Agenda and minutes

Apologies for lateness were received from Councillor Rishi Madlani and in his absence Councillor James Yarde, Vice Chair, took the Chair.

Apologies for absence were received from Councillors Tom Currie and Awale Olad and John Rutter, Camden UNISON (substitute).

Councillor Heather Johnson declared an interest as she was a Trustee of the Camden Arts Centre.

There were no deputations.

The Committee noted that Mike O’Donnell, would be leaving the role of Executive Director Corporate Services at the end of December 2017. Committee Members said that he had provided a fantastic service to Camden over the last 12 years and wished him well for the future. It was noted that Jon Rowney, Director of Finance, would be taking over his role in the interim.

There were no urgent items.

To approve as a correct record the minutes of the meetings of the Pensions Committee held on 30^th August 2017 and 12^th September 2017.

RESOLVED –

THAT the minutes of the meetings held on 30^th August 2017 (Part I) and 12^th September 2017 be approved and signed as correct records.

To not the minutes of the Pension Board meeting held on 16^th October 2017.

RESOLVED –

THAT the minutes of the Pension Board meeting held on 16^th October 2017 be noted.

Report of the Executive Director Corporate Services

This report presents the performance of the Pension Fund investment portfolio and that of the individual investment managers for the quarter ended 30 September 2017.

Consideration was given to the report of the Executive Director Corporate Services.

The Committee noted the performance of the pension fund investment portfolio and that of the individual investment managers for the quarter ended 30^th September 2017.

The Committee noted in particular that:

·                Global financial markets operated against a positive backdrop characterised by gentle inflation and positive economic indicators.

·                Equities did well in these circumstances, particularly emerging market equities, and cyclical stocks (where company performance is correlated to the economic cycle (banks, energy) did well versus defensive stocks (consumables, healthcare).

·                UK property and commodities also saw positive returns whilst credit markets were largely unchanged.

·                The Fund was valued at £1.575bn at the end of September, an increase of £36.5m, and again, most of the increase came from the equity mandates.

·                An overall return for the Fund of 2.3% in the quarter, exceeded the target of 2%. Absolute performance in the year was 12.7% and outperformance versus that was 1.6%.

Committee Members noted Appendix A “Camden Client Ranking by Manager” which detailed Camden’s exposure as clients to the overall fund or strategy managed by each Investment Manager. In future where Camden represented greater than 5% of the Investment manager’s fund and there was a material increase due to client outflows, this would be reported to Committee on an exceptions basis.

The Committee also noted Appendix B, which presented a more comprehensive overview of the financial markets by the Independent Investment Advisor and reported the performance of the individual Investment Managers in more detail. Karen Shackleton, Independent Investment Advisor highlighted the salient points as follows:

a)           London CIV - Baillie Gifford – this sub-fundhad performed well and actually outperformed its target in Q3 2017 by +1.5%, and by +3.0% over the past year, which was a pleasing start to the new mandate. It had a constrained capacity, half of which had already been used up, although it still had capacity should the Fund decide to increase its investment.

b)           Harris – had had an excellent performance exceeding target since inception by 1.4%. The best performing stock was Glencore which added +1.05% to the total return. This was off the back of strong first-half earnings results with a dramatic improvement in their industrial business. Glencore also announced an acquisition of an Australian company during Q3. Harris believe there is further growth potential in this holding. However, General Electric was the worst contributor in Q3, detracting -0.43%, but Harris had met with the new Chief Executive, John Flannery, and have confidence that the stock would recover over time.

c)            Insight had underperformed target by -1.2% in the quarter, providing a negative absolute return of -0.2% and now trailed their target by -2.3% in the year. Karen Shackleton and the Pension Fund Accountant held a call with the manager during the quarter to examine the reasons for recent underperformance. Two strategies within the market allocation decision set had hampered performance to date. Firstly, the manager’s view that US inflation would be higher than  ...  view the full minutes text for item 8.

Report of the Executive Director Corporate Services

One of the outcomes of the Investment strategy review reported at the September meeting was a 5% allocation in principle to the Infrastructure asset class. This report updates Committee on progress and developing thoughts on this asset allocation.

Consideration was given to the report of the Executive Director Corporate Services.

