The Pensions Committee of Shropshire Council convened on 5 December 2025, to discuss a range of issues including a valuation and funding strategy statement update, pensions administration and corporate governance monitoring, and a climate risk management report. Some items, relating to exempt information, were scheduled to be discussed in private.

Here's a summary of the topics that were scheduled for discussion:

Valuation and Funding Strategy Statement Update

Michelle Doman FIA C.Act and Mark Wilson FIA C.Act from Mercer were scheduled to present an update on the Valuation and Funding Strategy Statement. The presentation included a preliminary 2025 valuation analysis and outcomes, and discussion of the funding strategy statement. The presentation stated that the 3-year return of c14.4% (4.6% p.a.) was below the main 2022 valuation assumption of 4.8% p.a. and that, in isolation, this reduced the funding level by around 1%. It was noted that since 2022 total CPI¹ was 16.6% (5.2% p.a.), vs. the valuation assumption of 3.1% p.a., and that, in isolation, this caused a reduction in the funding level of c5%. It was stated that interest rates had increased significantly since 2022, leading to higher expected future returns which in isolation would increase the funding level. The presentation stated that the net result was a significantly improved position compared to 2022, and that the funding level had not always been as healthy. It was noted that the funding level was less than 100% (i.e. there was a deficit) during all of the time between 2004 and 2022, and that over those 18 years, it was restored primarily by investment returns and additional employer contributions. The presentation included discussion of key parameters including the real discount rate, the sustainability reserve, and the recovery period. It was stated that the 2025 valuation would see contribution reductions for many employers, and that the provisional results showed a higher funding level and lower contributions compared to any recent valuations, as well as an increase in prudence levels. It was noted that the Fund was in an improved position to keep contributions stable in future (although significant risks still remained), and that the Fund's average contribution rate was reducing from 19.1% to 13.0%. The presentation included discussion of contribution sustainability, and how to improve this by using prudence in the funding plan. It was noted that if future experience was better than assumed, there may be the opportunity to reduce contributions further. The presentation also included discussion of employers without taxpayer backing – lower risk employers, and that due to the improved positions and reduced risk, the treatment was moving closer to the standard approach. Changes to the termination policy were also discussed, particularly for the lower risk employers, to provide greater protection to the Fund when they exit. It was noted that going forward new academy conversions will receive a share of the ceding Council's sustainability reserve, to ensure consistent contributions before and after conversion. The Funding Strategy Statement was also discussed, including the layout and content, and the consultation process. It was noted that the updated draft FSS includes new sections and Fund policies brought into the document, including a surplus policy and an asset share policy, and that the deficit recovery policy, admission and termination policies, employer Risk Management policy, Notifiable Events Framework, and Employer Events policy have been updated and are now part of the FSS document.

