Issue - meetings

The Committee had before it a report by the Director of Resources which presented the unaudited Annual Report and Accounts for the North East Scotland Pension Fund (NESPF).

Members heard from Mr Jonathan Belford, Chief Officer – Finance, in respect of the report.  Mr Belford noted that it was the first annual report and accounts since the merger of the Transport Fund, and acknowledged the huge amount of effort it had taken the team to prepare the report.  He stated that he was hugely proud of the NESPF team, particularly given the disruption over the last few years.  He noted the modest reduction in the value of assets, but highlighted that this was not unexpected given the performance reporting throughout the year.  He concluded by advising that the audited annual report and accounts would be presented to Committee in September.

Members then asked questions of officers in respect of the report.  During the discussion, Councillor Smith highlighted on page 42, the report reflected that training had been given to newly Elected Members and it had been clarified that this referred to the Committee members.  He suggested that it would be helpful for he and Councillor Leadbitter to receive the same training.

The report recommended:-

that the Committee review and consider the unaudited Annual Report and Accounts for the North East Scotland Pension Fund.

The Committee resolved:-

(i)       to note that officers would make contact with Board Members who may not have received the initial training following the May 2022 elections, as well as ensuring there was clarity as to how training was defined in reports to identify if it was for Committee members only;

(ii)       to thank the NESPF team for their efforts in preparing the draft annual accounts and report; and

(iii)      to note the report.