The council meeting focused on the pension committee's review of investment performance, asset allocation, and training on Liability Driven Investment (LDI) strategies. The committee also discussed the audit plan and general updates related to the London CIV and UK equity exposure.

1. Decision on LDI Training: The committee acknowledged a lack of understanding of LDI strategies and decided to recommend further training. The discussion highlighted confusion about hedging concepts and the need for deeper knowledge to make informed decisions. This training aims to enhance committee members' proficiency in managing pension funds effectively.

2. Decision on Investment Performance Report: The committee reviewed the quarterly investment performance, noting underperformance in several asset classes but an overall improvement in the fund's market value. Concerns were raised about the consistent underperformance in emerging markets, property, and UK private rented sectors. The decision to accept the report included a directive to monitor these assets closely and consider strategic adjustments if underperformance continues.

3. Decision on Audit Plan: The committee accepted the audit plan for the current fiscal year while noting that the previous year's accounts had not yet been signed off. The discussion underscored the importance of timely audits and the need for resolving outstanding issues with the council side of the accounts.

4. General Updates and Decisions: Updates included the London CIV's development of a nature-based solutions fund and a new private debt fund. The committee expressed interest in these opportunities, aligning with broader environmental goals and diversifying investment strategies.

Interesting Occurrence: The meeting had moments of levity and confusion, particularly during the LDI training, where basic investment concepts had to be clarified multiple times. This underscored the diverse levels of financial acumen among committee members and highlighted the importance of tailored educational sessions.