The Wales Pension Partnership Joint Governance Committee met on Tuesday 22 September 2026 to review the performance of its investment sub-funds, approve updated policies, and receive progress updates on the Wales Pension Partnership Investment Management Company (WPP IM Co). Key decisions included the approval of updated Complaints and Whistleblowing policies and the noting of the reviewed Risk Register.

Host Authority Update

The committee received an update on the progress of the Wales Pension Partnership (WPP) Business Plan for 2026/27. This included updates on the ongoing establishment of the WPP IM Co, policy reviews, the 2025/26 Annual Report, WPP sub-fund reviews, and responsible investment initiatives. The budget for the WPP client side remained in line with expectations.

Risk Register Review

The committee noted the reviewed WPP Risk Register, which outlines the partnership's key risks, their potential impact, and the strategies in place to manage them. It was noted that no changes had been made to the risk outcomes during the period under review, indicating a stable risk position. The register is a formal document used to identify and monitor risks, ensuring the WPP can meet its objectives.

Policy Reviews

The Joint Committee approved updated versions of the WPP's Complaints Policy and Whistleblowing Policy. The Complaints Policy provides guidance to Constituent Authorities on handling WPP operational and service quality complaints, with amendments clarifying procedures related to the WPP IM Co and establishing a review cycle. The Whistleblowing Policy guides WPP Personnel and Providers on raising concerns about malpractice, with a minor amendment to reflect a change in council naming convention. Both policies are reviewed triennially and require Joint Governance Committee approval.

Operator Update - Q2 2026 Review

Waystone Management (UK) Limited, the WPP's Operator, presented their Q2 2026 review. This included updates on corporate and compliance matters, relationship overview, sub-fund values and ownership percentages, market updates concerning Russia/Ukraine and the Middle East, third-party monitoring, and engagement schedules. The Assets Under Management (AUM) for the WPP stood at £16.3 billion as of 30 June 2026. The update also highlighted the exclusion policy being integrated into the prospectus and investment management agreements.

Performance Reports as at 30 June 2026

The committee noted the performance reports for the WPP's sub-funds as at 30 June 2026. Several sub-funds outperformed their benchmarks, including the Emerging Markets Equity Fund (outperforming by 1.2% gross), Global Government Bond Fund (outperforming by 0.6% gross), and Sterling Credit Fund (outperforming by 0.8% gross). Other funds, such as the Global Growth Equity Fund and Sustainable Active Equity Fund, underperformed their respective benchmarks. The reports detailed performance both gross and net of fees, and provided commentary on market conditions and the factors influencing sub-fund performance.

WPP IM Co - Progress Update

The presentation from the Wales Pension Partnership Investment Management Company was received. Key developments included formal FCA authorisation as of 1 September 2026, the appointment of new directors, and the signing of shareholder and client services agreements. The company has recruited 16 permanent staff members and two contractors, with a leadership team in place that complies with FCA regulations. Operations are now fully functional, with the company having moved into its new premises in Cardiff. The WPP IM Co is now focused on delivering its mandate and developing its five-year business plan.

The meeting also included discussions on the Robeco Engagement Service, Responsible Investment & Climate Risk Reports, and a WPP Sub Fund Review, which were considered in private session due to containing exempt information.