19 Progress Review and Plan for 2018/19 Callum Campbell 7 TH September 2018 Leicestershire Pension Committee LGPS Central Limited is authorised and regulated by the Financial Conduct Authority. Registered in England. Registered No: 10425159. Registered Office: Mander House, Mander Centre, Wolverhampton, WV1 3NB
REMINDER OF KEY DELIVERABLES FOR 2018/19 1. Delivery within Budget. 2. Design and delivery of cost saving model. 3. Design and delivery of investment performance monitoring model. 4. Delivery of the Company’s Responsible Investment and Engagement Policy. 5. Completion of Target Organisational Structure. 20 6. Completion of Target Operating Model. 7. Creation of Client Servicing and Shareholder Engagement Plans. 8. Product Development and Delivery Plans for 2018/19-2020/21. 9. Design and delivery of the Compliance Framework, Compliance Monitoring Plan, Risk Framework and Risk Monitoring Suite. 10. Design and delivery of the Company Handbook. LGPS Central Limited is authorised and regulated by the Financial Conduct Authority. Registered in England. Registered No: 2 10425159. Registered Office: Mander House, Mander Centre, Wolverhampton, WV1 3NB
STRATEGIC BUSINESS PLAN DELIVERY Summary The strategic business plan delivery is currently tracking Amber owing to: • Continued focus on development of client relationship arrangements with increasing contact and communication being established. • Product delivery has been behind the original plan due to underestimates of e.g. manager selection, but implementation is accelerating. Overall A RAG • The following key items are Green: • Partner Funds are aligned with our plans for stewardship provider. And procurement in progress. • Establishing sound HR processes for training, development, performance assessment. Executive Manager/ Previous Current Outcome Indicators Key Achievements ( last reporting period) Key Activities ( next period ) RAG RAG Sponsors Owner • Delivery within John Burns David ExCo dashboard developed G C 21 budget & reporting Kane • • “cost saving” model John Burns David Meeting held with Neil Smith; data request has gone out to Develop cost savings tool A/G A & reporting Kane Partner Funds • • Investment Jason Callum July CIO report includes performance Meeting with Partner Fund Reporting Group • • performance model Fletcher Campbell May fund reports sent for 3 ACS and 1 mandate Preparing RFP for procurement of client reporting service provider G G • & reporting Quarter 2 risk analysis completed • • Responsible Jason Michael Opened procurement for stewardship provider via Norfolk Conclude stewardship provider procurement • Investment & Fletcher Marshall Framework Publish Voting Principles by end-Sept G G • • Engagement (RI&E) Consulted on Voting Principles Draft Quarterly Stewardship Report for publication early Sept • • Target Org Andrew W- Harjinder Tax Accountant recruitment in process Exploring Graduate/Apprenticeship for further Investment roles • • Structure Thompson Kaur Investment Director recruitment in progress/reviewing options Reviewing Recruitment Policies and pre-screening checks SLA with • G G Recruitment Succession Planning for DCIO under review CWC • External SPM commencing employment beginning September • • TOM delivery & John Burns Monica Recruitment of an Assistant Manager Front Office Support NT SLD review and sign off • • oversight Bell Monitoring procedures for the new Securities Lending Programme Share INV OPS v Front Office SLA • • Taken on the responsibility for New Broker Set up Training of the new resource G G • • Taken on the responsibility for Client Reporting Business Plan for Outsourced Client Reporting Provider • • Design of a Fund Manager SLA Familiarisation with roles and responsibilities for the New Committee structures LGPS Central Limited is authorised and regulated by the Financial Conduct Authority. Registered in England. Registered No: 3 10425159. Registered Office: Mander House, Mander Centre, Wolverhampton, WV1 3NB
STRATEGIC BUSINESS PLAN DELIVERY Executive Manager/ Previous Current Outcome Indicators Key Achievements ( last reporting period) Key Activities ( next period ) Sponsors Owner RAG RAG • Client servicing & Andrew W- Callum Fortnightly Information Bulletin to PAF • • shareholder Thompson & Campbell Quarterly Information Bulletin to PC Further engagements with PAF Groups • • engagement & John Burns SAB Cost Transparency Code endorsed Product Information Day 12/8 • • reporting Key meetings held with PAF Groups AGM 10/8 • • Decision to implement CRM system Completion of website A A • • Website development content commenced Installation of CRM System • PE product launch (October) • GE product launch (November) • • Product Jason Duncan Appointment of Global Active Equity Fund managers Deliver on product planning process in Global Equity • • development & Fletcher Sanford Agreement of PE investment vehicle PQQ for external EM fund assessed and move towards RFP stage • • delivery Approval of Selection of Delegated Investment Managers Policy Seek approval for PE Business Case A A 22 • • Approval of Manager Oversight Policy Further take on of Partner Fund segregated mandates on advisory/execution basis • • Compliance & Risk Mike Vinton Commencement of the compliance monitoring plan Company risk register to be approved • • Recruitment of Compliance Manager and Compliance Assistant Risk framework to be approved • • Training to all staff Completion of compliance monitoring • • Breach register established Risk appetite statement to be approved G G • • Meetings to compile the risk register Work with HR on CPD requirements • • Build out of compliance monitoring Work with Partner Funds to ensure they are comfortable in • FCA/compliance awareness presentation to Joint Committee respect of audit requirements • • Compliance procedures documented Commence work on ICAAP with the Finance Team • • Company Andrew W- Harjinder Culture – Values and Behaviours agreed Launch of Values and Behaviours – at September Training Day • • Handbook Thompson & Kaur Succession and Talent Management approach reviewed for all Succession Plan to be reviewed by the Executive Committee • John Burns LGPSC staff Draft report on Performance and Appraisal approach • • Health and Safety Policy developed Sign- off Payroll/HR and Business Services SLA • • Staff Handbook and Policies reviewed and validated Confirm Training Plan and requirements for all staff • • Draft SLA for recruitment pre-screening checks completed – with Commence Pay benchmarking review and align with appraisal G G • CWC Run Policy workshops for all staff • • Training Policy developed Team update session building engagement • Draft Training Delivery Plan developed • Exit interview process and a number of other HR templates developed LGPS Central Limited is authorised and regulated by the Financial Conduct Authority. Registered in England. Registered No: 4 10425159. Registered Office: Mander House, Mander Centre, Wolverhampton, WV1 3NB
HOW WE WORK WITH YOU: SEPARATION OF ROLES Area Leicestershire Pension LGPS Central Limited Fund Investment Strategy Sets strategy Implements strategy Asset Allocation Decides on asset allocation Day to day management of An improved asset allocation capacity and 23 capability to Responsible investment Sets WMPF’s RI Framework Implements WMPF’s invest in strategy framework via LGPS infrastructure Central’s RI&E Framework Reporting Reports to employers and Reports to Partner Funds scheme members Manager selection Selects managers and/or invests directly LGPS Central Limited is authorised and regulated by the Financial Conduct Authority. Registered in England. Registered No: 5 10425159. Registered Office: Mander House, Mander Centre, Wolverhampton, WV1 3NB
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