Present:-

Devon County Council:-

Councillors Gilbert (Chairman), Hill, Hosking and Radford

Other Employers

Councillor Edwards (Exeter LGA Devon)

Councillor O Dwyer (Torbay Council)

Councillor Fox (Plymouth City Council)

Union and Retired Members: Non-Voting Observers:-

Mr Franceschini, Mr Lomax and Ms Rimron

Apologies:-

Councillor Edgell (Devon County Council)

Ms D Healy (Dartmoor National Park Authority)

Councillor Parker Delaz Ajete (Plymouth City Council)

Also in Attendance

Mr Bowman (Devon Pension Board)

*111 Minutes

RESOLVED that the minutes of the meeting held on 20 November 2015 be signed as a correct record.

*112 Government Consultation: Revoking and Replacing the Local Government Pension Scheme (Management and Investment of Funds) Regulations 2009

The Committee considered the Report of the County Treasurer (CT/16/13 - text only | pdf | supplementary information CT/16/13) outlining the Government s consultation on the replacement of current investment regulations, recognising that those placed restrictions on certain investments that might constrain authorities considering how best to pool their assets. In abolishing those restrictions, the proposals would also introduce a power to allow the Secretary of State to intervene to ensure that authorities took advantage of the benefits offered by pooling and delivered investment strategies that adhered to regulations and guidance.

It was MOVED by Councillor Gilbert, SECONDED by Councillor Fox and

RESOLVED that the proposed response to the Government consultation as set out in Appendix 1 be approved subject to strengthening the response for Proposal 2 to express concerns regarding intervention powers and request that Regulations should be made by the positive procedures, as suggested by the Committee.

*113 Exclusion of Press and Public

RESOLVED that the press and public be excluded from the meeting for the following item

of business under Section 100(A)(4) of the Local Government Act, 1972 on the grounds that it involves the likely disclosure of exempt information as defined in Paragraph 3 of Schedule 12A of the Act, namely information relating to financial or business affairs of another person, other than that of the County Council and disclosure of which would be likely to inhibit the free and frank provision of advice and exchange of views for the purposes of deliberation, in accordance with Section 36 of the Freedom of Information Act

2000, by virtue of the fact that the public interest in maintaining the exemption outweighs the public interest in disclosing the information.

*114 LGPS Pooling of Investment (minute *90/ 18 September 2015)

(An item taken under Section 100(A)(4) of the Local Government Act 1972 during which the press and public were excluded)

The Committee considered the Report of the County Treasurer (CT/16/14) outlining progress on the proposal to set up a South West Regional pooling arrangement to significantly reduce costs whilst maintaining overall investment performance.

In discussing the proposed arrangements which would require approval by all partner authorities, Members acknowledged a number of concerns/issues raised at the meeting as set out below which would be taken into account in formulation of the final submission:

clear accountability to members of the fund in order to protect the contributions made by both employer and employees;

regular clear communication and provision of information to Members detailing the functions and operations of the fund;

any investments distinguishing between funding completed and developing new infrastructure projects;

there being no compulsion to invest in the development stage of infrastructure projects at national or local level;

the need to further sub-divide the property sub-fund to reflect investments in completed property developments, new developments or a combination of both;

guarantees being provided to ensure that payment of pensions would be made on time;

Assets held as cash outside of the Pool;

the composition and membership of the Oversight Group.

It was MOVED by Councillor Radford, SECONDED by Councillor O Dwyer and

RESOLVED

(a) that approval be given in principle, to the Council pooling its investments with the other founder funds of the Brunel Collective Asset Pool;

(b) that the project proposal as set out at Appendix 1 to Report (CT/16/14) be endorsed as a joint submission from the Brunel Collective Asset Pool, including the Devon Pension Fund;

(c) that the Council be formally recommended to agree, in principle, to the establishment of a Joint Committee with the other Brunel Collective Asset Pool founder funds, subject to the outcome of negotiations with Government and at such time as it is required;

(d) that a training session be arranged for May 2016, in consultation with Members.

*115 Dates of Future Meetings

Dates of future meetings of the Committee are published at:

https://new.devon.gov.uk/democracy/calendar/

*DENOTES DELEGATED MATTER WITH POWER TO ACT

The meeting started at 10.00am and finished at 11.23am.

The Minutes of the Committee are published on the County Council s Website at: