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- Agenda Item
Item 6 - Business Update (CIV14/18)
Recommendations:
The PSJC is asked to note :-
i. the finance report
ii. the report on regulatory capital and the status of the guarantee and recharge agreement
iii. the operating model report
iv. the fund launch update
v. the Richmond shareholding in LCIV -
- Agenda Item
Item 5 - Governance (CIV14/18)
Recommendation:
The shareholder Governance of the London CIV moves to the revised meeting structure of two General Meetings and Quarterly Shareholder Meetings in line with the Terms of Reference and this sectoral joint committee of London Councils is dissolved with the written agreement of all the participating local authorities all being shareholders in the London CIV.
At the next AGM of the London CIV the Chairs, Directors and members would be confirmed.
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- Agenda Item
Item 4 - Board Structure (CIV14/18)
Recommendation:
The paper is for noting.
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- Agenda Item
Item 7 - Client Report (CIV31/1)
Recommendations:
The committee is recommended to note the contents of this report
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- Agenda Item
Item 6 - Fund Performance Report (CIV31/1)
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- Agenda Item
Item 5 - Fund Launch Status (CIV31/1)
Recommendations:
The committee is recommended to note and discuss the contents of this report.
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Recommendations
The Committee is recommended :-
1. To note and approve the Annual Budget for 2018/19 and the MTFS for the period 2018/2023
2. To agree to the pension guarantee in favour of COLPF and the recharge agreement to address the FRS102 pension accounting deficit. -
- Agenda Item
Item 7 - Client Engagement Report (P11/12)
Recommendations:
The committee is recommended to note the contents of this report
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- Agenda Item
Item 6 - Fund Performance Report (P11/12)
Recommendations
The Committee is recommended to note and discuss the contents of this report.
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- Agenda Item
Item 5 - Fund Launch Status Report (P11/12)
Recommendations:
The committee is recommended to note and discuss the contents of this report.
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- Agenda Item
Item 4 - Finance Report & MTFS Update (P11/12)
Recommendations:
The Committee is recommended :-1. To note the finance report and
2. To confirm the Development Funding Charge for the financial year 2017/18 and
3. To note the status of the MTFS -
- Agenda Item
Item 7 - Fund Launch Progress Report (CIV13/9)
Recommendation:
The Committee is recommended to note and discuss the content of this report
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- Agenda Item
Item 6 - Fund Performance Report (CIV13/9)
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- Agenda Item
Item 11 - Variation of Permissions (CIV13/9)
Recommendations:
The Committee is recommended to note the contents of this report and agree that LCIV:
i. proceed to prepare a resolution for shareholder approval to extend the activity of the Company to manage both authorised and unauthorised Alternative Investment Funds (AIFs). -
Recommendations:
The committee is recommended to note and discuss the contents of this report.
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Recommendations:
The committee is recommended to note the report.
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Recommendations:
The committee is recommended to note the contents of this report
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- Agenda Item
Item 5 - Finance Report (CIV13/9)
Recommendations:
The committee is recommended to note and discuss the contents of this report.
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- Agenda Item
Item 4 - CEO's Report (CIV13/9)
Recommendations:
The committee is recommended to note and discuss the contents of this report.
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- Agenda Item
Item 11 - Fund Performance (PS12/17)
Recommendations:
The committee is recommended to note the contents of this report.
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- Agenda Item
Item 15 - Stewardship (CIV12/17)
Recommendations:
The committee is recommended to:
i. Consider and note the contents of this report
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Recommendations:
The committee is recommended to note the report and provide feedback on the draft event schedule
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Recommendations:
The committee is recommended to note the contents of this report;
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- Agenda Item
Item 12 - Fund Launch Progress (CIV12/17)
Recommendation:
The Committee is recommended to note and discuss the content of this report
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- Agenda Item
Item 10 - Finance Report (CIV12/17)
Recommendations:
The committee is recommended to note and discuss the contents of this report.
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- Agenda Item
Item 9 - CEO's Report (CIV12/17)
Recommendations:
The committee is recommended to note and discuss the contents of this report.
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- Agenda Item
Item 8 - Constitutional Matters (CIV12/17)
Recommendation:
The Committee is recommended to:
• Note the changes to London Councils constitutional documents. -
Recommendations:
The committee is recommended to note the report and provide feedback on the draft event schedule
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Recommendations:
The committee is recommended to:
i. Consider and note the requirement to report to DCLG on Investment Pooling Progress.
ii. Consider and note the reporting framework for shareholders and investors -
Recommendations:
The committee is recommended to note and discuss the reporting framework set out below.
