The Avon Pension Fund Committee of Bath and North East Somerset Council met on Friday 28 June 2024 to discuss several key issues, including a review of the investment strategy performance, updates on governance and compliance, and administrative performance reports. Decisions were made on the adoption of new governance frameworks and compliance statements.

Review of Investment Strategy Performance

The committee reviewed the Investment Strategy Performance, focusing on the fund's returns and alignment with long-term objectives. The discussion highlighted the need for adjustments to the strategy to better manage risks and improve returns. A decision was made to adopt the recommendations outlined in the Appendix 1, which include reallocating assets to more stable investments and increasing the focus on sustainable investments.

Governance and Compliance Updates

The committee received a Governance Update and discussed the Fund Governance Framework. The new framework aims to enhance transparency and accountability within the fund's operations. The committee also reviewed the DRAFT Governance Compliance Statement June 2024 and decided to adopt it, emphasizing the importance of adhering to regulatory requirements and best practices.

Councillor Paul Convery noted, Ensuring robust governance is crucial for maintaining the trust of our stakeholders and the long-term sustainability of the fund.

Administrative Performance Report

The Admin Performance Report was presented, detailing the fund's administrative efficiency and service delivery. The report included updates on key performance indicators and highlighted areas for improvement. The committee discussed the findings and agreed on measures to enhance administrative processes, including the implementation of new technologies and staff training programs.

Risk Management

The committee examined the Risk Register and the Risk Summary Framework. The discussion focused on identifying and mitigating potential risks to the fund's stability. The committee decided to adopt the updated risk management strategies, which include more rigorous monitoring and reporting mechanisms.

Technical and Compliance Update

A Technical and Compliance Update was provided, covering recent regulatory changes and their implications for the fund. The committee discussed the Appendix 1- Regulatory update and the LGA Exemption Notice, ensuring that the fund remains compliant with all relevant regulations.

Future Workplan and Training

The committee reviewed the Committee Workplan and the Committee Training Plan. These documents outline the committee's priorities and training needs for the upcoming year. The committee agreed to the proposed plans, which aim to enhance the skills and knowledge of its members to better manage the fund.