Agendas, reports and minutes

A joint meeting of the Pensions Committee and Pension Board will take place in the Chamber, Council Headquarters, Glenurquhart Road, Inverness on Thursday 24 September 2015 at 2.00 p.m.

You are invited to attend the meeting and a note of the business to be considered is attached.

Webcast Notice: This meeting will be filmed and broadcast over the internet on the Highland Council website and will be archived and available for viewing for 12 months thereafter.

Yours faithfully

MICHELLE MORRIS
DEPUTE CHIEF EXECUTIVE/
DIRECTOR OF CORPORATE DEVELOPMENT

BUSINESS

1.Apologies for Absence
   Leisgeulan

2.Declarations of Interest
   Foillseachaidhean Com-pàirt

Members are asked to consider whether they have an interest to declare in relation to any item on the agenda for this meeting.   Any Member making a declaration of interest should indicate whether it is a financial or non-financial interest and include some information on the nature of the interest.   Advice may be sought from Officers prior to the meeting taking place. 

3.Recess Powers
   Cumhachdan Fosaidh

The Committee is asked to note that the Recess Powers granted by the Council at its meeting on 25 June 2015 have not been used in respect of this Committee. 

4.Statement on Internal Control 2014/15 and Internal Audit Plan 2015/16
   Aithris air In-Ùghdarras 2014/15 agus Plana In-Sgrùdaidh 2015/16

There is circulated Report No. PC/04/15 by the Head of Audit & Risk Management which includes an assessment of the adequacy, reliability and effectiveness of the Council’s system of internal control and provides information for the Pension Fund’s Annual Governance Statement contained within the 2014/15 Statement of Accounts.

In addition, details are provided of the audits being undertaken as part of the 2015/16 Audit Plan which Members are asked to approve.

Members are invited to note the:-

i. content of the attached report and the audit opinion provided, and to raise any relevant points with the Head of Audit & Risk Management; and

ii.status of this year’s planned audits and to formally approve the 2015/16 Audit Plan. PP.1-6

5.Internal Audit Reports – Matters arising from the Statement of Internal Control 2014/15 and Pension   Fund Investments
 Aithisgean In-Sgrùdaidh – Gnothaichean ag Èirigh bhon Aithris air In-Ùghdarras 2014/15 agus Tasgaidhean Maoin Peinnsein

There is circulated Report No. PC/05/15 by the Head of Audit & Risk Management which refers to the audit work undertaken since the last report to the Board on 14 November 2014.

Members are invited to consider the content of the attached reports and the audit opinions provided, and to raise any relevant points with the Head of Audit & Risk Management. PP.7-20

6a.Annual Audit Report to Members of the Pensions Committee and the Controller of Audit
   Aithisg In-sgrùdaidh Bhliadhnail do Bhuill de Chomataidh nam Peinnsean agus Rianadair an Sgrùdaidh

There is circulated Report No. PC/06/15 comprising covering memo and the draft Annual Report on the 2014/15 Audit, by the Senior Audit Manager, Audit Scotland.

The Committee is invited to note the report.

6b.Audited Accounts 2014/15
     Cunntasan Sgrùdaichte 2014/15

The audited accounts will follow separately and the Director of Finance will respond to any matters arising.

The Committee is invited to note the report and consider and approve the accounts.

7. Pension Fund Risk Management Policy and Strategy
    Poileasaidh agus Ro-innleachd Rianachd Cunnairt Maoin Peinnsein

There is circulated Report No. PC/07/15 by the Director of Finance which provides a copy of the Highland Council Pensions Fund Risk Management Policy and Strategy for approval and an update on the Fund’s risk register.

Members are asked to approve the risk management policy and strategy and note the updated risk register.

8.Pension Fund Administration
   Rianachd Maoin Peinnsein

There is circulated Report No. PC/08/15 by the Director of Finance which updates Members on matters relating to the administration of the Highland Council Pension Fund.

The Committee is asked to consider the details of the report.

9. Highland Council Pension Fund: Monitoring of Retirements
    Maoin Peinnsein Chomhairle na Gàidhealtachd: Sgrùdadh Cluaineis

There is circulated Report No. PC/09/15 by the Director of Finance which provides information relating to retirements from The Highland Council Pension Fund for the year ended 31 March 2015.

The Committee is asked to note the report.

10.Training
     Trèanadh

The Scottish Investment Governance Group (IGG) will hold a training seminar in Edinburgh on 9 October, 2015 for The Local Government Pension Scheme (LGPS).  The subjects covered will be Fiduciary Duties; Responsible Investment; Investments – Bonds, Equites and Alternatives; and Role of Actuary.

This event is open to members of the Pensions Committee and Pension Board and is available by video conference in Committee Room 3, Council Headquarters, Inverness and Members are invited to attend. 

11. Investment Sub Committee: Minutes of Meeting
      Fo-chomataidh Tasgaidh: Geàrr-chunntas na Coinneimh

The Minutes of meeting of the Investment Sub-Committee held on 19 February 2015, 29 May 2015 and 21 August 2015 are circulated for confirmation.