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There is no summary of this meeting yet. One is written once the council publishes the minutes. The agenda and papers are below.
Resolved that Councillor C R Doyle be elected Chair for the 2024-2025 Municipal Year. (Councillor C R Doyle presided)
Resolved that Ian Guy be appointed Vice-Chair for the 2024-2025 Municipal year.
In accordance with the Code of Conduct adopted by the City and County of Swansea, the following interests were declared: - Councillor C R Doyle, Ian Guy and Rob Thomas declared personal interests in the agenda as a whole. Karen Cobb, Jeff Dong, Jeremy Parkhouse and Melissa Perry declared personal interests in the agenda as a whole.
Resolved that the Minutes of the Local Pension Board meetings held on 10 April and 24 July 2024 be approved and signed as a correct record.
Jeff Dong, Deputy Chief Finance Officer / Deputy Section 151 Officer presented the City and County of Swansea Pension Fund – Audit Plan 2024. The report outlined the high-level areas and approach Audit Wales would adopt during 2024 to discharge its statutory responsibilities as external auditor and to fulfil its obligations under the Code of Audit Practice to examine and certify whether the Pension Fund accounting statements were ‘true and fair’. It was added that the findings of the audit would be reported in the ISA 260 report in November 2024. The purpose of the plan was to set out the proposed work, when it would be undertaken, how much it would cost and who would undertake it. Resolved that the contents of the report be noted.
The Deputy Chief Finance Officer / Deputy Section 151 Officer provided ‘for information’ the draft annual report & statement of accounts for the City & County of Swansea Pension Fund 2023/24. Officers had presented a completed draft annual report & statement of accounts 2023/24 to Audit Wales to commence their audit. Audit Wales had commenced their audit of the Pension Fund Draft Annual Report & Statement of Accounts 2023/24 in August 2024. Their subsequent ISA 260 report with audit opinion and audit findings would be presented to the Pension Fund Committee and Local Pension Board at the conclusion of the audit in November 2024. It was added that as the financial reporting and audit timetables return to pre- Covid timelines, inevitably more estimation and assumptions would need to be adopted when drafting the statement. Inevitably when ‘actual’ figures were received, they would be amended as appropriate. Audit Wales would report accordingly. The City & County of Swansea Pension Fund Draft Annual Report & Statement of Accounts 2023/24 were attached at Appendix 1. Staff within the Finance Department were thanked and congratulated for their work and commitment.
The Deputy Chief Finance Officer / Deputy S151 Officer provided a ‘for information’ report which was approved by the Pension Fund Committee in July 2024 and provided the approval of the amendment of the admission body status for Mrs Bucket in respect of another school’s employees, be it by amendment or new agreement. It was explained that Mrs Bucket had previously been admitted as an employer into the scheme in respect of its contract with Ysgol Gynradd Gymraeg Tirdeunaw and the Pension Fund Committee approved its admission in July 2023. Mrs Bucket currently undertook similar services for schools in the Rhondda Cynon Taf (RCT) and Cardiff Council areas and had entered into admission agreements with RCT Council and Cardiff Council as the requisite LGPS Administering Authorities. It was proposed that the admission agreement be granted on a closed scheme basis, to include only the named staff (approx.10) in schedule 1 of the revised or new admission agreement. It was added that the new or amended admission agreement would require the requisite indemnity bond or sponsoring employer guarantee be secured from the sponsoring employer, Swansea Council. The Administering Authority would also undertake the appropriate risk assessment of the admitted body Mrs Bucket as part of the Admission Body Agreement.
The Deputy Chief Finance Officer / Deputy S151 Officer provided a ‘for information’ report which informed the Committee of reported exceptional items contained within the internal control assurance reports of appointed fund managers/custodians. It was explained that asset managers and custodians and depositaries were subject to heavy regulation from a global, EU and UK context. They were required to report on their systems of internal control which were subject to external audit and comment by suitably qualified and independent audit companies. Details of the scope of the internal control environment were provided. Appendix 1 provided the Russell Investments System and Organisation Control Report. Appendix 2 provided the Report on Controls at Blackrock placed in Operation and Tests of Operating Effectiveness in Asset Management. Appendix 3 provided the Fund Manager Summary 2023/24 and Appendix 4 provided the Northern Trust System and Organisation Control (SOC1) Report (for 12 months ended 31/03/2024).
The Deputy Chief Finance Officer / Deputy S151 Officer presented a ‘for information’ report which presented any breaches which had occurred in the period in accordance with the Reporting Breaches Policy. Appendix A provided the details of breaches that had occurred since the Policy had been introduced. It was noted that no breaches had occurred since the previous meeting in July 2024.
The Board was requested to exclude the public from the meeting during consideration of the item(s) of business identified in the recommendation(s) to the report on the grounds that it / they involved the likely disclosure of exempt information as set out in the exclusion paragraph of Schedule 12A of the Local Government Act 1972, as amended by the Local Government (Access to Information) (Variation) (Wales) Order 2007 relevant to the item(s) of business set out in the report. The Board considered the Public Interest Test in deciding whether to exclude the public from the meeting for the items of business where the Public Interest Test was relevant as set out in the report. Resolved that the public be excluded for the following items of business. (Closed Session)
Councillors must say when they have a personal link to something being discussed, such as a job, a property or a family member. A prejudicial interest is one strong enough that the councillor usually leaves the room and takes no part.
Declarations are read from the minutes once they are published.
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