One of the outcomes of the Investment Strategy Review reported at the September meeting was a 5% allocation in principle to the Infrastructure asset class. Since then the London CIV had established a working group, under the Investment Advisor Committee, which included Camden officers, to look at possible options on creating an infrastructure vehicle. The group met on 29^th September and some of the characteristics of the London CIV’s approach were that it was global, there was a focus on net returns and low fees, and equity instruments rather than debt. The reason for this was that infrastructure debt would be delivered as part of fixed income work.

The next steps for the London CIV were to deliver a shortlist of 20 managers and select a consultant to refine that list and run an educational event for Members. 8 Funds across London were involved in this group and all had an immediate requirement to fill an infrastructure asset allocation. Initial indications were that the group was very well aligned which was beneficial for the fulfilment of this asset class in conjunction with the London CIV.

Ryan Smart, Investment Analyst, London CIV, was due to attend this Committee meeting tonight but had been taken ill. However, Chris Bilsland, Non-Executive Director, London CIV was in attendance and said that he had recently taken over the chair of the Investment Oversight Committee. He informed the Committee that Infrastructure asset class was going incredibly well. London CIV would be meeting the IOC on 13^th December and then planned to move forward to launch the first infrastructure fund by March providing the momentum carried on as it currently was doing. He suggested that it would be a challenge, but was confident that it could be done.

Some Members were concerned that this was moving ahead too fast and no real discussion about risks and rewards of infrastructure had been held. It was noted, however, that the report did refer to work done earlier in 2014 when risks and rewards were looked at. Officers were of the view that these had not changed and agreed to include them in any future selection report.

            ACTION BY: Executive Director Corporate Services

Colin Cartwright, Aon Hewitt, confirmed that as a generic asset class there was no changes on issues discussed in the 2014 report. It was a vast asset class with different strategies and areas he stressed that the Committee did need to think about its preferred strategy.

Councillor Freeman said that a wide range of assets were being covered and it was important for Committee Members to be mindful of sheer ability. He was of the view that infrastructure debt and equity should be in the same place rather than split amongst London CIV sub-funds (in fixed income and infrastructure). There was a momentum that it was more advanced than Camden’s progress in viewing risks. Councillor Madlani agreed that these points should be  ...  view the full minutes text for item 9.

Report of the Executive Director Corporate Services

This report presents options for transitioning assets from the Hedge Fund allocation that the Fund agreed to exit when it agreed the Investment strategy. This transition is en route to eventual investment in Infrastructure. Given the likely long timeframes for eventual full investment in infrastructure the report considers how the Fund can appropriately invest the assets in the interim.

This report has an appendix which contains information exempt within the meaning of Schedule 12A to the Local Government Act 1972 and is not for publication. The appendix has therefore been circulated to Committee Members only.

If the Committee wishes to discuss the contents of a closed exempt appendix it may pass the proposed resolution identified at the end of the agenda to exclude members of the public and the press from the proceedings for that discussion.

Consideration was given to the report of the Executive Director Corporate Services.

It was noted that there was a confidential appendix to this report containing confidential information relating to this item, which Committee Members had read and would take into account when making the decision.

The Committee noted that Aon Hewitt had undertaken due diligence on four Diversified Growth Funds (DGF) in the London CIV and the main report made conclusions from an officer perspective.

Colin Cartwright, Aon Hewitt, informed the Committee that his report was contained at Appendix 1. He reminded Committee Members that following the results of the 2016 Actuarial Valuation for the London Borough of Camden Pension Fund ("the Fund"), an investment strategy review was conducted. After reviewing the results of the review, the Committee agreed that it was comfortable with the risk/return profile of the current strategy. However, it also agreed that scope existed to alter the composition of the portfolio, whilst maintaining the risk/return profile, by redeeming the hedge fund mandate and increasing the allocation to illiquid asset classes, such as Private Equity and Infrastructure, which provided an attractive illiquidity premium. Given that Private Equity and Infrastructure could only be invested when the managers requested a drawdown, it was recommended that the Pension Committee park the hedge fund proceeds in a diversified growth fund (DGF). Appendix 1 summarised the options available to the Pension Committee and also provided rationales driving those recommendations. It also included options that helped transition the Fund's assets into the London CIV.

He added that the long-term objective was infrastructure investment, but this option was not available yet. However, even if it was available, it would take time to set up, so the Committee needed to consider what to do in the meantime. It would be useful to have a risk and return profile similar to that Brevan Howard were providing, which provided some downside protection if equities fell.

