Decision details

The Committee considered a report setting out a proposed response to the request for information from Grant Thornton, the county council's external auditors, for information from the Committee Chair.

The Committee raised a number of issues around whether consideration had been given to using a revised materiality figure given the county council's current financial situation; the value of participating in the National Fraud Initiative; and the engagement of staff.

In response to the above, it was clarified that the materiality figure was 1.5% of gross expenditure but that it was a gauge for the external audit process, and did not apply to all matters. The county council's corporate management team was working on a new value set and looking at ways of increasing staff engagement and empowerment which would include regular staff surveys.

The Chair clarified that the 90% funded figure referred to for the Pension Fund was the figure at 31 March 2016 and that it was Local Pensions Partnership Investments Ltd, i.e. a subsidiary of Local Pensions Partnership Ltd, which was regulated by the Financial Conduct Authority rather than the parent company itself.

Resolved: - That, subject to the amendments identified, approval be given to the Chair of the Committee to provide the information set out at Appendix 'B' to the report, now presented, as the formal response to Grant Thornton.