Pensions Administration Monitoring

The Pensions Administration Manager's report provided monitoring information on the performance of and issues affecting the pensions administration team. The report provided detail on team workloads and performance, and projects currently being undertaken, including valuation 2025, Annual Benefit Statements and Pension Dashboards. Information was also included regarding regulatory changes and the work undertaken by the Scheme Advisory Board². Members were asked to note the KPI chart and information on those KPIs not currently meeting the 95% target and the actions being taken to address this, as well as the progress and completion of key activities from the business plan 2024-25 up to Q2, and the progress of the Pension Dashboard implementation which is provided in the update report. The report noted that the team's output and performance level for the period 1 April 2025 to 30 September 2025 up to Q2 showed that 9 of the 16 KPIs are achieving at least 95% of cases being completed by the legal timeframes. It was noted that the team had been extremely busy working through several projects, and that this can impact on the business-as-usual work as the team must prioritise certain areas of work that need to be completed for the projects to succeed, but that there had been little negative impact across the KPIs and even improvement on the KPIs where the team are not achieving 95% of cases being completed by the timescales. It was noted that there had been an improvement to the KPIs for transfers, due to a change to how the team resource these cases, and that following this success, a new process would be introduced for allocating work within the Membership and Benefits team, with assignments now being distributed according to individual skill sets and capacity, rather than the current alphabetical split, where all officers manage multiple types of casework such as retirements, deaths, and transfers. The report included statistics on the work undertaken by the helpdesk team not covered by the workflow system or reported with the wider team statistics, including telephone calls received, the percentage of calls answered, contact forms/emails received, the percentage responded to within 10 working days, My Pension Online activation keys issued, incoming post received and indexed to the pensions administration system, 1-2-1 video appointments held with scheme members, and users visiting the website. It was noted that the team had received more enquiries through the 'contact us' form, which efficiently directs queries to the right member as it collects all required information from the initial enquiry, and that the team continue implementing a process where members are asked to upload documents to the 'my pension online' portal instead of emailing them to the helpdesk or sending in via post, as this method is more secure and efficient. The report included information on Penny the Pensions Bot which can be accessed via the Shropshire Council website, and that the accuracy rate for the responses provided was hovering around the 75% - 83% rate, and that the team continue to look at the information bank and add in more information to help support members with their questions. The report included the percentage of members who have registered for 'My Pensions online' by the different member types in the fund, and that there was a steady increase in the numbers registering for the service for active and pensioner members. It was noted that the team are currently planning to do a tracing exercise that will update member addresses for those that have lost touch with the fund, these are predominantly deferred members as they are no longer contributing, and that once this exercise is completed, the team will look to make a concerted effort to contact all deferred members currently not registered for 'my pension online' to encourage members to register. The report included the number of new registrations received since April 2025, and that the spike in numbers correlates with campaigns where information has been sent out to members, i.e. May – Pensioner P60s are sent out, July to September, Annual Benefit Statements are sent to active and deferred members. The report noted that in line with the Shropshire County Pension Fund administration strategy, employers must pay their contributions and lump sum deficit payment by the 19th of the month, and that accompanying data must also be submitted via i-Connect by this date, and included the percentage of employers who have made payments by the deadline over this quarter. It was noted that September has been a difficult month in terms of data submissions and payment of deficit payments, and that 2 employers changed their payroll provider, and both could not submit their first extract accurately and on time, and that 1 is a multi-academy trust (MAT) and has 12 schools in the fund who are all treated as separate scheme employers, and that there were also some new academies and Admitted Bodies who could not send their first submission on time. It was noted that the onboarding process for the data submission service iConnect can be time consuming as the team collaborate with new employers to deliver the relevant training to understand the system and the extract they must populate, and that the team also must ensure that member records are updated with any new reference information that will be needed in readiness for the first submission from their new employer or payroll provider. It was noted that the low percentage in September for the lump sum deficit payments was due to one multi-academy trust with several schools who make separate payments, and that the 19th fell at a weekend which makes the due date the Friday, but payment was made on the Monday after the due date, and that employers are being reminded of deadlines and the importance of submitting data in plenty of time ahead of the deadline. The report noted that all work that was scheduled for these quarters has been started and completed within the set timescales, and that the individual employer results have been distributed to employers, and an employer meeting was held on 24 November with the fund's actuary to provide updates regarding funding and investment strategies, and that the Funding Strategy document has been reviewed and revised in collaboration with the actuary, and the final draft will be presented to the committee during the update from Mercer, and that after the committee agrees on the draft, a consultation with employers will be conducted before committee ratification in March. The report included the latest project report on Pension Dashboards, and that the annual address tracing project will enhance the fund's data quality and support member data matching on dashboards, and that the team are evaluating additional work areas and any necessary process or staffing changes to prepare for dashboard implementation, and that increased member engagement may lead to more benefit payments or transfers for previously inactive members, and that further updates will be shared at future committee meetings. The report noted that on 22 October 2025, the Office for National Statistics reported that the annual increase in the Consumer Prices Index (CPI) for September 2025 was 3.8 per cent, and that in line with recent government policy, adjustments under the Pensions (Increase) Act 1971 and the revaluation of pension accounts as stipulated in section 9 of the Public Service Pensions Act 2013 are based on the CPI rate for September of the previous year, and that the team are currently awaiting official confirmation from the Government regarding the application of this 3.8 per cent rate to the revaluation and pension increases for LGPS active pension accounts, deferred pensions, and pensions in payment, effective April 2026.

