Item 4 - Update on the London Pensions CIV by the Chair, Lord Kerslake (L11/20)

Summary 
 
The attached report from the London Pensions CIV, outlines ongoing work and development.
The London Pensions CIV was established in 2015 as a collective investment vehicle to pool LGPS pension fund assets for more effective investment.
It was agreed as part of the governance review and subsequent agreement to dissolve the London Pensions CIV sectoral Joint Committee, that the Chair of the London Pensions CIV would provide an annual update to Leaders’ Committee. Leaders’ Committee requested at the Leaders’ Committee meeting on 5 February 2019 that this update should come to the future February Leaders’ Committee Meetings. This is the first of those updates.
The Chair of the Board, Lord Kerslake and the Chief Executive, Mr Mike O’Donnell, will be in attendance to update Leaders and answer any questions.
 
Leaders should note that:
• Cllr Stephen Alambritis and Cllr Ravi Govindia serve on the Board of the CIV;
• Shareholders Meetings of all members are held twice a year (called General Meetings); and,
• Shareholder Committee meetings are held quarterly and membership consists of twelve representatives drawn from treasurers (four) and Pension Chairs (eight).
Recommendations 
 
Leaders’ Committee is asked to note the report from the London Pensions CIV and to raise relevant points with the Chair and Chief Executive of the Company.