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Constitution - Part 2O - Pensions Investment Sub Group

 

 

1.1 The Investment Sub-Group is expected to operate within the remit of the Cumbria Local Government Pension Scheme Investment Strategy and Statement of Investment Principles (approved annually by the Pensions Committee) and any tolerance levels for the operation of the Investment Sub-Group laid down by the Pensions Committee.

2.1 The functions of the Investment Sub-Group are to:

(a) Provide an update report outlining activity in the preceding period, any decisions made by the Assistant Director - Finance (Section 151 Officer) and the proposed work schedule for the next period.

(b) Carry out monitoring at an individual manager level of the performance of the Pension Fund's investment managers (including assets held by Border to Coast Pension Partnership Limited) and to escalate any matters of concern to the Pensions Committee.

(c) Consider and continually review an investment management structure for the Pension Fund and to be responsible for assisting the Assistant Director - Finance (Section 151 Officer) in:

(i) The appointment and termination of investment managers with holdings of less than 5% of the portfolio; and

(ii) The establishment and review of performance benchmarks and targets for investment.

3.1 The operating structure of the Investment Sub-Group is as follows:

(a) The Sub-Group will meet as a minimum four times a year.

(b) To help fulfil a function of this Sub-Group, which is to assist the Assistant Director - Finance (Section 151 Officer) to enact investment decisions more nimbly, additional meetings can be convened by any two members of the Sub-Group with five working days' notice.

(c) As a non-decision-making body the Sub-Group has no authority to establish working parties / sub-groups.

4.1 The membership of the Investment Sub-Group will comprise:

(a) Three members of the Pensions Committee (including the Chair of the Committee). Members, excluding the Chair, will be selected by the Pensions Committee.

(b) Independent advisors (or investment consultants to the Pensions Fund at the invitation of the Sub Group if the independent advisors are unable to attend).

(c) Two senior officers of the County Council with responsibilities for the management of the Pensions Fund including the Assistant Director - Finance (Section 151 Officer) and the officer with the responsibility of senior investment officer to the Pensions Fund

4.2 At any meeting where consideration by the Sub-Group of a recommendation to change an investment manager is considered the following must be available:

(a) At least two of the three elected members.

(b) Senior officers of the Council with responsibilities for the management of the Pensions Fund including the Assistant Director - Finance (Section 151 Officer) and an officer with the responsibility of senior investment officer to the Pensions Fund.

(c) At least two external advisors.

(d) Attendance may be by electronic media, provided that the prior approval of the Chair has been secured.