Decision details

That the Cabinets agree:

1.1.       that a private company limited by shares be incorporated to be the Authorised Contractual Scheme Operator (the “ACS Operator”) of the Common Investment Vehicle and that the Council become a shareholder in the ACS Operator;

1.2.       to contribute £1 to the ACS Operator as initial capital;

1.3.       the establishment of a London Councils “Pensions CIV Joint Committee”, to be formed under the Local Government Act 1972 and the Local Government Act 2000 and to delegate to the Joint Committee those functions necessary for the proper functioning of the ACS Operator, including the effective oversight  of the ACS Operator and the appointment of Directors;

1.4.       that Mayor Pipe, Councillors O’Neill and Dombey, Mr Chris Bilsland (Chamberlain, City of London), Mr Chris Buss (Finance Director, LB Wandsworth), Mr Ian Williams (Finance Director, LB Hackney), and Mr John O’Brien (Chief Executive, London Councils) be appointed as the interim Directors of the ACS Operator, subject to the consent of their relevant authorities to the appointments. These directors may be replaced once FCA authorisation is formally applied for;

1.5.       to note that in the case of RBKC, the Cabinet will appoint the Chairman of the Investment Committee to the Joint Committee and will delegate to him the authority to act for the Council in exercising its rights as a shareholder of the ACS Operator;

1.6.       to appoint the Chairman of the Audit, Pensions & Standards Committee to the Joint Committee and to delegate to him the authority to act for the Council in exercising its rights as a shareholder of the ACS Operator; and,

1.7.       to note that in the case of WCC, the Cabinet will appoint the Chairman of the Superannuation Committee to the Joint Committee and will delegate to him the authority to act for the Council in exercising its rights as a shareholder of the ACS Operator.