Agenda and minutes
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Contact: Daksha Ghelani, Senior Democratic Services Officer Tel: 020 8424 1881 E-mail: daksha.ghelani@harrow.gov.uk
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Attendance by Reserve Members To note the attendance at this meeting of any duly appointed Reserve Members.
Reserve Members may attend meetings:-
(i) to take the place of an ordinary Member for whom they are a reserve; (ii) where the ordinary Member will be absent for the whole of the meeting; and (iii) the meeting notes at the start of the meeting at the item ‘Reserves’ that the Reserve Member is or will be attending as a reserve; (iv) if a Reserve Member whose intention to attend has been noted arrives after the commencement of the meeting, then that Reserve Member can only act as a Member from the start of the next item of business on the agenda after his/her arrival. Minutes: RESOLVED: To note that there were no Reserve Members in attendance. |
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Declarations of Interest To receive declarations of disclosable pecuniary or non pecuniary interests, arising from business to be transacted at this meeting, from:
(a) all Members of the Panel; (b) all other Members present. Minutes: RESOLVED: To note that the following interests were declared:
Agenda Item 4 – London Pensions Collective Investment Vehicle
Councillor Norman Stevenson, a Member on the Committee, declared a non-pecuniary interest in that he was a Director of Cathedral Independent Financial Planning Ltd. He would remain in the room whilst the matter was considered and voted upon. |
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Deputations To receive deputations (if any) under the provisions of Committee Procedure Rule 16 (Part 4B) of the Constitution. Minutes: RESOLVED: To note that no deputations were received at this meeting. |
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RESOLVED ITEMS |
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London Pensions Collective Investment Vehicle Report of the Director of Finance Additional documents:
Minutes: The Committee received a report of the Director of Finance advising Members of the need to review the delegation arrangements in connection with the establishment of London Local Government Pension Scheme (LGPS) Collective Investment Vehicle (CIV) Limited and sought agreement to various urgent actions.
Members asked questions and noted that each member of the London LGPS CIV Limited would make the same contributions and that if extra ‘B’ shares were required, the matter would be reported back to the Committee for a decision. It was noted that the Council was the last borough to sign up to the CIV.
An officer reported on the meeting of the CIV Sectoral Joint Committeeheld on Wednesday 4 November 2015. He informed the Committee that Sir BobKerslake had been appointed as Chairman if the CIV Boardand that the discussion at the meeting had concentrated on the latest developments in the CIV, proposals relating to the LGPS and infrastructure investment. Members were informed that a detailed report would be submitted to the next meeting of the Committee with a presentation from the Chief Executive of the CIV.
Following a minor amendment to recommendation 3 in the report, it was
RESOLVED: That
(1) the Section 151 Officer arrange for the sealing of the Shareholders’ Agreement with London LGPS CIV Limited;
(2) the Section 151 Officer sign the written resolutions approving the Articles of Association of London LGPS CIV Limited and the reclassification of shares, as described in the resolution;
(3) the S151 Officer arrange for the sealing of the Deed of Adherence to allow the London Borough of Havering to be admitted to London LGPS CIV Limited and, following consultation with the Chair of the Committee, to seal any subsequent such deeds;
(4) the investment of £150,000 for the purchase of 150,000 B shares of £1 each in London LGPS CIV Limited be agreed. |