Agenda and draft minutes

Minute of Meeting held on 15 September 2022 to be noted and signed by the Chairman. (Copy attached).

There had been circulated copies of the Minute of the meeting held on 15 September 2022.

DECISION

NOTED for signature by the Chairman

Consideration of any issues required to be raised.

The Chair invited those present to raise any matters which had been discussed at the joint meeting.  Ms Hughes expressed concern that the ongoing global economic issued had impacted on the returns of the Fund, and highlighted that prudent management would be needed to ensure that any negative impacts would be mitigated.  The Acting Chief Executive, Mr David Robertson, stressed that positive returns had been delivered in a manner which had exposed the Fund to considerably less risk than other Funds.  The investment decisions of the Fund remained sound, and Mr Robertson expressed confidence that the markets would recover.  The Fund was well diversified, and as a result was well placed to weather the unpredictability which had arisen.  In response to a question regarding government bonds, Mr Robertson explained that the impact of current inflationary pressures and other macro-economic issues was expected to be relatively short term, and stressed that government bonds remained a key part of a well balanced portfolio of assets.   In response to a question regarding whether financial pressures would impact upon investment in ESG themed products, Mr Robertson explained that the Fund’s equity portfolio had been tilted towards greener investments.  That remained the right path, and positive returns were being seen.  In response to a question regarding the potential impact of reduced number of Fund members, Mr Robertson stressed that the issue was managed through the risk register, and was a key risk for the Fund.  The Fund would engage with actuaries as part of the triennial evaluation and if any changes were recommended then swift action would be taken to adjust the investment portfolio. 

DECISION
AGREED that there were no issues to raise.

The next meeting is scheduled to be held on Wednesday, 7 December 2022 following the Pension fund Committee and Pension Board joint meeting.

The date of the next Meeting of the Pension Board was set for 13 December 2022.