Issue - meetings

The Committee had before it a report by the Chief Officer – Finance which provided various updates and recommendations (if applicable) to changes to the North East Scotland Pension Fund.

The report provided an update on the 2020 HM Treasury Cost Control Mechanism Results; breaches of law, noting that there had been no reports to the Pensions Regulator or Information Commissioner during the reporting period; the Operating Model Review which would look at the current structure and provision of critical services, with the aim to ultimately deliver financial and service efficiencies; and the 2023 Actuarial Valuation.

The report advised that the following documents had also been updated:-

·       NESPF Cyber Incident Response Plan (**NEW**)

·       Record Keeping Policy (removed references to the Transport Fund and replaced Code of Practice 14 with General Code following implementation)

·       Training Policy (minor amendments for improved clarity, added CIPFA Framework for Board members)

·       Pension Board Appointment Process (update from CoP14 to General Code)

·       Statement of Investment Principles (addition of Exclusion Policy and enhanced Climate Statement, also added details on biodiversity and provided examples)

·       Investment Policy (minor amendments to reference ESG, responsible investment, risk classes)

·       Corporate Governance and SRI Policy (minor amendments in reference to ESG and responsible investment to provide further clarity on approach)

Appended to the report were updated copies of the risk register; the Pensions Administration Strategy; the Actuarial Valuation and the NESPF Funding Strategy Statement.

Members asked a number of questions in relation to the information provided in the report.

The report recommended:-

that the Committee –

(a)      approve the updates to the Fund policy documents as set out in 6.2 of the main report; and

(b)      note the remainder of the report for reassurance.

The Committee resolved:-

to approve the recommendations.