Recommendations
Leaders’ Committee is asked to note the report from the London CIV and to raise relevant points with the Chair and Chief Executive of the Company.
Item 4 - Pensions CIV Update (22/3L)
Summary
The attached report from London CIV, outlines ongoing work and development.
London CIV was established in 2015 as a collective investment vehicle to pool LGPS pension fund assets for more effective investment.
A new governance framework was agreed in July 2018 which included the dissolution of the Pensions Sectoral Joint Committee (PSJC) and the establishment of a Shareholder Committee. It was agreed that the Chair of the London CIV would provide an annual update to Leaders’ Committee. The first update was provided at the February 2019 Leaders’ Committee and it was requested at that Leaders’ Committee meeting that an update should come to future February Leaders’ Committee Meetings .
The Chair of the Board, Mr Mike Craston and the Chief Executive Officer, Mr Mike O’Donnell, will be in attendance to update Leaders and answer any questions.
Leaders should note that:
• Cllr Peter Murray (Ealing) and Cllr Ravi Govindia (Wandsworth) serve on the Board of London CIV
• Shareholders Meetings of all members are held twice a year (called General Meetings)
• Shareholder Committee meetings are held quarterly, and membership consists of twelve representatives drawn from treasurers (four), Pension Chairs (eight), Trade Union representative (one)
• Cllr Rishi Madlani (Camden) chairs the Shareholder Committee.