It was noted that the Camden Pension Fund was the second largest investor in Brevan Howard and that the exit fees of 5% could be avoided by staggering redemptions in quarterly tranches

In response to a question Karen Shackleton confirmed that she believed that given the performance of Brevan Howard and their failure to deliver the mandate, it was the right time to exit. Colin Cartwright added that the thesis of the fund was a diversified source of returns and yet over time they had moved more and more to direct investment portfolio, which would not get them back to target. It was the view of the Committees advisors and officers to continue with the route already chosen.

With regard to whether the money should be parked in Index Linked Gilts, Colin Cartwright said that there would be lower transfer costs and a low risk asset, but that tactic would significantly alter the risk/reward profile. If the current risk/return profile was to be maintained, DGFs were more suitable. Costs were not prohibitive as DGFs were quite liquid. Whilst the  ...  view the full minutes text for item 10.

Report of the Executive Director Corporate Services

The Government has made it clear that it expects Local Government Pension Scheme (LGPS) Funds to make significant progress towards pooling. The London Collective Investment Vehicle (LCIV) was established in November 2015. The 33 London Pension Funds are expected to ensure the major proportion of their assets are managed by LCIV on their behalf. This report provides a quarterly update on developments at the London CIV in creating sub-funds for the spectrum of asset classes, on-boarding of assets and development of the CIV’s staff resource.

This report has an appendix which contains information exempt within the meaning of Schedule 12A to the Local Government Act 1972 and is not for publication. The appendix has therefore been circulated to Committee Members only.

If the Committee wishes to discuss the contents of a closed exempt appendix it may pass the proposed resolution identified at the end of the agenda to exclude members of the public and the press from the proceedings for that discussion.

Consideration was given to the report of the Executive Director Corporate Services.

The Committee noted that the report set out ongoing work to appoint several managers (liquid and illiquid multi asset credit), listed training that had happened in the last quarter and included appointments and departures. It included an interim governance review and a summary of interim findings that Willis Towers Watson had reviewed. The final report would be received by the London CIV board very shortly.

Kevin Cullen, Client Relationship Director, London CIV, was present at the meeting. He informed the meeting that there had been a number of changes as Hugh Grover had left and was replaced by Mark Hyde Harrison, who had a lot of expertise in industry, was chair of the LAPF and held senior positions in Barclays. Kevin Cullen was previously at State Street and before that UBS, and Philips and Drew. He had worked with LGPS clients throughout that time. He was attracted to the London CIV as it was a smaller, innovative enterprise and he wanted to be hands on. A team assistant had joined the equity team and the London CIV was now looking for an investment analyst.

There had been a lot of changes, and they were aware of some issues hence the governance review. The London CIV would be moving forward from here and would be presenting its business plan at the next meeting.

The Committee noted that the report contained a Part II appendix which presented the London CIV Governance Review Interim Findings.  This was not for publication and in order for Committee Members to discuss the content of the restricted appendices, it passed the following resolution:

RESOLVED –

THAT the press and public be excluded from the proceedings of the Committee on 29^th November 2017 during consideration of item 11 on the agenda on the grounds that it is likely, in view of the nature of the business to be transacted, that were members of the public to be present, there would be disclosure of exempt information as defined in Schedule 12A to the Local Government Act 1972 and that the public interest in maintaining the exemption outweighs the public interest in disclosing the information.

Specifically -

Publicity in respect of item 11 would be likely to lead to the disclosure of information relating to the financial or business affairs of any particular person (including the authority holding that information) by virtue of Category 3 of Schedule 12A of the Local Government Act 1972.

Part II

The Committee discussed the contents of the confidential appendix to the report as detailed in the restricted part of these minutes.

PART I

Having discussed the content of the confidential appendix, the Committee returned to open session.

RESOLVED –

THAT the report be noted and Committee Members be asked to feedback any comments on progress to the Chair and officers.

ACTION BY: Committee Members

TO NOTE:       Councillor Rishi Madlani

                          Executive Director Corporate Services

Report of the Executive Director Corporate Services

This report presents carbon foot print data from each of the Fund’s equity managers and also discusses approaches of non-equity managers. Carbon footprints measure the carbon equivalent tonnage of greenhouse gases which impact on global warming. The Fund is concerned about climate change and how this might impact investments and has included a specific risk in its risk register on this.

Consideration was given to the report of the Executive Director Corporate Services.

