The Pensions Committee of Worcestershire Council convened on 25 June 2024 to discuss several key issues, including the Pension Fund Annual Accounts, updates on the UK Stewardship Code, and the Risk Register. Decisions were made on the approval of the annual accounts and the adoption of the UK Stewardship Code.

Pension Fund Annual Accounts

The committee reviewed and approved the Pension Fund Annual Accounts for the year 2023-24. The accounts were presented in detail, highlighting the fund's performance and financial position. Discussions focused on the variances in the Level 3 Fund Investments, as outlined in Appendix 2. The committee noted the importance of transparency and accuracy in financial reporting.

UK Stewardship Code

The committee adopted the UK Stewardship Code, which sets high standards for asset owners and managers. The code aims to enhance the quality of engagement between institutional investors and companies. The committee discussed the benefits of adhering to the code, including improved governance and long-term investment returns. The Worcestershire Pension Fund Stewardship Code 2024 was also reviewed and approved.

Risk Register

The committee reviewed the Risk Register, which identifies and assesses the risks associated with the pension fund. The discussion included an analysis of the key risks and the mitigation strategies in place. The committee emphasized the need for continuous monitoring and updating of the risk register to ensure the fund's stability and security.

Training Update

A Training Update was provided to the committee, outlining the recent training sessions attended by members. The update included an Engagement Update for June 2024, which highlighted the importance of ongoing education and engagement in maintaining the committee's effectiveness.

Governance Update

The committee received a Governance Update, which included a review of the Good Governance Position Statement for May 2024. The update focused on the implementation of best practices and the importance of strong governance structures in managing the pension fund.

Forward Plan

The committee discussed the Forward Plan and its Appendix, outlining the key activities and objectives for the upcoming year. The plan aims to ensure that the committee remains proactive and forward-thinking in its approach to managing the pension fund.

Minutes of Previous Meetings

The committee noted the minutes of the Pension Investment Sub-Committee meeting held on 10 June 2024 and the Pension Board meeting held on 4 June 2024. These minutes provided a summary of the discussions and decisions made in those meetings, ensuring transparency and accountability.