Agenda item

The Pension Committee is asked to note the progress achieved in addressing the findings of the Governance Review of June 2021.

Members received and reviewed a progress report further to the findings of the Governance Review of June 2021.

Nigel Cook reminded the Committee that Aon Hewitt had been commissioned by the Pensions Board to undertake a Governance Review, and had reported back in September 2019. This work had then been reviewed in June 2021.  The progress report included actions completed to date and progress of the delivery of the balance of items.

The Chair noted there had been a separation of the roles between the Council (Treasury) and the Fund and highlighted the importance of this given the size of the Fund and need for the Fund to receive appropriate attention. It was agreed that a clear separation between the roles of the Council and the Fund was important, and should be maintained by future committees. It was further noted there would be occasions where it would be appropriate for the Fund and the Council to be independently advised.

The Chair also noted that the Committee should consider further employer representation outside of the Council and it should be considered whether changes to voting arrangements would be beneficial.

Councillor Hopley noted that in her view the recommendations described within the progress report were sensible, and that the Committee should work to improve the line of communication between officers, the Chair and the Committee going forwards.

Alison Murray of Aon Hewitt joined the meeting to summarise the key points from the report. In particular it was noted:

-        the recommendations in the report should be considered and addressed (where appropriate);

-        progress should be tracked and recorded;

-        communication could be enhanced (for example changes in Committee members should be communicated in advance of meetings);

-        there should be appropriate training for new Committee members;

-        resourcing should be considered given the number of forthcoming legislative changes.

The Chair noted in particular that continuity of membership can support the operation of the Committee, and the Fund, and requested that the Director of Finance, Investment and Risk (Section 151 Officer) write to the party Whips and request that future Committee members are drawn from those who are able to commit sufficient time to the role over their term.

The Section 151 officer noted the importance of training for new Committee members. Councillor Brew further requested that training undertaken should be recorded and retained as a formal public record.

Nigel Cook noted that an online training programme had been procured from Hymans Robertson and would be available to current and future Committee members. Nigel Cook also described that whilst internal resource within the Council was constrained, the Council would need to continue to recruit.

Councillor Degrads requested that a job description for the Committee role is created and that a history of the Fund is created for new Committee members to assist their understanding of the arrangements, and their confidence in the role. The Section 151 Officer agreed to arrange for the preparation of those documents.

RESOLVED to note the content of the report.

Alison Murray left the meeting.