The Wales Pension Partnership Joint Governance Committee met on Wednesday 16 July 2025 to review the audited annual return for 2024/25, approve updated policies on responsible investment, climate, and stewardship, and receive updates on the host authority's activities and the partnership's risk register. The committee also noted performance reports for various sub-funds as at 31 March 2025 and received an update on private equity investments.

Annual Return/Audit 2024/25

The committee received the audited annual return for the 2024/25 financial year. Audit Wales, represented by Jason Blewitt, presented their audit letter, confirming that no matters had arisen that gave cause for concern regarding the preparation of the return, adherence to legislation, consistency with governance arrangements, or the partnership's arrangements for economy, efficiency, and effectiveness in its use of resources. The committee unanimously resolved to receive the letter from Audit Wales, approve the audited annual return, and note the unaudited Statement of Accounts for 2024/25.

Annual Policy Reviews

The committee reviewed and approved updated policies on Responsible Investment, Climate, and Stewardship. These policies, originally approved in 2019 and 2020, are reviewed annually. Hymans Robertson provided an assessment of the partnership's progress against the commitments in the Responsible Investment and Climate Policies for the year ending 31 March 2025. The committee unanimously approved the updated policies and noted the progress update.

Host Authority Update

A progress update was received from the host authority, Carmarthenshire County Council, covering key areas including governance, ongoing establishment, operator services, communications and reporting, training and meetings, and resources, budget, and fees. The committee unanimously resolved to receive this update.

Risk Register Q2 2025 Review

The committee considered the Q2 2025 review of the Wales Pension Partnership's Risk Register. The review focused on risks within the Governance and Regulation section (G.8 to G.15) and included the addition of a new risk, G.16, concerning Project Snowdon not meeting its timescales and delivery capability. The committee unanimously resolved to approve the amendments to the WPP Risk Register as detailed in the report.

Operator Update – Q1 2025 Review

Waystone Management (UK) Limited, the partnership's operator, provided a quarterly update covering corporate and compliance matters, relationship overview, sub-fund values and changes, market updates, third-party monitoring, and engagement and meeting schedules. The committee received this update.

Performance Reports as at 31 March 2025

Performance reports for the Wales Pension Partnership's sub-funds as at 31 March 2025 were presented. The reports detailed the performance of various equity and fixed income funds, noting where sub-funds had outperformed or underperformed their benchmarks. The Multi Asset Credit (MAC) and Absolute Return Bond (ARB) funds did not meet their targets, while the Sterling Credit fund exceeded its target. The committee unanimously resolved to note the performance reports for all listed sub-funds.

Private Markets Update – Private Equity

Schroders Capital provided a progress update on the Wales Pension Partnership's Private Equity Investment programme. The closed-ended programme, launched in October 2023, focuses on diversified investments across primaries, secondaries, and co-investments in North America, Europe, and Asia. The committee received this update.

Appointment of Chair and Vice-Chair

Councillor Peter Lewis was unanimously appointed Chair of the Joint Governance Committee for the forthcoming calendar year, and Councillor Elin Hywel was unanimously appointed Vice-Chair.

Other Business

The committee also formally signed the minutes of the previous meeting held on 4 June 2025 and noted declarations of interest from members. The public were excluded from consideration of the Securities Lending Performance Review and the Robeco Engagement Service report due to exempt information.