The Director, West Yorkshire Pension Fund, will present a report,

(Document “A”) which presents West Yorkshire Pension Fund’s latest risk management report.

Recommended –

That the report be noted.

(Yunus Gajra – 01274 432343)

Resolved –

That the report be noted.

ACTION:       Director, West Yorkshire Pension Fund

(Yunus Gajra – 01274 432343)

The Director, West Yorkshire Pension Fund, submitted a report,

(Document “A”) which presented West Yorkshire Pension Fund’s latest risk management report.

Members questioned the level of risk involved following changes to the contract with HSBC Global Security in relation to the development of the Northern Trust.  In response it was explained that the contract with HSBC was on a rolling basis and could be terminated with 30 days notice.  HSBC were aware of changes likely to occur due to the Northern Trust and with £15 billions worth of assets would ensure the fund was well supported.  WYPF were keen to maintain the contract due to it containing valuable clauses and as a contingency to support any risks.

The dependence on City of Bradford Metropolitan District Council’s processes and procedures was raised as a matter of concern.  It was explained that most Local Government Pension Funds were attached to a local authority and assurances were provided that regular communication on a very high level was undertaken with Bradford MDC.   In response to questions about the potential penetration of fire walls it was explained that the WYPF did have disaster plans in place and that regular penetration testing was undertaken. 

Members were assured that none of the risks identified in the report were in the high or very high likelihood category and the impacts were not catastrophic or critical. 

Resolved –

That the report be noted.

ACTION:       Director, West Yorkshire Pension Fund