The Warwickshire Pension Fund Investment Sub-Committee met on Monday to review the minutes of a prior Local Pension Board meeting, receive a governance report, and discuss the fund's risk policy. The sub-committee also received updates on the fund's investment strategy, climate scenario analysis, carbon footprint, and custodial services. Much of the meeting was held in private due to the discussion of exempt information.

Review of Warwickshire Local Pension Board Minutes

The sub-committee reviewed the [minutes of the Warwickshire Local Pension Board meeting of 29 April 2025][Covering Report - Review of the Minutes of the LPB 29 April 2025], which included discussion of the Warwickshire Pension Fund governance review, business plans, and investment updates. The sub-committee noted the minutes.

Pension Fund Governance Report

The sub-committee reviewed a [report][Pension Fund Governance Report] summarizing the main governance issues affecting the Warwickshire Pension Fund. The report covered the fund's forward plan, risk monitoring, updated policies, and training.

Risk Register

The [Pension Fund Governance Report][Pension Fund Governance Report] included an update on the risks facing the fund and the management actions necessary to address them. The risk register is reviewed by fund officers quarterly, and the risk scores were unchanged following the most recent review. Additions were made to the register to document changes, including:

• The 2025 valuation process and investment strategy review were added as a risk control against the risks of long-term asset values not meeting expectations and assets not meeting their liabilities.
• The proposed changes in the 2025 Access and Fairness consultation and the back-dated calculations required to deliver them were acknowledged as a risk cause for the risk of inability to meet demand for activity (administration).
• The additional challenge of governing larger [Local Government Pension Scheme (LGPS)]¹ pools was added as a risk driver for governance failure, along with the risk of a poor external governance assessment when the new triennial reviews are undertaken.

The report noted that the fund intends to run a workshop on risk before the end of the year, following initial training led by Hymans Robertson on Risk Management in the LGPS. The purpose of the workshop will be to invite committee member input on the identification and scoring of risks in the Risk Register for the Fund.

Risk Policy

The sub-committee reviewed the updated [Risk Policy][Appendix 2 for Pension Fund Governance Report], which details the risk management strategy for the fund, including the steps the fund takes to measure and manage risk. Two sections of the policy were updated:

• The risk register scoring method was included to provide context for each named risk score.
• The committee approval date and next scheduled review were added to the policy.

Training

The [Pension Fund Governance Report][Pension Fund Governance Report] noted that a training session was held on 4 August with speakers from Hymans Robertson and Border to Coast presenting on the 2025 formal valuation, the Investment Strategy Statement and Climate Scenario training. The next training meeting will cover cyber security and business continuity arrangements and will be held in late September 2025.

Items discussed in private session

After the public session, the committee moved into a closed session to discuss items containing exempt or confidential information, including:

• 2025 Valuation - Whole Fund Results
• Review of Investment Strategy Statement
• Climate Scenario Analysis Output Report
• Carbon Footprint Report
• Tender for Custodial Services
• General Activity Update: Quarter 2 2025
• Quarterly Investment Monitoring Report: Quarter 2 2025
• LGPS Pooling Consolidation
• Exempt Minutes of the Previous Meeting