This meeting will include reports on the Council's Pension Fund's recent performance, its plans to comply with new regulations and its approach to responsible investment. There will also be training for the committee members on climate-related financial disclosures.

Responsible Investment Working Group (RIWG)

The committee will receive a report on the third meeting of the Responsible Investment Working Group (RIWG), which took place on 13 January 2025. During the meeting, representatives of BlackRock, the Fund's passive equity index provider, gave a presentation on their approach to stewardship and engagement with the companies in which they invest. The RIWG also discussed the Fund’s draft Investment Engagement Policy, which sets out how the Fund aims to ensure that engagement efforts are targeted and impactful, and the Fund’s application to become a signatory to the UK Stewardship Code, which was submitted in October 2024.

Pension Fund Independent Adviser Appointment

A report will be considered in private by the committee on the appointment of an Independent Adviser to the Pension Fund.

Task Force on Climate-Related Financial Disclosures (TCFD) Training and Initial Steps

The committee will receive training on climate-related financial disclosures and discuss the Task Force on Climate-Related Financial Disclosures (TCFD) framework.

The TCFD recommendations on climate-related financial disclosures are widely adopted by companies, investors, and others to understand and disclose the financial risks and opportunities presented by climate change. The recommendations are structured around four thematic areas that represent core elements of how organisations operate: governance, strategy, risk management, and metrics and targets.

LGPS: Fit for the Future Consultation

The committee will discuss its response to the Department for Levelling Up, Housing and Communities (DLUHC) consultation on the future of the Local Government Pension Scheme (LGPS).

The Local Government Pension Scheme (LGPS) is the largest public sector pension scheme in the UK. It is administered locally by 86 different pension funds, but the benefits are set nationally by the government. In December 2022 the UK Government launched a consultation on the future of the scheme, setting out its proposals to ensure that the scheme remains fair and sustainable for both employers and scheme members.

The consultation closed on 16 October 2024 and the response will be discussed by the committee before being submitted to the DLUHC.

Investment Consultant Objectives

The committee will consider the performance of Redington, the Fund's investment consultants, against the objectives agreed by the Committee in February 2024. The committee will also consider the proposed investment consultant objectives for 2025.