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- Agenda Item
Item 7 - Finance Report and Benefits (CIV12/4)
Recommendations:
The Committee is recommended to note:
i. the updated forecast of LCIV to March 2017
ii. the reporting and audit timetable of LCIV for the financial year ending 31st March 2017
iii. the audited financial statements for the LCIV LGPS Authorised Contractual Scheme (the ‘Fund’) for the period to 31 December 2016 -
- Agenda Item
Item 6 - IAC Chair's Update (CIV12/4)
Recommendations:
The committee is recommended to note the contents of this report;
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- Agenda Item
Item 5 - Fund Development Update (CIV12/4)
Recommendations:
The committee is recommended to note the contents of this report.
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Recommendations:
The committee is recommended to note the contents of this report.
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- Agenda Item
Item 8. CIV Stewardship Update (CIV 08/02)
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- Agenda Item
Item 6 - Constitutional Matters (CIV13/12)
Recommendations
The Pensions CIV Sectoral Joint Committee:
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Recommendations
The committee is recommended to:
i. Note the contents of this report; -
Recommendations
The committee is recommended to:
i. Note the contents of this report -
Recommendations
The committee is recommended to:
i. Note the contents of this report; -
Recommendations
The committee is recommended to:
i. Note the contents of this report
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Recommendations:
The committee is recommended to:
i. Note the contents of this report;
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Recommendations
The committee is recommended to consider and note the contents of this report.
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- Agenda Item
Item 8 - Review of Benefits delivery (CIV18/10)
Recommendations
The committee is recommended to:
i. Note the contents of this report; -
Recommendations
The committee is recommended to:
i. Note the contents of this report; -
Recommendations:
The committee is recommended to:
i. Note the contents of this report;
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- Agenda Item
Item 4 - Business Planning (CIV18/10)
Recommendations
The committee is recommended to consider and note the contents of this report.
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- Agenda Item
Item 11. Stewardship & Voting (CIV14/16)
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Recommendations:
The committee is recommended to:
i. Note the contents of this report;
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Recommendations:
The Committee is recommended to recieve the report relating to the status of the London CIV Implementation Program
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- Agenda Item
Item 8 - Constitutional Matters (P14/6)
Recommendation:
The Committee is recommended to:
• Note the changes to London Councils constitutional documents. -
Recommendations
The committee is recommended to:
i. Note the work and findings of the Investment Advisory Committee (IAC) and the CIV officers; and
ii. Approve further work by the IAC and CIV officers to explore more fully the concept of a bespoke CIV product (or range of products) as one possible solution in the quest to secure the required cashflows. -
Recommendations
The committee is recommended to:
i. Note the contents of this report; andii. Decide whether the response to government at Annex B should be from London CIV only or jointly on behalf of London CIV and all the participating boroughs.
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- Agenda Item
Item 5 - London CIV CEO's Update
Recommendations
The committee is recommended to:
i. Consider and note the contents of this report. -
Recommendations
The committee is recommended to:
i. Receive the presentation from CEO of the PiP and raise any questions; and
ii. Provide guidance to London CIV as to whether further dialogue with the PiP should be pursued. -
- Agenda Item
Item 7 - Investment Advisory Committee (CIV4/11)
Recommendations
The committee is recommended to:
i. Note the contents of this report; and
ii. Consider and agree on the revised Terms of Reference for the IAC provided at Annex A. -
Recommendations
The committee is recommended to:
i. Consider and note the contents of this report. -
- Agenda Item
Item 8 - Dates of meetings for 2016 (CIV4/11)
Recommendations
That members’ note and approve the proposed dates and times.
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- Agenda Item
Item 8 - Dates of meetings for 2016 (CIV4/11)
Recommendations
That members’ note and approve the proposed dates and times.
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- Agenda Item
Item 8 - Dates of meetings for 2016 (CIV4/11)
Recommendations
That members’ note and approve the proposed dates and times.
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- Agenda Item
Item 6 - Investing in Infrastructure (CIV4/11)
Recommendations
The committee is recommended to consider the issues raised in this report and to allow further exploratory work to be completed, in order to move forward with investment in infrastructure
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- Agenda Item
Item 4 - Potential changes to the LGPS (CIV4/11)
Recommendations
The committee is recommended to:
i. Consider the issues raised in this report; and
ii. Take the opportunity presented by the attendance of the FCA, HM Treasury and DCLG to discuss the issues with officials. -
- Agenda Item
Item 5 - Regulatory Capital Requirements (P21/7)
Recommendations
The committee is recommended to:
i. Consider the issues raised in this report;
ii. Agree to the proposal outlined in paragraph 16;
iii. Decide which of the three options outlined in paragraph 19 should be adopted, with regard to the proposal given in paragraph 20. -
Recommendations
The committee is recommended to:
i. Consider and note the contents of this report -
- Agenda Item
Item 6 - Constitutional Matters (P21/7)
Recommendation:
The Committee is recommended to:
• Note the changes to London Councils constitutional documents. -
Recommendations
The committee is recommended to:
i. Consider and discuss the issues raised in this report;
ii. Agree to the proposed governance structures included in this report being adopted by the company subject to any feedback the FCA might give as part of the company authorisation process. -
- Agenda Item
Item 5 - Stewardship and Voting (P27/5)
Recommendations
The committee is recommended to:
i. Note the contents of this report;
ii. Provide feedback on the possible options for voting as laid out in the report. -
Recommendations
The committee is recommended to:
i. Consider and provide guidance on the content of this report; and
ii. Discuss the attached programme plan and risk register. -
Recommendations
The committee is recommended to note the contents of this report.
