The Head of Finance and Risk for Merseyside Pension Fund presented the report of the Director of Pensions which set out proposed changes to authorised signatories at Merseyside Pension Fund (MPF) following the appointment of the Director of Finance and a review of the current signatories against business needs. The report described the different requirements for various institutions and functions, including the banks, custodian, and overseas pensions payment agent, as well as the granting of power of attorney where appropriate. This report also formed a part of the Fund’s scheme of delegation and set out the management and authorisation arrangements, for the avoidance of doubt, by organisations undertaking due diligence on MPF as an investee company or as a financial services provider, or for purposes of overseas jurisdiction. It was noted that there was only one change in the authorised signatories which was the addition of Wirral Council’s Director of Finance following his appointment.

Resolved – That

(1)   the arrangements set out in section 3 of this report in relation to the internal control arrangements at Merseyside Pension Fund be approved.

(2)   the officers designated in section 3 of this report as authorised signatories for Merseyside Pensions Fund be approved.