CHIEF MINISTERS DECISION REPORT
NOMINATIONS TO THE PUBLIC EMPLOYEES PENSION FUND (PEPF) COMMITTEE OF MANAGEMENT
- Purpose of the Report
1.1. To provide an update on the membership of the Public Employees Pension Fund (PEPF) Committee of Management and the recommended appointments/reappointments.
1.2. To outline the recruitment plan for 2022 to encourage a diverse range of applications for the honorary roles on the PEPF Committee of Management.
- Background
2.1. Regulation 2 of the Public Employees (Pension Scheme) (Administration) (Jersey) Regulations 2015 (Administration Regulations) requires the membership of the PEPF Committee of Management to comprise of –
- A Chairman;
- 5 Employer Representatives;
- 4 Member Representatives;
- 2 Pensioner Representatives, and
- 1 Admitted Body Representative
2.2. A reference to “employer representatives” is taken to include the admitted employer representative, and a reference to “member representatives” is taken to include the pensioner representatives.
2.3. Regulation 3(1) of the Administration Regulations requires that the appointment of the Chairman and members of the Committee to be performed in accordance with the guidelines produced by the Jersey Appointments Commission under Article 24 of the Employment of States of Jersey Employees (Jersey) Law 2005.
2.4. The employer, member, pensioner and admitted body representatives are honorary roles and we are reliant on the goodwill of those willing to volunteer to undertake these governance roles. The regulations restrict representatives a maximum of 2 terms of office.
2.5. One of the current representatives on the Committee, Mr Scott Laing, second term of office ceases at the end of December. A recruitment exercise has been undertaken to appoint a new employer representative.
2.6. There are a further 2 existing representatives with first terms of office ceasing in December 2021 and both have expressed a willingness to continue for a second term as eligible under the regulations.
- Recruitment Process
3.1. Following consultation with People Services, it was determined that the recruitment process for a new employer representative would not require direct involvement of the Appointments Commission. The honorary role was advertised externally on www.gov.je and there were 4 applicants who were invited to interview.
3.2. The panel for the selection process was chaired by Graham Chidlow (Director of Finance Hub), and included Simon Stammers (Manager of the Public Employees Pensions Team) and Janine Ward (Secretary to the Committee of Management). All applicants were considered equally on merit by the panel at each stage of the selection process and following a fair and transparent selection process, Dr James Cooke, was chosen for nomination to the Committee. Details of his background is included at Appendix A.
3.3. The Minister for Treasury & Exchequer has completed a ministerial decision to recommend to the Chief Minister the appointment of Dr James Cook to the PEPF Committee of Management.
- Reappointment Process
4.1. In the case of an existing member of the Committee, the Public Employees (Pension Scheme) (Administration) (Jersey) Regulations 2015 state that the Chief Minister may extend the members initial term of office for a second and final term.
4.2. Professor Edward Sallis was appointed as the Admitted employer representative under Appointment Commission guidelines in 2016 and his first term of office (5 years) comes to an end in December 2021. Professor Sallis is eligible to undertake a second term of office of 4 years and has expressed a willingness to continue in this honorary role.
4.3. This honorary position was advertised in 2016 and a transparent process followed including an interview with a diverse panel involving Graham Chidlow, Director of Finance Hub, Maureen Byron, Project Director, David Watson, Pension Investment and Administration Manager. Professor Sallis is eligible to undertake a second term of office and has expressed a willingness to continue in this honorary role. Taking into account his experience, particularly in Education and Jersey Heritage, it is recommended that Professor Sallis be reappointed for a second term of 4 years . Appendix A offers a brief biography of Professor Edward Sallis.
4.4. Mr Chris Bambury was appointed as a pensioner representative in 2018 and his first term of office (3 years) ceases at the end of December 2021. The honorary position was advertised in 2018 and a transparent process followed including an interview with a diverse panel involving Graham Chidlow, Director of Finance Hub, Maureen Byron, Project Director, David Watson, Pension Investment and Administration Manager and his first term of office comes to an end in December 2021. He is eligible to undertake a second term of office and has expressed a willingness to continue in this honorary role. Taking into account his experience, particularly in pension administration, it is recommended that Mr Chris Bambury be reappointed for a second term. Appendix A offers a brief biography of Mr Chris Bambury.
