Agenda and draft minutes

To appoint a Chair and Vice-Chair of the Pension Board in line with the Pension Board Constitution.

Councillor Pirone explained that in line with the Pension Board constitution the Chair and Vice-Chair of the Pension Board rotate on an annual basis between a Scheme Member Representative and a Scheme Employer Representative. Mr David Bell, the outgoing Vice-Chair, was appointed Chair and Chaired the meeting. Mr Bell thanked Councillor Pirone for her hard work during the preceding year. 

DECISION

AGREED that Mr David Bell take over as Chair of the Pension Board and that Councillor Pirone take over as Vice-Chair of the Pension Board.

Minute of Meeting held on 21 March 2023 to be noted and signed by the Chairman. (Copy attached).

There had been circulated copies of the Minute of the meeting held on 21 March 2023.

DECISION

NOTED for signature by the Chair.

Following the resignation of Ms Laura Steven to note the Membership of the Pension Board as follows:

            Councillor Julie Pirone – Scottish Borders Council – Scheme Employer Rep.

            Mr David Bell – Unite – Scheme Member Rep.

            Mr Anthony Daye – South of Scotland Enterprise – Scheme Employer Rep.

            Mr Malcolm Drysdale – GMB Scotland – Scheme Member Rep.

            Mr Marc Everett – Unison – Scheme Member Rep.

            Mrs Kay-Marie Hughes – Unison – Scheme Member Rep.

            Ms Kirsty Robb – Borders College – Scheme Employer Rep.

            Vacancy – LiveBorders – Scheme Employer Rep.

The Director – Finance and Procurement explained that there had been no confirmation of the vacancy left by the resignation of Ms Laura Steven as the representative of LiveBorders.  It was hoped that an appointment would be made in due course.

          DECISION

          NOTED the current composition of the Pension Board.

Consideration of any issues required to be raised.

The Chair invited members of the Board to raise any issues which had arisen from the Joint meeting of the Pension Fund and Board.  In response to a request that Isio produced reports include a covering report similar to Scottish Borders Council reports, the Chief Executive undertook to assess whether that would be possible for future meetings. It was hoped that the inclusion of a covering report would ensure that attendees were clear on what decision they were being asked to make. Regarding the appointment of Pat Tomlin to carry out work related to the Pension Fund, and the timeline for her work, the Director – Finance and Procurement, explained that Ms Tomlin would carry out a desk-based review to assess the scope of work required before meeting with Council officers to discuss the scope and timelines involved.  The Chief Executive highlighted that it was expected that Ms Tomlin would be able to assist with the work related to the Stewardship Code resubmission. It was hoped that report could be brought to the joint Penson Fund and Board in September.  In response to a question regarding the delays to the Pension Dashboard, the HR Shared Services Manager, Mr Ian Angus, explained that the Department of Work and Pensions had made the decision to delay the project.  All Local Government Pension Schemes were in a similar position awaiting detailed timelines.  The Chief Executive outlined that Quinbrook Investments were investing in areas which were very complementary to the way the UK power network was developing, and that their mandate would sit well within the Pension Fund’s ESG aspirations. 

DECISION
AGREED that there were no issues to raise.

The Chairman and attendees extended their congratulations to Mrs Douglas on her recent appointment as the Director – Finance and Procurement and wished her well with her future work. It was a positive to see a long-serving Council employee rise to a position of senior leadership. 

The next meeting will be held on Thursday, 14 September 2023.

The date of the next Meeting of the Pension Board was set for 14 September 2023 following the joint meeting of the Pension Fund and Board.