The Head of Treasury and Financial Transactions had asked the Fund’s equity managers how they approached and measured carbon footprints. Some managers had been ahead of the curve, some behind but many had caught up rapidly. It was important to look at scope levels and paragraphs 2.4 (page 152) set out how carbon footprints were measured with reference to the 3 scopes measured and paragraph 2.5 and table 1 (pages 152 and 153)  showed different sectors and emissions of all scopes.

He drew the Committee’s attention to three managers:

·         Baillie Gifford (because of style, growth manager, invest in tech not in traditional companies) they had a relatively small footprint and come out well.

·         Harris did not have all data to hand but quickly got up to date and engaged MSCI and took the requests very seriously.

·         Legal & General surprisingly did not have their portfolio benchmarked but had given a commitment to do that in early 2018 and were working hard to appoint someone. They had a low carbon tracker index, so it was expected that their footprint would be on the benchmark.

Officers were planning to arrange an event in January to which equity managers and Committee Members would be invited. Councillor Quadir asked if the event could be arranged after 22nd January 2018 as he would not be available to attend until then.

            TO NOTE: Executive Director Corporate Services.

Councillor Madlani said that the Fund had £1 billion invested in equities so it was an important first step of a big exercise and it was considered important to engage with companies and to use this data to influence managers. It was noted that the Camden was also exploring this with the London CIV to keep the cost low and meet its fiduciary duty.

Karen Shackleton said that organisations like Friends of the Earth had been very active on this. The starting point was undoubtedly the Fund’s carbon footprint and the next step was to look at ways to reduce the carbon footprint. Sometimes there were easy wins like passive transition. Challenges came in other asset classes, for instance determining what the carbon footprint of a bond portfolio was as it was harder to extract that information. However, the market was responding to this.

It was noted that Aon Hewitt was working with the Cambridge Institute to improve the use of ESG in manager review.

The Chair thanked officers for their work on this issue.

RESOLVED -

  (i)          THAT the contents of the report be noted; and

  (ii)        THAT a meeting be convened with the Fund’s equity managers to further explore carbon emission data and actions.

ACTION BY: Executive Director Corporate Services.

Report of the Executive Director Corporate Services

This report recaps on the global property investment with Partners Group and makes recommendations for investment in their next investment vehicle, the Partners 2017 Fund.

This report has an appendix which contains information exempt within the meaning of Schedule 12A to the Local Government Act 1972 and is not for publication. The appendix has therefore been circulated to Committee Members only.

If the Committee wishes to discuss the contents of a closed exempt appendix it may pass the proposed resolution identified at the end of the agenda to exclude members of the public and the press from the proceedings for that discussion.

Consideration was given to the report of the Executive Director Corporate Services.

It was noted that there was a confidential appendix to this report containing confidential information relating to this item, which Committee Members had read and would take into account when making the decision.

The Committee noted that there was a commitment of €54m in the 2009 fund and $72m in the 2013 fund. The 2009 fund was in the distribution phase, returning money to investors. Paragraph 2.2 sets out the performance in terms of Internal Rate of Return (IRR) and Multiples. The Committee’s attention was drawn to Table 4 (page 166) which showed a projection of performance if no action was taken and it noted that by reinvesting the Fund would reach a peak in 2020 which should put the Fund in a good position to transition to the London CIV in the future.

Victoria d’Avanzo and Keeran Kang, Vice Presidents, Partners Group were in attendance at the meeting. They summarised the global property investment and answered questions as follows:

·         they should have returned 85% of the capital that they had called from the Fund. They expected IRR to remain around 10% of the net level and said that refinancing on Terra Firma investments had done well for the 2009 fund.

·         The 2013 fund had one more year to go, but was fully committed and had a really good deployment rate, was 60% drawn and was expected to maintain drawdown pace of 15-20% over the next twelve months. The caveat however was that underlying managers would control how quickly to draw down. As that fund nears its maximum draw down, then the NAV that Camden had would be below 5% allocation. A £70m sterling commitment would mean that calls would be similar to distributions and the 5% allocation could remain for the next 3-4 years.

·         The 2017 strategy programme followed the 2013 fund. There would be a tail end solutions focus, when they would recapitalise the portfolio and re-incentivise the manager to continue following the same strategy with the same team. They had already made a number of commitments to do this.

