The Camden Council Pension Committee met on 17 July 2025 to discuss responsible investment, review the fund's performance, and consider the triennial valuation assumptions. The committee also planned to hear a deputation from Camden UNISON.

Here are the key topics that were included in the agenda for discussion:

• Deputation from Camden UNISON
  • Liz Wheatley, on behalf of Camden UNISON, was scheduled to address the committee regarding the Camden Local Government Pension Scheme (LGPS). The deputation request form, included in the supplementary agenda 1, outlined several key points that Ms Wheatley intended to raise. These included:
    • Requesting updates on commitments made at a previous full Council meeting related to engagement on conflict zones.
    • The development of an advanced human rights policy.
    • Incorporating peace, justice, and strong stewardship into Camden's investment beliefs.
    • Engaging with Camden's fund managers to ensure they are actively managing risks and exposures.
    • Asking Camden to be one of the five London councils needed to request that the London CIV start an ethical investment pool.
    • Highlighting a new report, From an Economy of Occupation to an Economy of Genocide, detailing the impact of company investments in the West Bank and Gaza.
    • Sharing headline results from a survey of Camden UNISON members about investment of the pension fund.
    • Advocating for ethical investment of the pension fund, a full and transparent audit and disclosure of investments, and immediate divestment from the arms industry, companies profiting from war and occupation, and the fossil fuel industry.
• Progress on Responsible Investment Actions and Conflict Affected and High Risk Area (CAHRA) Review
  • The committee was scheduled to receive an update on the progress of five actions agreed in March 2025, following a petition on ethical investment. These actions included commissioning an independent fund review, prioritising engagement on conflict zone exposures, integrating Sustainable Development Goal (SDG) 16 into investment beliefs, introducing a Conflict Zone Exposure Policy, and engaging with fund managers on risk management.
  • The report in the public reports pack included a draft terms of reference for an independent investment review, a CAHRA risk exposure summary, and an extract from the LAPFF Engagement Report for the first quarter of 2025.
  • The terms of reference for the independent review of pension fund investment assets included a focus on identifying and assessing exposures to companies involved in defence and related industries operating in or deriving revenues from conflict zones globally, including but not limited to the Occupied Palestinian Territories (OPT).
  • The review would also identify and assess exposure to investments that may be linked to conflict zones and sanctioned regimes, human rights violations and abuses, child labour and human trafficking, sin stocks, controversial weapons and armaments, environmental degradation, mercenary activities and involvement in wars, and other ESG risks.
  • The review would cover all asset classes including listed equities, fixed income, private equity, infrastructure, and pooled funds.
• Performance Report
  • The committee was scheduled to receive a report presenting the performance of the Pension Fund investment portfolio and individual investment managers for the quarter ending 31 March 2025.
  • The report in the public reports pack included a summary of financial market returns, a fund valuation and asset allocation, and an asset performance review.
  • The report noted that the portfolio had a market value of £2.2 billion as at 31 March 2025, a decrease of 2.27% over the quarter.
  • The report also included a review of fossil fuel exposure, with data on the fund's investments in fossil fuel holdings and companies listed in the Carbon Underground 200 Index.
• Engagement Report
  • The committee was scheduled to receive an engagement report updating them on engagement activity undertaken by the Fund and LAPFF since the last committee meeting.
  • The report in the public reports pack included a quarterly engagement report from LAPFF, providing an overview of work undertaken and highlighting achievements during the quarter.
  • The report also included a table listing equity holdings in relation to LAPFF's first quarter 2025 company engagements, and a summary of voting activity.
• London Collective Investment Vehicle (CIV) Progress Report
  • The committee was scheduled to receive a quarterly update on developments at the London CIV, including the creation of sub-funds, on-boarding of assets, and development of staff resources.
  • The report in the public reports pack noted that as of 31 March 2025, the Camden Fund had £591.3 million of assets pooled with London CIV.
  • The supplementary agenda 2 included a presentation from London CIV colleagues, with information on the Pensions Investment Review and London CIV's new Pension Advisory and Support Services (LGPS PASS).
• Ministry of Housing, Communities and Local Government (MHCLG) Consultation Update
  • The committee was scheduled to receive an update on the government's consultation on the LGPS, entitled Fit for the Future.
  • The report in the public reports pack summarised the key proposals and Camden's response, and provided an update on the final Pensions Investment Review from May 2025.
• Triennial Valuation Assumptions
  • The committee was scheduled to receive an update on the assumptions underpinning the triennial valuation for salary growth, discount rate, and other factors used in calculating the pension fund liabilities.
  • The report in the public reports pack updated the Pension Committee on the assumptions underpinning the triennial valuation for salary growth, discount rate (asset outperformance assumption) and other assumptions used in calculating the triennial valuation of the Pension Fund liabilities.
• Risk Register
  • The committee was scheduled to receive an update to the risk register for the Pension Fund, including an action plan for managing identified risks.
  • The report in the public reports pack presented an update to the risk register for the Pension Fund, with an action plan stating how risks will be managed.