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The decisions as the council's minutes record them. A plain-language summary follows once it has been written.
RESOLVED to: a. Approve the Net Zero Strategy and Net Zero Action Plan. b. Agree for officers to undertake further work to identify and action the most appropriate communication channels to ensure Fund stakeholders are aware of this important policy. c. Agree that the Corporate Director Resources in accordance with the Council’s Scheme of Delegations may determine all aspects of the procurement process for the appointment of appropriate specialist external advisors (including approving the evaluation criteria to be used and authorising the award of the contracts) and all ancillary matters pertaining to the procurement and proposals above.
RESOLVED: • To note the recent developments related to the WPP Investment Pool and the Fund’s Investment holdings. • To approve the WPP Business Plan 2024-27.
RESOLVED to note the contents of the Risk Register.
RESOLVED to approve the Business Plan for 2024/25.
None received.
None received.
The minutes of the meetings held on 5 February and 8 April 2024 were approved as a correct record.
Decision as recorded
RESOLVED to: a. Approve the Net Zero Strategy and Net Zero Action Plan. b. Agree for officers to undertake further work to identify and action the most appropriate communication channels to ensure Fund stakeholders are aware of this important policy. c. Agree that the Corporate Director Resources in accordance with the Council’s Scheme of Delegations may determine all aspects of the procurement process for the appointment of appropriate specialist external advisors (including approving the evaluation criteria to be used and authorising the award of the contracts) and all ancillary matters pertaining to the procurement and proposals above.
The Chairperson welcomed Nick Jellema, Mhairi Gooch and Tom Prince from Hymans Robertson and Dean Batte- Group Accountant (Pensions) for this item. The representatives from Hymans Robertson provided a comprehensive outline of the Net Zero Policy, after which the Chairperson invited questions, comments, and observations from Members. Members were thankful for the huge amount of work that had gone into developing the work, both in workshops that had been provided and the Policy itself. Members noted that they have previously discussed the availability and quality of data provided and asked whether any improvements had been seen. Members were advised that the situation around data was evolving quickly, especially in the private markets. There was a diverse spread and increasing numbers of those able to provide data. It was noted that the availability of quality data was a big part of the Net Zero journey, it was important to have comprehensive data across all assets in 4-5 years’ time. Pension Committee and Local Pension Board have a role to play in pressuring fund managers to improve this further. Members emphasised the importance of making decisions in line with responsibility, in a way that protects the long-term future of the fund. Members noted the 4 yearly deep reviews but stressed that if an opportunity ever comes up to be more ambitious in terms of dates, then the Committee would be keen to do so. Members were keen to state the importance of seeking to dis-invest in fossil fuels as early as possible, noting it is a complex issue and that dis-investment needs to be at the right time and in the fund’s best interests. Members asked about communication of the Policy to fund members and stakeholders. Officers explained that there would need to be considered further but the expectation would be for a press release, the website would need to be updated and also social media could be an option. The Chairperson noted that it was important to be clear that it related to the Pension Fund and not Cardiff Council. RESOLVED to: a. Approve the Net Zero Strategy and Net Zero Action Plan. b. Agree for officers to undertake further work to identify and action the most appropriate communication channels to ensure Fund stakeholders are aware of this important policy. c. Agree that the Corporate Director Resources in accordance with the Council’s Scheme of Delegations may determine all aspects of the procurement process for the appointment of appropriate specialist external advisors (including approving the evaluation criteria to be used and authorising the award of the contracts) and all ancillary matters pertaining to the procurement and proposals above.
Decision as recorded
RESOLVED: • To note the recent developments related to the WPP Investment Pool and the Fund’s Investment holdings. • To approve the WPP Business Plan 2024-27.
Officers provided a comprehensive outline of the report, after which the Chairperson invited questions, comments, and observations from Members. Members asked for clarification around why cost effectiveness was listed last in the Governance diagram in the Business Plan. Officers explained that the list isn’t ordered, it is just how the diagram was designed. Officers noted however that when a tender process is underway cost effectiveness is not always the top factor in the evaluation criteria, quality is usually higher weighted. The Chairperson noted for clarity that the diagram is not ranked in order of importance, but it was agreed that cost effectiveness is an important value to have. RESOLVED: • To note the recent developments related to the WPP Investment Pool and the Fund’s Investment holdings. • To approve the WPP Business Plan 2024-27.
Decision as recorded
RESOLVED to note the contents of the Risk Register.
Officers provided a comprehensive outline of the report, after which the Chairperson invited questions, comments, and observations from Members. Members were reminded that this standing agenda item also goes to the Local Pension Board, and changes requested there were highlighted in paragraph 3 of the report. Members asked a question around resourcing, specifically the 10 staff to deal with the backlog of work. Members sought clarification as to whether these were temporary or permanent posts. Officers explained that the intention was to have the additional 10 permanent posts in the section. Officers stated that they have completed an analysis and review of resources needed in the Pensions Section. A first point of contact team was being established to deal with high volume general enquiries etc to take workload away from the more experienced staff. In addition there would also be a focus on strengthening the team in a technical capacity. Officers have recently met with the HR Job Evaluation team to look at role profiles, HR advice was that every post, and not just new posts, needs to be reviewed as they have changed so much. Officers added that they were looking to implement a ‘cradle to grave’ approach so there was no barrier to career progression and to increase resilience in the section. Once the Job Evaluation team have determined the grades, the Corporate Director will then use his delegation to sign off, posts will be created, and the implementation phase would begin. Officers were hopeful that the grades would be higher, and the recruitment improves, as well as improves staff retention. Members discussed the target moving to September for Mercer’s GMP reconciliation, and asked if Officers were confident that the new target would be met. Officers explained that the process with Mercer had not gone as smoothly as they had wanted and that there have been delays. Officers were however committed to finalising this year and emphasised the importance of it being 100% correct. Officers were confident they were on track to meet the autumn target date. RESOLVED to note the contents of the Risk Register.
Decision as recorded
RESOLVED to approve the Business Plan for 2024/25.
Officers provided a comprehensive outline of the report, after which the Chairperson invited questions, comments, and observations from Members. Members were advised that this report had been to the Local Pension Board meeting on 16 April 2024, no comments or amendments were received. The Chairperson asked when the Business Plan would be published on the website and was advised that this would happen after approval and when the accounts are closed. RESOLVED to approve the Business Plan for 2024/25.
Noted.
None received.
The next meeting of the Pension Committee is the joint meeting with the Local Pension Board to be held at Cardiff Castle at 3pm on 24 June 2024. The next dedicated meeting of the Pension Committee will be held on Teams at 5pm on 27 November 2024.
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