·         If Camden did commit to a third tranche, they would offer a fee discount to Camden. They had reserved an allocation of £70m for Camden, provided they could get the necessary documentation by 22^nd December 2017.

·         Camden’s target was 15%, but the Partners Group preferred ranges for instance 12-15% net, based on discount

Colin Cartwright was asked how robust Aon Hewitt regarded the management infrastructure of Partners Group. He replied that Aon Hewitt had reviewed the fund and had given it a ‘buy’ rate. The one area of concern they had raised had been fee levels, notwithstanding fee discount of fee levels, and they were of the view that fees were a bit high. The focus, however, was on the 100% catch up on the hurdle rate, which they would not expect. Also Camden paid an annual management fee, plus a performance fee above that.  ...  view the full minutes text for item 13.

Report of the Executive Director Corporate Services

This report updates the employer register for all the admitted bodies in the Pension Fund and relevant data for the Committee to review in light of their funding positions and scheme status.

This report has an appendix which contains information exempt within the meaning of Schedule 12A to the Local Government Act 1972 and is not for publication. The appendix has therefore been circulated to Committee Members only.

If the Committee wishes to discuss the contents of a closed exempt appendix it may pass the proposed resolution identified at the end of the agenda to exclude members of the public and the press from the proceedings for that discussion.

Consideration was given to the report of the Executive Director Corporate Services.

The Committee noted that the report contained a Part II appendix which presented the employer register.  This was not for publication and in order for Committee Members to discuss the content of the restricted appendices, it passed the following resolution:

RESOLVED –

THAT the press and public be excluded from the proceedings of the Committee on 29^th  November 2017 during consideration of item 14 on the agenda on the grounds that it is likely, in view of the nature of the business to be transacted, that were members of the public to be present, there would be disclosure of exempt information as defined in Schedule 12A to the Local Government Act 1972 and that the public interest in maintaining the exemption outweighs the public interest in disclosing the information.

Specifically -

Publicity in respect of item 14 would be likely to lead to the disclosure of information relating to the financial or business affairs of any particular person (including the authority holding that information) by virtue of Category 3 of Schedule 12A of the Local Government Act 1972.

Part II

The Committee discussed the contents of the confidential appendix to the report as detailed in the restricted part of these minutes.

PART I

Having discussed the content of the confidential appendix, the Committee returned to open session.

The Committee congratulated officers on their work.

RESOLVED –

THAT the report be noted.

Report of the Executive Director Corporate Services

This report outlines the impact of the implementation of the Markets in Financial Instrument Directive 2014/65 (“MiFID II”) and in particular the risk to the administering authority (Pension Fund) of becoming a retail client on 3 January 2018. The report sets out the background to MiFID and the steps necessary to opt-up to professional client status.

Consideration was given to the report of the Executive Director Corporate Services.

The Committee noted the impact of the implementation of the Markets in Financial Instrument Directive 2014/65 (“MiFID II”) and in particular the risk to the administering authority (Pension Fund) of becoming a retail client on 3 January 2018 and the steps necessary to opt-up to professional client status.

In order to continue to effectively implement the authority’s investment strategy after 3 January 2018, applications for election to be treated as a professional client should be submitted to all financial institutions with whom the authority has an existing or potential relationship in relation to the investment of the pension fund and treasury management transactions.This process has already commenced with preparatory work in order to ensure completion in good time subject to the Council’s decision making processes and once complete would avoid the need for appropriate action to be taken by financial institutions in relation to the authority’s pension fund and treasury transactions.

The qualitative MiFID test required investment firms to undertake an assessment of the expertise, experience and knowledge of the local authority in order for the firm to be reasonably assured that the Fund was capable of making its own investment decisions and understood the risks involved.

Committee Members were therefore asked to self-assess against the skills map in Appendix 4 to the report and confirm skills or identify gaps in knowledge. This would help the Pensions team to identify training and guide Members to training materials to ensure Camden Pension Committee Members and officers could collectively demonstrate knowledge and skills across all competencies in order to meet the MiFID requirements. Officers had compiled a self-assessment sheet to help Committee Members evaluate their understanding against the framework, a copy of which was circulated at the meeting as attached at APPENDIX A and a digital copy of which would also be emailed to them.

            ACTION BY: Executive Director Corporate Services.

