Issue - meetings

The Board considered a report presented to the Pension Committee which set out the argument for rescinding the earlier decision to transfer property from Croydon Affordable Homes and Croydon Affordable Tenures to the Pension Fund. The Pension Committee asked that a further report was prepared for the September meeting. The Board received an introduction from Head of Pensions and Treasury, Nigel Cook.

During the consideration of the recommendations, the Board discussed the following:

•           Whether the risk would fall to Croydon Council rather than the Pension Fund (a previous request to receive this advice in writing had not been received).

•           There were currently resourcing issues within the Pension Team.

•           That there were concerns around a potential conflict of interest

A vote to move to the recommendations was suggested by the Chair. This was proposed by Richard Elliott and seconded by Teresa Fritz. The vote was carried.

RESOLVED – That given the following issues the Board recommend the Committee to rescind the previous decision made in November 2018.

•           The significant amount of elapsed time.

•           The lack of clear ownership within the Council given the changes in the officer team since November 2018.

•           The complexities of the project.

•           The significant resource pressure on a small officer team which could have resulted in them taking their attention away from managing the Fund.

•           The lack of clarity over where the substantial risks would fall with this scheme.

•           The potential for apparent conflict of interest.