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To APPROVE the appointment of an
Environmental Sustainability Advisor to produce an independent report which will provide an aggregated
GMPF-level summary of the property investment portfolio’s environmental
sustainability performance.

Reasons for the decision

An allocation of
10% of Fund assets to Property Investments was ratified by the Policy &
Development Working Group on 22 June 2023.

This 10% allocation is to
comprise a target of 8% for UK Property and 2% for Overseas Property.

In addition to the annual, internally produced
reports on the UK Property and Overseas Property Portfolios’ Strategy and
Financial Performance, it is also seen as appropriate to commission an
independent report on the environmental sustainability status of these
portfolios.