Corporate Governance Monitoring

The Pensions Investment and Responsible Investment Manager's report was intended to inform members of corporate governance changes including the governments latest LGPS - Fit for the Future consultation³, and updates since the last committee together with a review of socially responsible investment issues arising in the quarter, 1st July 2025 to 30th September 2025, including the latest position in respect of the Palestine Solidarity Campaign's demands. The report provided detail on the actions taken by the Funds key stewardship partners in respect of the quarter from 1st July 2025 to 30 th September 2025, and an update on the Funds position in respect of the letter received from the Palestine Solidarity Campaign and the actions taken by the Scheme Advisory Board, as well as information on the government's latest Local Government Pension Scheme (England and Wales): Fit for the future consultation and confirmation of the changes since the last Committee. Members were asked to note and accept the position as set out in the report in respect of voting and engagement activity, and to note and accept with or without comment the Funds update on companies in conflict affected and high-risk areas, and to note approve the process for responding to the government's latest Local Government Pension Scheme (England and Wales): Fit for the future consultation. The report noted that the Shropshire County Pension Fund has been actively voting for over seventeen years at the Annual General Meetings and Extraordinary General Meetings of the companies in which it invests, and that voting is carried out by LGPS Central through EOS @ Federated Hermes (EOS) on all equity portfolios since the 1st January 2025 which ensures a consistency of approach. The report stated that the Fund is also addressing its social responsibility through a strategy of responsible engagement with companies, and that Columbia Threadneedle Investments (CTI) provides this responsible engagement overlay on the Fund's global equities portfolios, and included a table of themes and projects:

The report noted that engagements often operate over a period of several years reflecting the time taken to build relationships and develop real change, and that in addition the 86 LGPS Scheme members and the pooling companies are represented by the Local Authority Pension Fund Forum (LAPFF). The report stated that the LGPS Central stewardship report is a generic report across all of the investments operated by LGPS Central and those products that LGPS Central can vote on through Legal and General, it is not specific to the products in which the Fund is invested, and that this means that the majority of examples and engagements will relate to the Fund's portfolio but not all, and that the following four companies were not held by the Fund as at the 30 th September 2025 – Exxon Mobil, Ansell, M3 Inc, and Quorvo Inc. The report noted that the Fund holds the following public market investments which are voted on and engaged with by LGPS Central:

• LGPS Central Global Equity (Multi Manager Fund)
• LGPS Central Sustainable Equities Broad Fund
• LGPS Central Sustainable Equities Targeted Fund
• LGPS Central Investment Grade Credit Fund (Engagement Only)
• Legal and General Investment Managers (LGIM) Low Carbon Global Equity Passive Fund.

The report stated that the Funds investments are held on a pooled basis so the Fund actually holds units in a pool which has underlying investments, this means unlike previous segregated mandates the equites are in the name of LGPS Central or LGIM, and that on average there are approximately between1700/2000 underlying holdings in the portfolios. The report noted that LGPS Central have set their stewardship themes for three years covering 2024 to 2027 reflecting again the average length of engagements to impact real change, and that their current themes are:

• Climate Change
• Natural Capital
• Human Rights Risk
• Sensitive and Topical Issues

The report stated that LGPS Central have developed a scale to allow transparency and understanding of the success of engagements and these are reflected were appropriate in the report, and that the engagement response will be measured across 4 levels:

• Level 0 No progress has been made as a result of engagement.
• Level 1 Minimum expectations have been met.
• Level 2 Moderate progress.
• Level 3 Successful outcome.