- Recruitment Plan
5.1. Appendix B sets out the current membership of the Committee of Management, the length of their board membership and when their current term is to end. There are two member representative vacancies where nominations from the trade unions are being sought. There is a further member representative and an employer representative with second terms coming to an end at the end of 2022.
5.2. In 2022, work will be undertaken with the People Services Resourcing Team to specify what is needed for the honorary roles and to encourage a diverse range of applications. Promotional activity will be undertaken to increase visibility of the roles and make them accessible to a wide range of applicants. In the first half of 2022, a recruitment campaign will begin for the new members to the PEPF Committee of Management to enable a period of handover ahead of forthcoming retirements. The States Employment Board will be kept informed of progress of the recruitment process.
- Recommendation
6.1. The Chief Minister is asked to;-
- following the recommendation of the Treasury Minister appoint Dr James Cook to the PEPF Committee of Management;
- reappoint Professor Edward Sallis to the PEPF Committee of Management for a second and final term of office of 4 years, ending in December 2025;
- reappoint Mr Chris Bambury to the PEPF Committee of Management for a second and final term of office of 5 years, ending in December 2026.
APPENDIX A
EMPLOYER NOMINEE BACKGROUND
Dr James Cooke is employed at Ashburton where he leads the global equity team directly managing three global equity strategies and assists with the multi-asset funds in total of around $1.5bn.
Within two weeks of joining Ashburton as the Head of Global Equity Research Dr Cooke was given final decision making responsibility for all three of the firm’s global equity strategies and from September 2019 to closure in May 2021 the sub-scale “Chindia” emerging market equity fund.
Dr Cooke’s role includes explaining equity research process, leading the global equity team (including analysts based in South Africa) and being a contributing member of the Global Macro Forum and Joint Investment Committee (with members from Fidelity International), advising on tactical asset allocation decisions for the firm’s multi-asset strategies.
Dr Cooke was recently appointed to the Ashburton Jersey Limited Board in 2021 and consequently is increasingly involved in firm governance and compliance.
Dr Cooke was previously based in Scotland where he helped to run a fund of over $12bn with Edinburgh Partners, now part of Templeton, Dr Cooke also co-managed a successful but small World Equity Fund at SVM Asset Management and began to help the RS Macdonald Charitable Trust, a position which he continues to hold.
Dr Cooke is a member if the Institute of Directors, the Non-Executive Directors Associations and is a CFA Charterholder.
Dr Cooke also holds a PhD in Biochemical Engineering from University College London. He is also an active volunteer for CFA Institute in support of the CFA program.
EMPLOYER NOMINEE BACKGROUND
Professor Sallis was Principal and Chief Executive of Highlands College from 1997 to 2012 and since his retirement he has held a number of consultancy and non-executive positions in Jersey and the UK.
He has been a Commissioner of the Jersey Appointments Commission and a non-executive director of a national charity the Education Support Partnership where he chairs the Audit and Risk Committee.
In 2015 he chaired the review of Maths and English qualifications available in technical education for the then Skills Minister, Nick Boles MP and is a member of the Education and Training Foundation’s Expert Panel on Professional Standards in Technical Education.
Professor Sallis has authored a number of books and scholarly publications mainly in the field of educational management and leadership and is Visiting Professor in the Academic Partnerships Faculty of Plymouth University. He holds a doctorate from the Bristol Business School and the Financial Times Non-Executive Director Diploma. He was appointed OBE in the 2010 New Years Honours List for his services to Education.
He has also Chaired the Board of Trustees of Jersey Heritage and been a representative of the PEPF Committee of Management since 2016
PENSIONER NOMINEE BACKGROUND
Mr Chris Bambury moved to Jersey in 1984 to work in the then States Treasury where he remained for 33 years until his retirement in 2017. His time at the Treasury included involvement with audit, insurance, investments, the preparation of the States Annual Report and Accounts, the issue of the Island’s currency and the administration of various trust funds and pension schemes.
In the later years of his employment he had extensive involvement with pension scheme actuaries, custodians, investment managers and investment advisors and direct involvement with the management boards of the Public Employees Pension Fund and the Jersey Teachers Superannuation Fund, gaining substantial knowledge of their operation.
He has been a member of the PEPF Committee of Management since 2019 and is also a member of the Executive Committee of the Jersey Civil Service Association branch of Prospect currently holding the position of Branch Treasurer.
He remains committed to the sound administration of pension schemes.
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