Agenda item

The Committee considered a report of the Corporate Director of Resources which provided an update on progress towards investment pooling and asked Members to agree a recommendation on the ownership of the investment management company that would be created through pooling, and on the membership of the Joint Committee that would supervise the company (for copy see file of Minutes).

Nick Orton explained that a formal written response to the pooling submission had not been received but approval to proceed was expected. Councillor Davinson expressed concern that until the formal approval was received a report could not be presented to Council, which could delay the process further. Councillor Carr also expressed concern that purdah for the local elections in May 2017 would commence at the end of March 2017 and was informed that this should not affect the process but Officers were seeking advice.

In response to a question from Councillor Davinson, the Corporate Director Resources advised that some concerns raised by Section 151 Officers, who had responsibility for administering the Fund, had been discussed at a recent meeting of the pool and had been resolved. All members of the BCPP had been represented at that meeting.

Resolved:

That

(i)            a paper be drafted for the County Council meeting in January or February 2017 to seek approval of its acquisition of a share in the BCPP investment management company and its membership  of the Joint Committee supervising the BCPP investment management company;

(ii)          the report recommend that the Chair of the Pension Fund Committee (or nominated representative) represents the Council on the BCPP Joint Committee, and exercises the Council’s vote as joint owner of the BCPP investment management company.