Minutes:
Nick Orton provided an update on progress regarding the pooling of investments. The County Council at its meeting on 22 February 2017 had agreed to:-
(a) be a member of the Border to Coast Pensions Partnership and to adopt its arrangements;
(b) enter into the Inter-Authority Agreement between the Council and the Administering Authorities of the other Pool Funds;
(c) enter into the Shareholder Agreement between the Council and the Administering Authorities of the other Pool Funds and Border to Coast Pensions Partnership Limited;
(d) the Articles of Association to be adopted by Border to Coast Pensions Partnership Limited;
(e) the establishment of the Border to Coast Pensions Partnership Joint Committee as a formal Joint Committee under section 102 of the Local Government Act 1972 and to carry out the functions as set out in the Inter-Authority Agreement;
(f) approve the subscription by the Durham County Council Pension Fund of 1 Class A voting share in the asset management company, Border to Coast Pensions Partnership Limited;
(g) nominate the Chair of the Pension Fund Committee or such other person determined by the Pension Fund Committee from time to time to vote this shareholding;
(h) approve the subscription by the Durham County Council Pension Fund for such number of Class B non-voting shares in the Border to Coast Pensions Partnership Limited as shall be necessary to ensure that the Council contributes by way of equity one twelfth of the minimum regulatory capital requirement of the company as determined by the requirements of the Financial Conduct Authority;
(i) appoint the Chair of the Pension Fund Committee or such other person determined by the Pension Fund Committee from time to time to represent the Council on behalf of the Fund at the Border to Coast Pensions Partnership Joint Committee meetings;
(j) make the consequential changes required to the Constitution to reflect these new arrangements;
(k) authorise the Corporate Director Resources in consultation with the Monitoring Officer to finalise the approval and execution, where required, of all legal documents necessary to give effect to the above decisions.
The report was to be considered by the other 11 authorities in the pool by 22 March 2017, and subject to approval by each authority the company should be created towards the end of the month.
Resolved:
That the information given be noted.