Agenda and draft minutes

Apologies for absence were recived from Tom Hotchins (Academy Sector Representaitve) and Councillor M Allan.

Steve Larter (Small Scheduled Bodies Representative) declared an interest as an active and deferred member of the Pension Fund.

Jo Balchin (Scheme Member Representative) declared an interest as an active member of the Pension Fund.

Councillor P Key (District Council Representative) declared an interest as a pensioner member of the Pension Fund.

RESOLVED

That the minutes of the meeting held on 21 March 2024 be approved as a correct record and signed by Chairman subject to the following amendment:

·   That Councillor P Key’s declaration of interest be included.

(To receive a report from Claire Machej, Accounting, Investments and Governance Manager, which provides the Committee with an update on Responsible Investment activity during the third quarter of the financial year 2023/24 (October to December inclusive))

Consideration was given to a report presented by the Accounting, Investment and Governance Manager which provided the Committee with an update on Responsible Investment (RI) activity during the third quarter of the financial year 2023/24. The Committee was guided through the report and attention was drawn to the Morgan Stanley’s RI activity and key milestones achieved by the portfolio, as well as the Fund’s annual submission to the Stewardship Code.

The Committee noted the report and were satisfied with the content.

The Committee welcomed the recent response to a question submitted to the Border to Coast Joint Committee regarding the Economic Activity of Public Bodies (Overseas Matters) Bill. It was noted that the Bill was still at the committee stage in the House of Lords and may be amended further. Members were reminded to submit any further questions to the Chairman.

RESOLVED

That the Responsible Investment activity undertaken during the quarter be noted.

In accordance with Section 100 (A)(4) of the Local Government Act 1972, the following agenda items have not been circulated to the press and public on the grounds that they are considered to contain exempt information as defined in paragraph 3 of Part 1 of Schedule 12A of the Local Government Act 1972, as amended. The press and public may be excluded from the meeting for the consideration of these items of business.

RESOLVED

That in accordance with section 100A of the Local Government Act 1972, the press and public be excluded from the meeting for the following items of business on the grounds that if they were present there could be a disclosure of exempt information as defined in Paragraph 3 of Part 1 of Section 12A of the Local Government Act 1972, as amended.

(To receive an exempt report from Claire Machej, Accounting, Investments and Governance Manager, which provides a market update from the Investment Consultant for the quarter ending 31 December 2023)

Consideration was given to an exempt report from the Accounting, Investments and Governance Manager, which introduced the market update from the Investment Consultant.

A number of questions were received and discussed.

RESOLVED

That the exempt report and update be noted.

(To receive an exempt report from Claire Machej, Accounting, Investment and Governance Manager, which provides an update on investment performance)

Consideration was given to an exempt report from the Accounting, Investments and Governance Manager, which introduced the investment performance update from the Investment Consultant.

A number of questions were received and discussed.

RESOLVED

1. That the exempt report and update be noted.

2. That the investment information relating to the Fund’s exposure to Thames Water be circulated to the Committee and LGPS Pension Board.

(To receive an exempt report from Jo Kempton, Head of Pensions, which introduces training on TCFD and climate reporting)

Consideration was given to an exempt report from the Head of Pensions, which introduced training on TCFD and climate reporting presented by the Investment Consultant.

A number of questions were received and discussed.

It was noted that the Investment Consultant would produce a report on how they plan to assist the Fund with meeting TCFD requirements.

RESOLVED

That the exempt report and training be noted.