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Recommendations
The committee is recommended to:
i. Note the contents of this report;
ii. Consider and comment on the draft Terms of Reference for the IAC provided at Annex A. -
- Agenda Item
Item 4 - Governance Overview (P25/3)
Recommendations
The committee is recommended to note and discuss the content of the presentation.
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The Minutes of the Meeting held on 17th December 2014
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Summary
This report presents members with a brief introduction to items 5, 6 & 7 which will be short presentations, with time for questions and discussion, from the CIV programme’s advisors (Deloitte and Eversheds) and the Asset Servicer (Northern Trust). Each presentation is designed to increase member’s knowledge and understanding of the CIV programme and the Authorised Contractual Scheme (ACS) structure that sits at its heart.
Recommendations
The committee is recommended to note the contents of this report.
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Summary
This report presents members with a brief introduction to items 5, 6 & 7 which will be short presentations, with time for questions and discussion, from the CIV programme’s advisors (Deloitte and Eversheds) and the Asset Servicer (Northern Trust). Each presentation is designed to increase member’s knowledge and understanding of the CIV programme and the Authorised Contractual Scheme (ACS) structure that sits at its heart.
Recommendations
The committee is recommended to note the contents of this report.
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Pensions CIV Sectoral Joint Committee - 17 December 2014
Agenda attached
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Summary
This report presents members with a brief introduction to items 5, 6 & 7 which will be short presentations, with time for questions and discussion, from the CIV programme’s advisors (Deloitte and Eversheds) and the Asset Servicer (Northern Trust). Each presentation is designed to increase member’s knowledge and understanding of the CIV programme and the Authorised Contractual Scheme (ACS) structure that sits at its heart.
Recommendations
The committee is recommended to note the contents of this report.
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Summary
The Pensions CIV Sectoral Joint Committee has been established in accordance with recommendations made to London Councils’ Leaders’ Committee on 11 February 2014 and decisions taken by participating London boroughs and the City of London Corporation in accordance with those recommendations.
This report presents the committee with its current Terms of Reference as agreed, in principle, by London Councils Leaders’ Committee at its meeting of 11 March 2014.Recommendations
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- Agenda Item
Item 8 - Heads of Terms for Amending the Articles of Association and Drafting a Shareholder Agreement
Summary
This report presents the committee with a draft Heads of Terms document that sets out the specific matters that need to be addressed in amending the current ‘model’ Articles of Association that have been adopted for London LGPS CIV Ltd. It also presents proposals for a shareholder agreement which would contain matters to be agreed by the participating boroughs but which would not normally go into the articles.
Recommendations
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- Agenda Item
Item 6 - Background and Progress Update
Summary
This report provides the committee with an update on progress towards establishing a Collective Investment Vehicle for those London boroughs that wish to participate in such arrangements.
Recommendations
The committee is recommended to consider and note the contents of this report.
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- Agenda Item
Pensions CIV Sectoral Joint Committee meeting - 25th February - whole document in pdf format
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- Agenda Item
Item 7 - Fund Manager Analysis Update
Summary
This report provides the committee with an update on progress made by the Technical Sub-Group in analysing borough investments with Investment Managers and the consideration they have given to a proposed strategy for structuring the CIV fund for launch.
Recommendations
The committee is recommended to:
i. Note and provide any guidance on the content of this report, especially on the subject of infrastructure investment. -
- Agenda Item
Item 8 - Asset Servicer Procurement Update
Summary
This report provides the committee with background and a progress update relating to the procurement of the Asset Servicer (a key provider to the CIV). It notes that the procurement is underway through an OJEU process using the competitive dialogue route and that six potential providers responded to a PQQ, and following evaluation that led to three being shortlisted.
The tender is now at the ITT stage, with responses received from the three bidders on 28th November. -
- Agenda Item
Item 9 - Committee Dates for 2015
Summary
This report notifies members of the proposed Pensions CIV Sectoral Joint Committee meeting dates for 2015.
Recommendations
The committee is recommended to:
i. Note and agree the proposed dates for the Pensions CIV Sectoral Joint Committee for 2015. -
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Pensions CIV Sectoral Joint Committee - 25th February 2015 - Agenda attached