The report noted that during the last quarter Columbia Threadneedle Investments have continued to actively engage with companies on the Fund's behalf, and that as part of the service provided by Columbia Threadneedle they screen holdings against breaches and controversies around the UN Global Compact which is a voluntary initiative to get CEO's to adopt sustainable and socially responsible practices, and that there were no reported breaches in the last quarter. The report stated that in addition to the service provided by Columbia Threadneedle Investments, the Fund is also a member of the LAPFF (Local Authority Pension Fund Forum), and that the LAPFF use the combined power of LGPS Members to engage with companies on behalf of the LGPS, and that the LAPFF engagement is not specific to companies in the Fund's portfolio, and that the LAPFF use Pension Fund share holdings at an aggregate level to determine engagement companies, and they often engage at a sector level as well as with specific companies, and included examples of some of the companies within the Shropshire portfolio on 30th September 2025. The report noted that on the 28th August 2025 Committee members received a letter from the Palestine Solidarity Campaign (PSC) requesting the Fund divest from companies involved in breaches of International Humanitarian Law supported by a legal position paper, and that the Fund's position on investment in companies in conflict affected and high-risk areas is set out in the fund's statement and is backed by legal opinion from Nigel Giffen KC which was obtained by the Scheme Advisory Board on behalf of the LGPS. The report stated that the Scheme Advisory Boards (SAB) have written directly to MHCLG on the 13th October 2025 as promised and a copy of their letter is available on the SAB website, and that the letter clearly sets out SAB's view that having already obtained legal advice regarding allegations of criminality by administering authorities, the onus is on the government to provide clarity in the light of opposing opinion provided by Palestine Solidarity Campaign, and that in this respect they cite the previous Secretary of State did communicate the Governments views on the appropriateness of investments in Russia following the invasion of Ukraine. The report noted that to date SAB have not received a response from the Minister to their letter but they continue to raise the issue when the opportunity arises and have advised that funds continue in the interim to act in accordance with their own policies, and that the Fund continues to keep the position under review and looks to Central Government for direction in these matters as was the case in the Russian invasion of Ukraine, and that whilst recognising the hardship for people living in these areas, for the reasons outlined in the fund's CHARA statement, the Fund believes that the effective stewardship of assets provides the best long-term outcomes for stakeholders and society. The report stated that the Government set a deadline of the 30th September 2025 for orphaned funds to have made a decision on which pooling company they would be joining, and that since that date all funds with the exception of the Isle of Wight have given public responses on the shape of pooling from 1st April 2026, and that in respect of LGPS Central this means that six funds Gloucestershire, Hampshire, Norfolk, Suffolk, Oxfordshire and Wiltshire will be joining LGPS Central and have signed Memorandums of Understanding to that effect, and that the Isle of Wight have recommended to their host authority a desire to join LGPS Central. The report noted that work is currently ongoing on drafting a revised Shareholder Agreement which will be signed by all of the partner funds prior to the 31st March 2026 deadline, and that the Pensions Bill which provides the formal legislation for all these changes is still going through the House of Commons, and that MHCLG advised that they expect it to be passed shortly to the House of Lords for consideration, and that MHCLG have confirmed they expect the Bill to be on the statute books prior to 31st March 2026. The report stated that with the above deadline in place the government have started to consider the regulations and guidance that will sit behind the Bill to assist administering authorities, and that a technical consultation was issued on the 21st November 2025 to consider two draft statutory instruments and whether these effectively deliver the policy proposal set out in the government's response to the fit for the future consultation, and that the consultation covers two draft statutory instruments, the first covers the LGPS (Pooling, Management and Investment of Funds) Regulations questions 1 to 23, and that this first regulation covers a number of areas from the fit to the future consultation including the investment of funds, asset pooling companies, investment strategy, local investments, the role of the Secretary of state in issuing regulations and transitional requirements, and that the second regulation LGPS (Amendment) Regulations 2026 questions 24 to 29 concerns the governance proposals in particular, looking at strategies required, the role of the LGPS Senior Officer, the role of the independent person, the knowledge and understanding requirements and independent governance reviews. The report noted that the consultation has a deadline of the 2nd January 2026 so the team will need to prepare a draft response before the offices close on the 23rd December 2025, and that given the extremely short time scale, officers will look to speak to partners in LGPS Central and draft a response to be shared with the Chair in advance of submission, and that a copy of the response will be provided to the committee as part of the next quarterly update.

Climate Risk Management Report

Mr Ethan Phipps and Mr Basyar Salleh from LGPS Central, were scheduled to present the 2025 Climate Risk Management Report. The report stated that established best practices ensure the Fund manages climate risk exposure responsibly, and that there has been significant progress toward the Fund's climate objectives, and that portfolio decarbonisation is evidenced across a range of climate indicators, and that there has been identification of priority companies and actionable engagement objectives to manage risk exposure, and that there is an annual carbon footprint assessment, with climate scenario analysis aligned to each actuarial review. The report included climate metrics over time for listed equities, and that the Fund's listed equity net asset value (NAV) increased by 75.6% from 2020, and that this would ordinarily lead to a proportional increase in the Fund's financed emissions, however, asset allocation decisions and company-level decarbonisation have meant that the Fund's Financed emissions have decreased. The report stated that the Equity Financed Emissions were 30,290 tCO2e, a 34.5% decrease vs 2020, and a 62.0% decrease vs reference index, and that accounting for fluctuations in NAV, we observe an even greater decrease in normalised financed emissions, and that the Equity Weighted Average Carbon Intensity was 51.0 tCO2e/ \$m sales, a 64.3% decrease vs 2020, and a 58.2% decrease vs reference index, and that these reductions are partially attributable to the asset allocation decisions of the Fund, notably including investments within the LGPS Central Global Sustainable Broad Fund, LGPS Central Global Sustainable Targeted Fund and the Legal and General Investment Management Solactive Developed Equity Index Fund, all of which have low normalised financed emissions and weighted average carbon intensity relative to the FTSE AW. The report included a table of progress against climate targets:

