Agenda and minutes
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Contact: Julie Plant Email: julie.plant@staffordshire.gov.uk
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Declarations of Interest Minutes: There were no declarations of interest on this occasion. |
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Minutes of meetings held on 20 May and 15 and 29 July 2014 Additional documents:
Minutes: RESOLVED – That the minutes of Meetings of the Pensions Panel held on 20 May 15 July and 29 July 2014 be confirmed and signed by the Chairman. |
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Pension Fund Performance and Portfolio of Investments as at 30 June 2014 Report of the Director of Finance and Resources Additional documents: 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 as at 30 June 2014.
The Staffordshire Pension Fund had positive performance in Quarter 2 2014 with a return of 2.0%. This was marginally below the Fund’s benchmark return for the quarter of 2.2%.
The Director of Finance and Resources detailed various factors affecting the performance of the Fund including the conflict in the Ukraine as a result of the Russian annexation of Crimea which had led to sanctions being imposed on Russia; and the eruption of violence in the Middle East which had caused the price of oil to spike.
Over the longer term the Fund had outperformed its benchmark in both the one, three and five year periods with returns in excess of 9.0% per annum. At, £3.36 billion, the market value of the Fund at 30 June 2014 was the highest market value of the Fund reported to date.
RESOLVED – That the Pension Fund performance and portfolio of investments for the quarter ended 30 June 2014 be noted. |
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Dates of Future Meetings 2 December 2014 3 March 2015
The following dates to be confirmed
9 June 2015 21 July 2015 (Managers’ Day) 8 September 2015 1 December 2015 1 March 2016
All meetings are scheduled to start at 9.30am at County Buildings, Stafford
Minutes: 2 December 2014 3 March 2015 9 June 2015 21 July 2015 (Managers’ Day) 8 September 2015 1 December 2015 1 March 2016
All meetings are scheduled to start at 9.30am at County Buildings, Stafford. |
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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: |
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Exempt Minutes of meetings held on 20 May and 15 and 29 July 2014 (exemption paragraph 3) Minutes: (i) 20 May 2014 (ii) 15 July 2014 (iii) 29 July 2014 |
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Property-Confirmation of the action of the Director of Finance and Resources in relation to Property (Exemption Paragraph 3) Report of the Director of Finance and Resources |
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Stock Lending (exemption paragraph 3) Report of the Director of Finance and Resources |
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Equity Transition Summary (exemption paragraph 3) Report of the Director of Finance and Resources |
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Strategic Benchmark Review and Monitoring (Exemption Paragraph 3) Minutes:
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Pension Fund Performance and Manager Monitoring for the quarter ended 30 June 2014 (exemption paragraph 3) (Report of Portfolio Evaluation for the quarter ended 30 June 2014 enclosed for information) |
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Corporate Governance and Socially Responsible Investment Report Quarter 1 2014 (exemption paragraph 3) Presentation by the Director of Democracy, Law and Transformation and Report of the Director of Finance and Resources |
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Private Equity (exemption paragraph 3) Minutes:
The following presentation was also given to provide information on Private Equity Investment followed and on the performance of the Fund’s Private Equity portfolio:
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Private Equity Training and Manager Presentation (exemption paragraph 3) To receive training on Private Equity Investment followed by a presentation from HarbourVest on the performance of the Fund’s Private Equity portfolio. |