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The decisions as the council's minutes record them. A plain-language summary follows once it has been written.
RESOLVED 6.1 That the letter from Audit Wales regarding the WPP 2021/22 Annual Return be received; 6.2 That the Audited Annual Return for 2021/22 be approved; 6.3 That the Unaudited full Statement of Accounts for 2021/22 be noted
RESOLVED that the Host Authority update be received.
RESOLVED that the amendments to the WPP Risk Register, as detailed in the report, be approved subject to inclusion of amendment to G9.
RESOLVED that the following, as detailed above, be approved:- · the Whistleblowing Policy · the Business Continuity Plan
RESOLVED that the: 10.1 Voting Policy be approved 10.2 Conflict of Interest Policy be approved 10.3 Risk Policy be approved 10.4 Climate Risk Policy be approved 10.5 the RI and Climate Risk Annual progress update be noted
RESOLVED that the Operator Update be received.
RESOLVED that the Performance Reports of the following sub-funds as at 31 March 2022 be approved: 12.1. Global Opportunities Equity Fund; 12.2. Global Growth Equity Fund; 12.3. Emerging Markets Equity Fund; 12.4. UK Opportunities Equity Fund; 12.5. Global Government Bond Fund; 12.6. Global Credit Fund; 12.7. Multi Asset Credit Fund; 12.8. Absolute Return Bond Strategy Fund; 12.9. UK Credit Fund.
UNANIMOUSLY RESOLVED that Councillor Christopher Weaver be appointed Chair of the Joint Governance Committee for the forthcoming calendar year. The outgoing Chair was thanked for all his hard work and contribution to the Joint Committee during his period as Chair.
UNANIMOUSLY RESOLVED that Councillor Ted Palmer be appointed Vice-Chair of the Joint Governance Committee for the forthcoming calendar year.
There were no apologies for absence.
Member Agenda Item No. Interest Cllr. M. Lewis All agenda items He is a member of Swansea Pension Fund along with his wife. Cllr.S. Churchman All agenda items He is a member of the Gwynedd Pension Fund Cllr. P. Lewis All agenda items He is a member of the Powys Pension Fund Cllr. N. Yeowell All agenda items His father and two aunts are members of the Gwent Pension Fund and is in the process of joining the Gwent Pension Fund Cllr. M. Norris All agenda items He is a member of the Rhondda Cynon Taf Pension Fund Cllr. T. Palmer All agenda items His partner and daughter are members of the Clwyd Pension Fund and is in the process of joining the Clwyd Pension Fund Cllr. E. Williams All agenda items He is a member of the Dyfed Pension Fund Cllr. C. Weaver All agenda items He is a member of the Cardiff & Vale Pension Fund [Note: There is an exemption within the Code of Conduct for Members, which allows a member who has been appointed or nominated by their Authority to a relevant body to declare that interest but remain and participate in the meeting.]
UNANIMOUSLY RESOLVED that the minutes of the Joint Governance Committee meeting held on 23rd March, 2022 be signed as a correct record.
Decision as recorded
RESOLVED 6.1 That the letter from Audit Wales regarding the WPP 2021/22 Annual Return be received; 6.2 That the Audited Annual Return for 2021/22 be approved; 6.3 That the Unaudited full Statement of Accounts for 2021/22 be noted
[NOTE: Councillors M. Lewis, P. Lewis, S. Churchman, M. Norris, T. Palmer, C. Weaver, N. Yeowell and E. Williams had earlier declared an interest in this item.] The Joint Committee Section 151 Officer presented the audited Annual Return for 2020/21. The Accounting Statements and Annual Governance Statement sections of the Annual Return had been prepared by the Host Authority whose Internal Audit Section had carried out an Internal Audit Review. The Annual Return had also been audited by Audit Wales and Mr Jason Blewitt of Audit Wales presented the audit letter to the Joint Committee. The Host Authority had also prepared a full Statement of Accounts for the Wales Pension Partnership for 2021/22. The Statement was not a statutory requirement and would not be audited. It has been prepared for information purposes only, to support the information included in the Annual Report. RESOLVED 6.1 That the letter from Audit Wales regarding the WPP 2021/22 Annual Return be received; 6.2 That the Audited Annual Return for 2021/22 be approved; 6.3 That the Unaudited full Statement of Accounts for 2021/22 be noted
Decision as recorded
RESOLVED that the Host Authority update be received.
[NOTE: Councillors M. Lewis, C. Weaver, P. Lewis, N. Yeowell, S. Churchman M. Norris, T. Palmer and E. Williams had earlier declared an interest in this item.] The Joint Committee received a progress update in relation to the following key areas: - Governance; - Ongoing establishment; - Operator services; - Communications and reporting; - Training and meetings; and - Resources, budget and fees. UNANIMOUSLY RESOLVED that the Host Authority update be received.
Decision as recorded
RESOLVED that the amendments to the WPP Risk Register, as detailed in the report, be approved subject to inclusion of amendment to G9.
