Issue - meetings

Report by Director of Finance and Support Services.

The Board is asked to note the register of policy documents and provide feedback on the policies presented at the meeting.

10.1     The Board received a report by the Director of Finance and Support Services (copy appended to the signed minutes).

10.2     Vickie Hampshire introduced the report and confirmed that the accounts, including some minor amendments concerning net assets, were due to be considered by Regulation, Audit and Accounts Committee in September and will then be included in the Annual Report. Also, that minor amendments, including to some of the performance figures, were anticipated but this would not affect the compliance requirements. 

10.3     The Board commented that -

·         The summary of the Annual Report was useful and could help to make annual comparisons.

·         If Members can be advised when the information is available on-line, it may encourage more to sign up to the portal.

·         Partial non-compliance with the CIPFA guidance does not equate to non-compliance with the regulations; in some areas the guidance can’t be met in full due to its applicability.

10.4     Resolved – That the Board notes the register of policy documents.

Report by the Director of Finance and Support Services.

The Committee is asked to comment on and approve the draft annual report.

6.1        The Committee considered a report by the Director of Finance and Support Services (copy appended to the signed minutes).

6.2        Katharine Eberhart, Director of Finance and Support Services, introduced the report and confirmed that as of 31 March 2021 the fund was 123% funded which was a strong position.  Officers were working with employers to improve timely reporting.

6.3        The Committee made comments including those that follow.

•      Welcomed the addition of a summary page to the annual report.

•      Queried if greenhouse emission data could be added to show the direction of travel for the fund.  – Rachel Wood, Pension Fund Strategist, explained that carbon reporting was a developing area and that Ministry of Housing, Communities & Local Government (MHCLG) was due to advise on expectations.  This would influence next year’s report.  The Committee felt that fund managers should be asked to report on this as it would be useful to monitor.

•      Asked if the Private Debt was considered a material issue in the audit.  – Rachel Wood confirmed that it was not material, it was a timing issue in the provision of reports, which was consistent with industry practice.

6.4        Resolved – that the Committee approves the draft annual report.</AI6><AI7>