that Mike Jensen, Chief Investment Officer, had been named number 52 in the Chief Investment Officer magazine's Top 100 list of global Chief Investment Officers. The Committee expressed its congratulations to Mike Jensen.

 

Resolved: - That Mike Jensen, Chief Investment Officer, be congratulated on his inclusion in the Chief Investment Officer magazine's Top 100 list of global Chief Investment Officers.

 

2.

Disclosure of Pecuniary and Non-Pecuniary Interests

Members are asked to consider any Pecuniary and Non-Pecuniary Interests they may have to disclose to the meeting in relation to matters under consideration on the Agenda.

Minutes:

County Councillor David Borrow declared a non-pecuniary interest as the Lancashire County Council shareholder representative on the Board of the Lancashire and London Pensions Partnership.

3.

Minutes of the Meeting held on 30 September 2015 pdf icon PDF 97 KB

To be confirmed, and signed by the Chair.

Minutes:

Resolved: - That the minutes of the meeting held on 30 September 2015 be confirmed as a true and accurate record and be signed by the Chair.

4.

Urgent Business

An item of urgent business may only be considered under this heading where, by reason of special circumstances to be recorded in the Minutes, the Chair of the meeting is of the opinion that the item should be considered at the meeting as a matter of urgency.  Wherever possible, the Chief Executive should be given advance warning of any Member’s intention to raise a matter under this heading.

Minutes:

There was no urgent business to be considered.

5.

Date of Next Meeting

The next meeting of the Committee will be held on Friday 27 November 2015 at 10.00am in Cabinet Room 'C' - The Duke of Lancaster Room, County Hall, Preston.

Minutes:

The Committee noted that the next meeting of the Committee would be held on Friday 27 November 2015 at 10.00am in Cabinet Room 'C' - The Duke of Lancaster Room, County Hall, Preston.

 

The Chair informed the Committee that there would need to be two further special meetings of the Committee in early 2016. The first of these was likely to be held on Friday 29 January 2016 at 10am with the second being held in early March. Details would be circulated in due course.

6.

Exclusion of Press and Public

The Committee is asked to consider whether, under Section 100A(4) of the Local Government Act, 1972, it considers that the public should be excluded from the meeting during consideration of the following items of business on the grounds that there would be a likely disclosure of exempt information as defined in the appropriate paragraph of Part 1 of Schedule 12A to the Local Government Act, 1972, as indicated against the heading to the item.

Minutes:

Resolved: - That the press and members of the public be excluded from the meeting during consideration of the following items of business on the grounds that there would be a likely disclosure of exempt information as defined in the appropriate paragraph of Part 1 of Schedule 12A to the Local Government Act, 1972, indicated against the heading to the item. It was considered that in all the circumstances the public interest in maintaining the exemption outweighed the public interest in disclosing the information.

12.

Lancashire and London Pensions Partnership - Business Plan and Progress Report

(Not for Publication – Exempt information as defined in Paragraph 3 of Part 1 of Schedule 12A to the Local Government Act, 1972.  It is considered that in all the circumstances of the case the public interest in maintaining the exemption outweighs the public interests in disclosing the information).

 

Minutes:

(Exempt information as defined in Paragraph 3 of Part 1 of Schedule 12A to the Local Government Act, 1972. It was considered that in all the circumstances of the case the public interest in maintaining the exemption outweighed the public interest in disclosing the information).

 

The Committee considered a report setting out an update on the progress made on the development of a Lancashire and London Pensions Partnership (LLPP), including key issues such as the appointment of a Chair and non-executive directors and the submission of the application for registration to the Financial Conduct Authority. A draft business plan for the new business, which demonstrated the viability of the new company was set out at Annex 'C' of the report.

 

Gareth Henty, PricewaterhouseCoopers (PWC), attended and updated the Committee on the work PWC was undertaking to advise the County Council on the proposals. This included the following three workstreams:

 

-  Structure and Statutory Duties;

-  Business Processes;

-  The Outcome for Lancashire.

 

The Committee considered and discussed issues around governance, staffing structures and remuneration, proposals for the appointment of a Head of Fund, the impact of the forthcoming 2016 Actuarial Valuation, the role of the independent advisors and the importance of the LLPP retaining a public sector ethos.

 

The Committee requested further details of the remit of the LLPP Board and how that would impact the future role of the Committee and the Local Pension Board and it was agreed that this would be incorporated into one of the future scheduled briefings/workshops.

 

Resolved: - That recommendations (i) – (iv) as set out in the report, now presented, be approved.