[NOTE: Councillors M. Lewis, P. Lewis, N. Yeowell, C. Weaver, S. Churchman, M. Norris, T. Palmer and E. Williams had earlier declared an interest in this item.] The Joint Committee considered the Risk Register Q2 2022 Review. During the last quarter, the Officer Working Group had undertaken a review, looking at the second half of the Governance and Regulation section of the Risk Register i.e. Risks G.7 to G.14. The review outcomes of each risk were summarised in an appendix to the report. It was recommended to amend the G9 responsible party to include the JGC. UNANIMOUSLY RESOLVED that the amendments to the WPP Risk Register, as detailed in the report, be approved subject to inclusion of amendment to G9.
Decision as recorded
RESOLVED that the following, as detailed above, be approved:- · the Whistleblowing Policy · the Business Continuity Plan
[NOTE: Councillors M. Lewis, P. Lewis, N. Yeowell, C. Weaver, S. Churchman, M. Norris, T. Palmer and E. Williams had earlier declared an interest in this item.] The Joint Committee received a report detailing the :- · Whistleblowing Policy · Business Continuity Plan The Whistleblowing Policy has been developed for the WPP which provides guidance to WPP personnel and providers on how to raise concerns should they suspect malpractice by anyone acting for or on behalf of WPP. This policy will be formally reviewed by the OWG on a triennial basis. All eight Constituent Authorities and WPP’s current external providers have their own whistleblowing policies in place. The Business Continuity Plan has been developed and outlines how WPP will continue operating during an unplanned disruption in service. This plan will be updated as required. UNANIMOUSLY RESOLVED that the following, as detailed above, be approved:- · the Whistleblowing Policy · the Business Continuity Plan
Decision as recorded
RESOLVED that the: 10.1 Voting Policy be approved 10.2 Conflict of Interest Policy be approved 10.3 Risk Policy be approved 10.4 Climate Risk Policy be approved 10.5 the RI and Climate Risk Annual progress update be noted
[NOTE: Councillors M. Lewis, P. Lewis, N. Yeowell, C. Weaver, S. Churchman, M. Norris, T. Palmer and E. Williams had earlier declared an interest in this item.] The Joint Committee received a report detailing the Annual Policy Reviews undertaken this quarter by the OWG on the following policies:- - Voting Policy - Conflicts of Interest Policy - Risk Policy - Climate Risk Policy With regard to the Conflicts of Interest Policy, reference was made to 16.2 and officers were asked if it was really necessary for members to declare an interest in all agenda items and at every meeting and couldn’t an annual declaration be made instead. The Joint Committee Monitoring Officer explained that it was a requirement of the Code of Conduct that members declare any conflicts of interest at every meeting. UNANIMOUSLY RESOLVED that the: 10.1 Voting Policy be approved 10.2 Conflict of Interest Policy be approved 10.3 Risk Policy be approved 10.4 Climate Risk Policy be approved 10.5 the RI and Climate Risk Annual progress update be noted
Decision as recorded
RESOLVED that the Operator Update be received.
[NOTE: Councillors M. Lewis, P. Lewis, N. Yeowell, S. Churchman, C. Weaver, M. Norris, T. Palmer and E. Williams had earlier declared an interest in this item.] The Joint Committee received a presentation on the progress of the Wales Pension Partnership in relation to the following key areas: - Current Fund Holdings; - Fund Launch Progress; - Corporate Update and Engagement. The report also provided an updated on the progress and milestones of the following Sub Funds:- • Tranche 1 – Global Equity • Tranche 2 – UK Equity • Tranche 3 – Fixed Income • Tranche 4 – Emerging Markets UNANIMOUSLY RESOLVED that the Operator Update be received.
Decision as recorded
RESOLVED that the Performance Reports of the following sub-funds as at 31 March 2022 be approved: 12.1. Global Opportunities Equity Fund; 12.2. Global Growth Equity Fund; 12.3. Emerging Markets Equity Fund; 12.4. UK Opportunities Equity Fund; 12.5. Global Government Bond Fund; 12.6. Global Credit Fund; 12.7. Multi Asset Credit Fund; 12.8. Absolute Return Bond Strategy Fund; 12.9. UK Credit Fund.
[NOTE: Councillors M. Lewis, P. Lewis, C. Weaver, S. Churchman, N. Yeowell, M. Norris, T. Palmer and E. Williams had earlier declared an interest in this item.] The Joint Committee received a presentation on the Performance Reports as at 31 March 2022. It was advised that the sub funds that had outperformed/underperformed their respective benchmarks, were as follows: · Global Opportunities – outperformed by 1.12% gross / 0.78% net · Global Growth – underperformed by 0.86% gross / 1.31% net · Emerging Markets – underperformed by 0.35% gross / 0.58% net · UK Opportunities – underperformed by 1.85% gross / 2.27% net · Global Government Bond – outperformed by 0.84% gross / 0.61% net · Global Credit – outperformed by 1.36% gross / 1.19% net RESOLVED that the Performance Reports of the following sub-funds as at 31 March 2022 be approved: 12.1. Global Opportunities Equity Fund; 12.2. Global Growth Equity Fund; 12.3. Emerging Markets Equity Fund; 12.4. UK Opportunities Equity Fund; 12.5. Global Government Bond Fund; 12.6. Global Credit Fund; 12.7. Multi Asset Credit Fund; 12.8. Absolute Return Bond Strategy Fund; 12.9. UK Credit Fund.
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