RESOLVED –

    (i)        THAT the potential impact on Pension Fund operations of becoming a retail client with effect from 3 January 2018 be noted;

  (ii)        THAT the ongoing preparatory work regarding applications to financial institutions for elected professional client status be noted;

 (iii)        THAT the protections for retail clients the Council will forgo in electing for professional client status (Appendix 1) be noted;

 (iv)        THAT authority be delegated to the Executive Director Corporate Services to take decisions concerning elected professional client status for the relevant financial institutions at Appendix 2, and any subsequent relationships identified, and where applicable to determine the basis of the application as either full or single service and to take steps to ensure completion of the applications; and

  (v)        THAT Members of the Committee complete the CIPFA knowledge and skills self-assessment framework as presented in Appendix 4 and paragraphs 5.3-5.5.

ACTION BY:        Executive Director Corporate Services

                                Committee Members

At this point in the proceedings the Committee noted that the meeting had lasted for nearly the maximum time of 3 hours and it, therefore, agreed  ...  view the full minutes text for item 15.

Report of the Executive Director Corporate Services

This report discusses contracts for actuarial services, investment consultancy, Corporate Governance, legal services and transition management services used by the Pension Fund and presents a procurement solution with the National Framework for each service.

This report has an appendix which contains information exempt within the meaning of Schedule 12A to the Local Government Act 1972 and is not for publication. The appendix has therefore been circulated to Committee Members only.

If the Committee wishes to discuss the contents of a closed exempt appendix it may pass the proposed resolution identified at the end of the agenda to exclude members of the public and the press from the proceedings for that discussion.

Consideration was given to the report of the Executive Director Corporate Services.

It was noted that there was a confidential appendix to this report containing confidential information relating to this item, which Committee Members had read and would take into account when making the decision.

RESOLVED –

(i)               THAT authority for the procurement strategy and award for actuarial services and investment management consultancy services be delegated to the Executive Director Corporate Services in consultation with the Chair of Pension Committee; and

(ii)             THAT authority for the procurement strategy and award for stewardship advisory services, legal services and transition management services be delegated to the Executive Director Corporate Services.

ACTION BY: Executive Director Corporate Services.

Report of the Executive Director Corporate Services

This report brings Members up to date with engagement activity undertaken by the Fund and LAPFF (the Local Authority Pension Fund Forum) since the last Committee meeting.

Consideration was given to the report of the Executive Director Corporate Services.

RESOLVED –

THAT the report be noted.

Report of the Executive Director Corporate Services

This report sets out items scheduled for future agendas of this Committee together with a record of training/ meetings attended and a list of future training opportunities.

Consideration was given to the report of the Executive Director Corporate Services.

It was noted that, following earlier discussion, a report on infrastructure would be submitted to the March and June meetings. Also a report on fixed income would also be submitted to a future meeting but it was difficult to schedule at this stage as it would follow work to be undertake by the London CIV.

ACTION BY: Executive Director Corporate Services

RESOLVED –

THAT the report be noted.

There was no urgent business.

Proposed resolution:

THAT the press and public be excluded from the proceedings of the Pension Committee on 29^th November 2017 during consideration of the respective items on the agenda on the grounds that it is likely, in view of the nature of the business to be transacted, that were members of the public to be present, there would be disclosure of exempt information as defined in Schedule 12A to the Local Government Act 1972.

Specifically -

Publicity in respect of item 13 would be likely to lead to the disclosure of information relating to the financial or business affairs of any particular person (including the authority holding that information) and not required to be registered under various statutes by virtue of Category 3 of Schedule 12A of the Local Government Act 1972 and the public interest in maintaining the exemption outweighs the public interest in disclosing the information.

RESOLVED –

THAT the press and public be excluded from the proceedings of the Committee on 29^th November 2017 during consideration of item 15 on the agenda on the grounds that it is likely, in view of the nature of the business to be transacted, that were members of the public to be present, there would be disclosure of exempt information as defined in Schedule 12A to the Local Government Act 1972 and that the public interest in maintaining the exemption outweighs the public interest in disclosing the information.

Specifically -

Publicity in respect of item 21 would be likely to lead to the disclosure of information relating to the financial or business affairs of any particular person (including the authority holding that information) by virtue of Category 3 of Schedule 12A of the Local Government Act 1972.

To approve and sign the Part II minutes of the Pension Committee meeting held on 30^th August 2017.

RESOLVED –

THAT the Part II minutes of the meeting held on 30^th August 2017 be approved and signed as a correct record.