18.1    There were no apologies for absence

Members are reminded that they must not participate in the discussion or voting on any matter in which they have a Disclosable Pecuniary Interest and should leave the room prior to the commencement of the debate.

19.1    Members were reminded that they must not participate in the discussion or voting on any matter in which they had a disclosable pecuniary interest and should leave the room prior to the commencement of the debate

The Minutes of the meeting held on 28 June 2016 are attached for confirmation, marked 3.

Contact: Sarah Townsend (01743 257721)

20.1    RESOLVED

That the minutes of the meeting held on 28 June 2016 be approved and signed by the Chairman as a true record.

To receive any public questions or petitions from the public, notice of which has been given in accordance with Procedure Rule 14.  The deadline for this meeting is 5.00 pm on Friday, 16^th September 2016.

21.1    There were no questions from members of the public

Mr David Herro, Mr Euan MacLaren and Mr Jeff Vilker will give a presentation.

22.2    The meeting received an update from representatives of Harris Associates.in which they gave a background to their company and outlined the various strategies that they were following.  The then took questions from the Committee

The report of the Head of Internal Audit is attached, marked 6.

Contact: Ceri Pilawski (01743 257739)

23.1    The Committee received the report of the Head of Internal Audit which provided Members with an update on the External Assessment review planned in November 2016.

23.2    RESOLVED:

            That the Committee endorse the information set out in the report.

The report of the Head of Internal Audit is attached, marked 7.

Contact: Ceri Pilawski (01743 257739)

24.1    The meeting received the report of the Head of Internal Audit which provided members with details of work undertaken by Internal Audit for the year ending 31 March 2016.

24.2    The Head of Internal Audit informed Members that 100% of the plan had been delivered and that five good assurances had been made.

24.3    RESOLVED:-

            That the Committee endorse: -

a)    Performance against the Audit Plan for the year ended 31 March 2016; and

b)    The Audit Manager’s positive year end opinion on the Fund’s governance, risk management and internal control environment for 2015/16 on the basis of the work undertaken and management responses received.

RESOLVED:

That under paragraph 10.2 of the Council’s Access to Information Procedure Rules that the proceedings of the Committee in relation to the next item shall not be conducted in public on the grounds that they involve the likely disclosure of exempt information as defined by the categories specified against them.

Mr Louis-Paull Hill, Aon Hewitt, will present this item.

25.1    The Committee received a presentation from Aon Hewitt

RESOLVED

That the meeting return to public session

The report of Grant Thornton is attached, marked 8.

Contact: Terry Tobin (0121 232 5312)

26.1    The meeting received the report of Grant Thornton which set out the external audit findings for the Shropshire County Pension Fund.  Members were advised that an unqualified audit opinion would be given in respect of the financial statements for the year ending 31 March 2016.

26.2    RESOLVED:

            That Members  note the contents of the report.

The report of the Head of Finance, Governance & Assurance (Section 151 Officer) is attached, marked 9.

Contact: James Walton (01743 258915)    

27.1    The Committee received the report of Head of Finance, Governance and Assurance which provided Members with the Shropshire Council Pension Fund Annual Report 2015/16 and an update on the annual audit.

27.2    RESOLVED:

            That the Committee approve the Pension Fund Annual Report 2015/16

The report of the Pension Administration Manager is attached, marked 10.

Contact: Debbie Sharp (01743 252192)

28.1    Members received the report of the Pensions Administration Manager (copy attached to the signed minutes) which provided Members with monitoring information on the performance of and issues affecting the Pensions Administration Team.

28.2    Members were advised that annual benefit statements for deferred worker had been issued at the end of July and that these would be issued electronically next year through the website unless individual members requested to receive a paper copy.

28.3    RESOLVED:

            That Members accept the position as set out in the report.

The report of the Head of Treasury & Pensions is attached, marked 11.

Contact: Justin Bridges (01743 252072)

29.1    Members received the report of the Investment officer which informed Members of Corporate Governance and socially responsible investment issues arising in the quarter 1 April 2016 to 30 June 2016

29.2    RESOLVED:

            That Members accept the position as set out in the report, Manager Voting Reports at Appendix A and BMO Global Asset Management Responsible Engagement Overlay Activity Report at Appendix B

To consider a resolution under paragraph 10.2 of the Council’s Access to Information Procedure Rules that the proceedings of the Committee in relation to Agenda Items 13 to 17 shall not be conducted in public on the grounds that they involve the likely disclosure of exempt information as defined by the categories specified against them.

30.1    RESOLVED:

That under paragraph 10.2 of the Council’s Access to Information Procedure Rules that the proceedings of the Committee in relation to the next item shall not be conducted in public on the grounds that they involve the likely disclosure of exempt information as defined by the categories specified against them.

The exempt Minutes of the meeting held on 28 June 2016 are attached for confirmation, marked 13.

Contact: Sarah Townsend (01743 257721)

31.1    RESOLVED

That the exempt minutes of the meeting held on 28 June 2016 be approved and signed by the Chairman as a true record

Mr Louis-Paul Hill, Aon Hewitt, will present this item.

32.1    Members received a presentation from Mr Louis-Paul Hill, Aon Hewitt on the results of the View Point Survey.

The exempt report of Aon Hewitt is attached, marked 15.

Contact: Louis-Paul Hill (0117 900 4440)

33.1    Members received a report which set out private equity recommendations

33.2    RESOLVED:

            That the recommendations contained in the exempt report be approved

The exempt report of the Head of Treasury & Pensions is attached, marked 17.

Contact: Justin Bridges (01743 252072)

34.1     The Committee received the exempt report of the Head of Treasury and Pensions (copy attached to the Exempt signed Minutes) which provided Members with monitoring information on investment performance and managers for the quarter period to 31 March 2016, and reported on the technical meetings held with managers since the quarter end. 

34.2    RESOLVED: 

That the position as set out in the exempt report by the Head of Treasury and Pensions be noted

(The full version of Minute 25 and Minutes 31 to 34 constitutes exempt information under Categories 2 and 3 of Paragraph 10.4 of the Council’s Access to Information Rules and has accordingly been withheld from publication).