The report included a Climate Stewardship Plan:

The report also included a report prepared in alignment with the recommendations of the Taskforce on Climate-Related Financial Disclosures (TCFD). The report stated that the Fund's governance of climate risk has developed significantly over recent years, and that roles and responsibilities are clearly defined in the Fund's Governance Compliance Statement, and that Shropshire Council holds overall responsibility for the Fund but has delegated its management and administration to the Shropshire County Pension Fund Committee ('the Committee'), and that the Committee prepares the Investment Strategy Statement (ISS), which includes the Fund's Responsible Investment Beliefs, and that the Climate Change Strategy, which is referenced in the ISS and also published separately, sets out 10 evidence-based beliefs, and that these include recognition of climate change's impact on the financial system, environment, and society, and that the beliefs reaffirm support for the Paris Agreement and the need for a low-carbon transition. The report noted that the Head of Pensions – LGPS Senior Officer works with the Pensions Investment and Responsible Investment Manager to oversee climate-related investment risks and report to the Pension Committee, and that as an externally managed fund, much of this responsibility is delegated to portfolio managers, who are regularly monitored by Officers and the Committee, and that the Committee is supported by its investment adviser, Aon, in monitoring investments, and that reports include ratings on risk management, investment process, performance, and ESG factors where applicable, and that material developments are reported to the Committee for consideration and potential action, and that in addition to AON as investment advisor the Fund is also supported by an independent advisor in Philip Hebson. The report stated that the Fund identifies and assesses climate-related risks at both total Fund and individual asset levels, and that recent Climate Risk Reports combine top-down and bottom-up analyses, and that the Fund recognises that assessment tools are evolving and aims to use the best available information to evaluate climate-related threats to investment performance, and that where possible, climate risks are expressed in units of investment return to allow comparison with other risk factors, and that as an externally managed fund, identification and assessment also rest with appointed managers, who are regularly monitored. The report noted that the Fund has committed to undertaking a revised climate scenario analysis and the results of this will be published in the 2025 Actuarial Valuation Report. The report stated that the Fund identifies and assesses climate-related risks at both total Fund and individual asset levels, and that recent Climate Risk Reports combine top-down and bottom-up analyses, and that the Fund recognises that assessment tools are evolving and aims to use the best available information to evaluate climate-related threats to investment performance, and that where possible, climate risks are expressed in units of investment return to allow comparison with other risk factors, and that as an externally managed fund, identification and assessment also rest with appointed managers, who are regularly monitored. The report noted that the Fund uses Columbia Threadneedle (CTI) to provide a Responsible Engagement Overlay for Global Equity portfolios, engaging companies on environmental and social impacts, and that voting activity is reported quarterly and published on the Fund's website, while LGPS Central publishes its own quarterly voting and engagement reports, and that based on Climate Metric Analyses, the Fund develops a priority list for climate engagements, focusing on major contributors while considering each company's decarbonisation and net zero approach, and that this informs investment and engagement decisions. The report included a list of the companies in the Fund's priority list:

