Agenda item

To review the minutes of the meeting held on 24 March 2021.

1.1 Approval of Minutes of the meeting held on 24 March 2021

RESOLVED:

THAT the Minutes of the meeting held on 24 March 2021 be confirmed as a true record, subject to the following amendments:

i)               Minute Item 35 – The minute did not reflect the comments made and concerns raised regarding the Investment Strategy Implementation.  In relation to the appointment of a Private Debt Solution Provider, the Board did not feel it was accurate to minute ‘the Board had noted that due process had been followed and due diligence had been carried out as to the suitability of the fund’, as it was unclear on what they were supposed to be monitoring against.

ii)             Minute Item 36 – The minute reflected comments of the Committee at it’s meeting on 27 January 2021 rather than comments from the Board, particularly where reference was made to due process. In relation to the selection of the UBS Climate Aware Fund, the Board did not feel it was accurate to record that due process had been followed in making the selection by the ACCESS pool, as it was unclear on what the board were supposed to be monitoring against. It was added that at the virtual presentation delivered by UBS on 27 January 2021, one board member was unable to use their microphone and asked questions via the chat bar. The answer given was not satisfactory and they were not given an opportunity to ask a supplementary question due to time constraints. There were concerns that this was a greenwashing fund which does not meet or contribute to ESG/RI strategy and policy. 

iii)            Minute Item 44 – In relation to board operation, the minute did not reflect that there was some conflict of opinion in how meetings should be ran. It was believed that the terms of reference should dictate how the board should operate and not the administering authority.

1.2 Matters arising from the minutes of the meeting held on 24 March 2021

Discussion took place regarding the content of the minutes of the last meeting, including the process for composition, publication, and subsequent approval. The following points were raised as matters arising in relation to the minutes:

a)             It was felt that there should be a clear distinction between required and optional attendance at future meetings. It was suggested that future agendas should state who is required, including any relevant officers.

b)             Minute Item 42 - The Board did not believe they had been invited to contribute at the meeting of the Committee on 2 June 2021.

c)             Minute Item 44 - Comments were made regarding contact with the Section 151 Officer and the Monitoring Officer. It was advised that there had been no interaction with the new Monitoring Officer and the Board felt it was appropriate to make an informal approach to The Pensions Regulator in light of their concerns. It was requested that the Monitoring Officer attend the next meeting of the Board.

RESOLVED:

i)               THAT future agendas for the Local Pension Board should list all required attendees, including officers.

ii)             THAT the Monitoring Officer be requested to attend the next meeting of the Board on 21 July 2021.