2.1 The functions of the Investment Sub-Group are to:
(a) Provide an update report to Pensions Committee outlining activity in the preceding period, any decisions made by the Section 151 Officer and the proposed work schedule for the next period.
(b) Carry out monitoring at an individual manager level of the performance of the Pension Fund's investment managers (including assets held by Border to Coast Pension Partnership Limited) and to escalate any matters of concern to the Pensions Committee.
(c) Consider and continually review an investment management structure for the Pension Fund and to be responsible for assisting the Section 151 Officer in:
(i) The investment or disinvestment in any assets with a value of less than 5% of the portfolio where the assets meet the criteria set out in the Fund's asset allocation strategy.
(ii) The appointment and termination of investment managers with holdings of less than 5% of the portfolio; and
(iii) The establishment and review of performance benchmarks and targets for investment.
3.1 The operating structure of the Investment Sub-Group is as follows:
(a) The Sub-Group will meet as a minimum four times a year.
(b) To help fulfil a function of this Sub-Group, which is to assist the Section 151 Officer to enact investment decisions more nimbly, additional meetings can be convened by any two members of the Sub-Group with five working days' notice.
(c) As a non-decision-making body the Sub-Group has no authority to establish working parties / sub-groups.
4.1 The membership of the Investment Sub-Group will comprise:
(a) Three members of the Pensions Committee (including the Chair of the Committee). Members, excluding the Chair, will be selected by the Pensions Committee.
(b) Independent advisors (or investment consultants to the Pensions Fund at the invitation of the Sub Group if the independent advisors are unable to attend).
(c) Two senior officers of the County Council with responsibilities for the management of the Pensions Fund including the Section 151 Officer and the officer with the responsibility of senior investment officer to the Pensions Fund
4.2 At any meeting where consideration by the Sub-Group of a recommendation to invest or disinvest in assets of the Fund or change an investment manager is considered the following must be available:
(a) At least two of the three elected members.
(b) At least one of either the Section 151 Officer or the Senior Manager with the responsibility for the Pensions Fund.
(c) At least one external advisor.
(d) Attendance may be by electronic media, provided that the prior approval of the Chair has been secured.