The report stated that both 'mainstream' risks and climate-related risks are discussed by the Pension Committee, and that while specific macro-economic risks are not usually included in isolation, the Fund has deemed climate risk to be sufficiently significant and therefore included it on the Fund's Risk Register, and that Climate risk is further managed through the Fund's Climate Stewardship Plan. The report included a breakdown of funds included in the analysis, and that the analysis encompasses public market investments reported as of 31 March 2025, and that it includes holdings in listed equity, fixed income funds including government debt, and the Fund's private market holdings managed by LGPS Central, and that private market holdings were first incorporated into this analysis in the 2024 report, and that where available, reported data for private market holdings has been utilised, and that where unavailable, estimations have been constructed using the portfolio holdings value, revenue, sector and attributed ownership, and that due to the current non-uniformity of private market data, it has not been possible to extend this coverage to the Fund's non-pooled private market investments. The report included restated data, and that climate data is an evolving field, and methodologies are continuously updated by governments, data providers, and companies, and that the data accessible through the fund's data provider (MSCI) undergoes frequent revisions as estimated data gets replaced by reported data, estimations are refined for greater precision, and data coverage expands, and that the fund recalculates its emissions annually and may revise previously reported greenhouse gas (GHG) data to incorporate the most current information, and that when possible, the fund aligns its holding period with the period in which emissions from the underlying issuer occurred, and that consequently, there may be variations between the data reported in previous documents and the figures presented in this report due to these restatements, and that the fund's metrics employ methodologies aligned with those used by the Partnership for Carbon Accounting Financials (PCAF) and MSCI. The report included a dashboard of the fund's aggregated climate risk metrics for each portfolio in the equity asset class, and that the reference index used to measure the funds' relative performances is the FTSE UK All Share Index, the FTSE All-World Index, and the FTSE Emerging Index. The report included a graph of equity financed emissions over time, and that the Fund's listed equity portfolio financed emissions decreased by 34.5% from 2020, despite a 75.6% increase in NAV over the same period, and that accounting for fluctuations in NAV, normalised financed emissions, decreased by 64.8%, and that the Fund's listed equity financed emissions decreased by 60.7% between Q1 2021 and Q2 2022, and that this can primarily be attributed to the Fund's asset allocation decisions, where it exited two passive portfolios (one developed all world portfolio and one UK equities portfolio), and that when exiting these positions, the Fund also entered two of LGPS Central's Global Sustainable Equity Funds, and the Legal and General Low Carbon Transition Developed Markets Equity Index Fund, both are associated with relatively low climate metrics given their sustainability focus and climate tilt respectively. The report included a graph of equity WACI over time, and that the decrease in normalised financed emissions can also be associated with the decrease in exposure to carbon intensive companies, and that WACI decreased by 64.3% relative to Q1 2020. The report stated that from a sector perspective, the fund's largest share of WACI and financed emissions is attributed to the Utilities, Materials, and Energy sectors, and that between 2020 and 2025, the WACI associated with these sectors declined by 67.9%, 49.8%, and 46.0%, respectively, and that normalised financed emissions for these sectors fell by 74.4%, 53.3%, and 33.7%, respectively, and that portfolio weights for these sectors decreased by 1.5%, 1.5%, and 1.3%, respectively. The report included a graph of equity data availability over time, and that while data availability for equities has been relatively strong since the fund began carbon footprinting, the graph illustrates an improving trend as the data availability of portfolio companies improves, and that a high level of data availability implies the aggregated carbon metrics are more reflective of the portfolio's overall carbon emissions profile, and that where data availability is lower, aggregated carbon metrics are more likely to be skewed and therefore less reflective of the actual portfolio emissions, as a whole, and that the increase in missing/unavailable data coverage during 2023 is associated with asset allocations taking place within this timeframe. The report included a dashboard of the fund's aggregated climate risk metrics for each portfolio in the Fixed Income asset class, and that the reference index used to measure the funds' relative performances is the 50% Sterling Non-Gilt & 50% Global Corporate, and the ICE BofA Global Corporate Index. The report included a graph of corporate fixed income financed emissions, and that the portfolio's financed emissions and normalised financed emissions are 41.6% and 26.4% lower than the reference index respectively, and that similarly, the portfolio's WACI is 5.3% lower than that of the reference index, and that this carbon metric outperformance can primarily be associated with an overweight exposure to the Materials sector and an underweight exposure to the Utilities sector. The report included a graph of corporate fixed income data availability, and that the majority of the NAV (83.1%) is associated with reported data, and that data availability and data quality for fixed income assets have traditionally been notably lower than listed equity, however, from Q2 2023 to Q1 2025, there has been an upward trend in reported and estimated data availability for the fixed income asset class over recent years.

Exclusion of Press and Public

The agenda included a resolution to exclude the press and public from the meeting for agenda items 10 to 16, because they involve the likely disclosure of exempt information as defined by the categories specified against them.

Exempt Items

The agenda included the following items to be discussed in private:

• Exempt Minutes of the Previous Meeting
• 2025 Climate Risk Management Report
• Governance
• New Employers
• Investment Portfolio Update
• Investment Strategy Implementation Update
• Investment Monitoring - Quarter to 30 September 2025