Agenda item

The Board considered a report setting out proposed arrangements for the Board in respect of dates of future meetings; standing agenda items; access to Pension Fund Committee reports and staggered tenures for Board membership.

George Graham, Director, Lancashire County Pension Fund (LCPF), reported that the proposed meeting dates set out in the report fitted well with the reporting arrangements for the Pension Fund Committee and the consultation which would be required with the Board on a range of matters.

The Board discussed what standing agenda items it would wish to discuss at future meetings. It was suggested that the Board might wish to consider the proposals considered by the Investment Panel but it was felt that it would be more appropriate to consider investment performance and strategic decisions rather than the detailed proposals themselves. Reference was made to the current discussions around the proposed partnership between the LCPF and the London Pensions Fund Authority (LPFA) and that this should be an area of priority for the Board. Reference was made to briefing sessions on the partnership discussions which would be held for Pension Fund Committee Members and it was agreed that it would also be appropriate for Board Members to attend those briefings. It was also felt that it would be useful to continue to have a standing agenda item on reports recently considered by the Pension Fund Committee.

In terms of access to Pension Fund Committee reports, it was noted that the agenda for each Pension Fund Committee was published five clear working days in advance of each meeting and that Board Members would be notified by e-mail that an agenda had been published and could be accessed online. In addition, the Clerk would circulate each full agenda pack by e-mail and upload the pack to the Virtual Reading Room. It was noted that should a matter of urgency arise, Board Members would be advised as soon as possible and, if necessary, a special meeting of the Board would be held.

The Chair reminded the Board that, under the current Terms of Reference, each Board Member, with the exception of the Chair who was appointed for a two year term with the option to extend for a further term, had been appointed for a four year term with the option to extend for a further term. It was suggested that the Board might wish to recommend a change to the tenure of office to avoid the potential for all Members to retire at the same time and for expertise and continuity to be lost as a result. It was noted that, in the case of a Board Member retiring from employment, they would cease to also be a Board Member representing the appropriate category.

It was suggested that the Board should keep membership and tenures of office under review on an annual basis and it was noted that some Board Members may wish to stand down mid-term allowing for a more staggered approach to tenures without the need for a formal change to the Board's Terms of Reference.

The issue of re-imbursement to employers for time spent by Board Members in fulfilling their duties was raised and the Clerk was requested to clarify the process and inform Board Members in due course. 

Resolved: - That:

(i)  The proposed meeting dates and times for the remainder of 2015/16, as set out in the report, now presented, be approved;

(ii)  The proposed list of standing items, as set out in the report, now presented, be approved with the addition of the investment performance report, regular updates on the proposed partnership between the Lancashire County Pension Fund and the London Pensions Fund Authority, and a list of reports recently considered by the Pension Fund Committee;

(iii)  In relation to the briefings to be held for the Pension Fund Committee on the proposed partnership between the Lancashire County Pension Fund and the London Pensions Fund Authority, Board Members be invited to attend those briefings;

(iv)  The current arrangements for the circulation of Pension Fund Committee agenda, as set out above, be continued;

(v)  In relation to tenures of office, an annual review of membership be undertaken and that the issue of potential staggering tenures of office be kept under review;

(vi)  The Clerk be requested to clarify the process for re-imbursement to employers for time spent by Board Members in fulfilling their duties, and inform Board Members in due course.