This meeting of the Pension Fund Investment & Administration Panel was scheduled to consider the adoption of an audit completion report for 2023/24, to make decisions about two proposed changes to the Pension fund's asset allocation, and to note declarations of interest from the Councillors on the panel.

Natural Capital Allocation

The meeting was scheduled to consider a proposal to select the London [Pensions] Collective Investment Vehicle¹ Natural Capital fund and allocate £45m to the fund.

The purpose of the Pension Panel is to assist [Greenwich Council]² in its role as scheme manager to ensure efficient and effective governance and administration of the scheme.

— Audit Completion Report 2023-24, page 2.

The report prepared for the meeting explained that if the decision relating to the allocation was agreed, the power to decide the timing of the investment would be delegated to the Director of Resources.

Private Debt Allocation

The meeting considered a proposal to select the London CIV Private Debt II Fund and allocate £115m to the fund. As with the Natural Capital Allocation, the report prepared for the meeting explained that if the decision relating to the allocation was agreed, the power to decide the timing of the investment would be delegated to the Director of Resources.

Audit Completion Report 2023/24

The meeting was scheduled to consider a report on the Audit Completion Report 2023/24. The report explained the purpose of the Audit Completion Report and the legal framework within which the audit is conducted. The report also summarises the findings of the audit. The report notes that Forvis Mazars, the Council's external auditors, did not identify any significant difficulties in the course of the audit.

During the course of the audit, we have not encountered any significant difficulties, and we have had the full co-operation of management.

— Appendix A - Royal Borough of Greenwich Pension Fund Audit Completion Report 2023-24, page 13.

Declarations of Interest

The meeting was scheduled to note declarations of interest from the Councillors who are members of the panel. The report prepared for the meeting lists the outside bodies to which each Councillor had been appointed. It explains the difference between 'personal interests' and 'financial interests' and explains the rules about when a Councillor must declare an interest and when they must leave a meeting.