27 September 2021, 1.00pm
Advisory Board
Meeting Information
Venue
18 Smith Square
Meeting Items
Welcome, apologies and introductions
Meeting protocol and declarations of conflicts of interest
Paper B - Cost Transparency Report
Paper C - New Compliance and Reporting Committee
Paper E - Cost Management Committee Report - 13th September 2021
Paper F - Investment Committee Report - 20th September 2021
AOB and date of next meeting(s)
Summary
Full details of the meeting and agenda papers can be found on the board meetings page.
The minutes of the meetings on 10th May and 1st July were approved.
The main points arising from the meeting are shown below:
Cost Transparency – The Board was advised of the results of the consultation carried out earlier in the Summer regarding amendments to the Cost Transparency Code. In total, nine responses were received. The Board was further advised that when it met on the 20th September the Investment, Governance and Engagement Committee recommended that the Board agrees in full to the proposed changes. The Board also agreed that the Secretariat should consider ways in which cost transparency data could be used for benchmarking purposes.
The Board also agreed the removal of Woodford and Markham Rae from the list and the recommendation from the Investment Committee that the Secretariat should explore a process to approve removal of code signatories without necessarily needing to bring that to the Board first.
New Compliance and Reporting Committee – The Board was advised that following an internal review CIPFA had decided to replace the current board and pensions panel structure with a series of forums or fora. It was suggested that the pensions panel played an important role in the development of accounting and reporting standards for the LGPS as well as a source of statutory guidance. The Board agreed in principle the establishment of a new Compliance and Reporting Committee and for the Secretariat to open discussions with CIPFA and existing committees to assess any potential overlap between their work and that of the proposed new committee.
The Board was further advised that the proposed new committee would have a dual role reporting to both to the Board and to CIPFA and that the UK scope of the former pensions panel would be reflected in the new committee’s draft terms of reference that the Secretariat has undertaken to prepare for the Board’s consideration when it meets in December.
SAB Membership – The Board was presented with a table showing the appointment dates of existing Board members and, where appropriate, their re-appointment date.
The Board agreed to the re-appointment of Councillor John Fuller whose first five year term of office ended in July 2021 and tasked the Secretariat to seek formal approval from DLUHC.
AOB – The Board was advised by DLUHC that the planned launch of the TCFD consultation at the end of October was likely to be missed given recent changes in the Department’s Ministerial team but that the Department remained confident that the necessary regulations and guidance would be in place by April 2022.
Date of next meeting – 13th December 2021
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