Agenda and minutes

Pensions Panel - Tuesday 20th May 2014 9:30am

Venue: Bremen Room - County Buildings. View directions

Contact: Julie Plant Email: julie.plant@staffordshire.gov.uk

Items
No.	Item
62.	Declarations of Interest Minutes: There were no declarations of interest on this occasion.
63.	Minutes of meeting held on 4 March 2014 PDF 57 KB Minutes: RESOLVED: That the minutes of the Pensions Panel held on 4 March 2014 be confirmed and signed by the Chairman.
64.	Pension Fund Performance and Portfolio of Investments as at 31 March 2014 PDF 53 KB Report of the Director of Finance and Resources Additional documents: Pensions Panel 20 05 2014 Portfolio of Investments booklet , item 64. PDF 1 MB Minutes: The Director of Finance and Resources submitted a summary of the performance of the Pension Fund together with a portfolio of the Fund’s investments for the year and quarter ending 31 March 2014. For the quarter the Fund had exceeded benchmark (target) by 0.3% which had contributed to a year end performance exceeding benchmark by 2%. The value of the Fund lay at £3.26billion. The Director detailed various factors affecting the performance of the Fund including political and social unrest in the Ukraine, the tapering of quantitative easing measures by the US Federal reserve, the potential for inflation to rise in Europe and the progress of economic recovery in the UK. RESOLVED: That the Pension Fund performance and portfolio of investments for the year and quarter ended 31 March 2014 be noted.
65.	Dates of Future Meetings 15 July 2014 (Managers’ Day) 29 July 2014 (Special Meeting) 9 September 2014 2 December 2014 3 March 2015 All meetings are scheduled to start at 9.30am at County Buildings, Stafford Minutes: 15 July 2014 (Managers’ Day) 29 July 2014 (Special meeting) 9 September 2014 2 December 2014 3 March 2015 All meetings to start at 9.30am at County Buildings, Stafford
66.	Exclusion of the Public The Chairman to move:- ‘That the public be excluded from the meeting for the following items of business which involve the likely disclosure of exempt information as defined in the paragraphs of Part 1 of Schedule 12A of the Local Government Act 1972 (as amended) indicated below’. Minutes: RESOLVED -, That the public be excluded from the meeting for the following items of business which involve the likely disclosure of exempt information as defined in the paragraph of Part One of Schedule 12A of the Local Government Act 1972 (as amended) indicated below. The Panel then proceeded to consider reports on the following issues:
67.	Exempt Minutes of the Meeting held on 4 March 2014 (exemption paragraph 3) View the reasons why item 67. is restricted
68.	Property-Confirmation of the action of the Director of Finance and Resources (Exemption Paragraph 3) View the reasons why item 68. is restricted Report of the Director of Finance and Resources
69.	Private Equity - Review of Position as at 31 March 2014 (exemption paragraph 3) View the reasons why item 69. is restricted Report of the Director of Finance and Resources
70.	Corporate Governance and Socially Responsible Investment Report Quarter 1 2014 (exemption paragraph 3) View the reasons why item 70. is restricted Report of the Director of Finance and Resources
71.	Strategic Benchmark Review and Monitoring (Exemption Paragraph 3)
71a	Economic and Market Update Presentation by Hymans Robertson
71b	Review of Position as at 31 March 2014 View the reasons why item 71b is restricted Report of the Director of Finance and Resources (Report of Record Currency Management for the month ended 31 March 2014 enclosed for information)
72.	Foreign Currency Hedging (exemption paragraph 3) View the reasons why item 72. is restricted Report of the Director of Finance and Resources
73.	Pension Fund Performance and Manager Monitoring for the quarter ended 31 March 2014 (exemption paragraph 3) (Total Fund report of Portfolio Evaluation for the quarter ended 31 March 2014 enclosed for information)(Full report TO FOLLOW)
	The following presentations were given in the context of a government consultation paper on the Local Government Pension scheme, seeking comment on the suitability of active and passive management of funds .
74.	Manager Presentation (exemption paragraph 3) To receive a presentation from State Street Global Advisers (SSgA) on the Fund’s passive equity portfolios. (Report of SSgA for the quarter ended 31 March 2014 enclosed for information).
75.	Manager Presentation (exemption paragraph 3) To receive a presentation from Standard Life Investments on the Fund’s UK active equity portfolio. (Report of Standard Life Investments for the quarter ended 31 March 2014 enclosed for information)