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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 note the recent developments related to the WPP Investment Pool and the Fund’s Investment holdings.
RESOLVED: To note the report.
RESOLVED: Subject to the Council approving the Pension Fund Statement of Accounts at its meeting on 28 November 2024, to approve the Pension Fund 2023/24 Annual Report.
RESOLVED: Noted.
RESOLVED – That the public be excluded from the meeting at this point during consideration of this item as the Committee discussed exempt information of the description contained in paragraph 14 of Part 4 and paragraph 21 of Part 5 of Schedule 12A of the Local Government Action 1972. The public may be excluded from the meeting by resolution of the Committee pursuant to Section 100A(4) of the Local Government Act 1972 during discussion of this item. RESOLVED: To note the minutes of the Investment Advisory Panel held on held on 19 March 2024.
None received.
Cllr Weaver declared a personal interest as a member of the Scheme Advisory Board on behalf of the WLGA. Cllr Taylor declared a personal interest as his employer is funded in part by investment through WPP.
The minutes of the meeting held on 20 May 2024 were agreed as a correct record.
Decision as recorded
RESOLVED: To note the recent developments related to the WPP Investment Pool and the Fund’s Investment holdings.
Officers provided a comprehensive update on the Wales Pension Partnership; Members discussed the following points. Members discussed the launch of private market funds, including private credit, infrastructure funds (open and closed-ended), and private equity sub-funds. It was noted that with the Infrastructure sub-funds this fund is currently only invested in the open-ended infrastructure fund. Members were advised that the aggregate value of investments in 11 sub-funds is just under £2 billion, with a substantial increase over the year due to growth and investment of surplus cash. The fund's total value has surpassed £3 billion, with 65% represented by WPP funds and 90% pooled overall. Officers provided an update on property investments, mentioning the appointment of Schroders and as manager for the core UK fund, the UK Impact Fund, and CBRE as the Overseas Global property manager. It was noted that the transition to WPP for property investments may take over a year due to the illiquid nature of these assets including redemption freezes. Officers addressed the fund's relationship to the conflict in Gaza, emphasising the importance of fiduciary duty and the need to avoid political decisions. Officers referenced the Scheme Advisory Board's statement on fiduciary duty and the WPP's statement on ESG issues, highlighting the role of responsible investment and engagement. They agreed to seek the views of other Welsh pension funds and provide a standard response for public inquiries. Officers and Members emphasised the primary purpose of pension funds is to achieve the required returns for paying current and future pensions. They highlighted that ESG issues can be considered in investment decisions only if they do not lead to significant financial detriment and have the support of a wide range of scheme beneficiaries. Officers reiterated that political preferences cannot take precedence over fiduciary duty. The pension committees focus should be on financial factors and avoiding taking political sides in conflicts, referencing the Scheme Advisory Board's statement on fiduciary duty. The Chairperson proposed contacting the other Welsh pension funds to understand their approaches and responses to the conflict in Gaza. He suggested that any decision should consider the views and positions of the other funds, given the pooled nature of investments. Members discussed the need for a standard text to explain the role of elected Members on the pension committee and the considerations they must take into account when making investment decisions. This would help in responding to public inquiries about the fund's position on conflicts. Actions: • Make contact with the chairs of the other Welsh pension funds to discuss their approaches and responses to the issue of the pension fund's relationship to the conflict in Gaza. • Provide feedback by email to the Chairperson on the approach to the pension fund's relationship to the conflict in Gaza after reviewing the reports and reflecting on the discussion. • Draft a standard text that explains the role of elected members of a pension committee, including links to relevant guidance, for use in responses to public correspondence. RESOLVED: To note the recent developments related to the WPP Investment Pool and the Fund’s Investment holdings.
Decision as recorded
RESOLVED: To note the report.
Officers presented the updated risk register, noting minor narrative updates and no changes to risk ratings. Officers provided an update on staffing challenges and the progress in recruiting for the new structure. Members were advised that the updates were reviewed by the Local Pension Board on November 12th. Officers provided an update on staffing challenges, mentioning the progress in recruiting for the new structure. Officers highlighted the appointment of a new operational manager, two team leaders, and a change management post. Members noted the ongoing recruitment for senior processing roles and the engagement of Aeon for additional processing capacity. Action: Share previous reports and agendas, including Local Pension Board reports, with Cllr Cowan for her to review and understand the ongoing issues and context. RESOLVED: To note the report.
Decision as recorded
RESOLVED: Subject to the Council approving the Pension Fund Statement of Accounts at its meeting on 28 November 2024, to approve the Pension Fund 2023/24 Annual Report.
Officers presented the unaudited annual report, noting that it is subject to the approval of the pension fund statement of accounts at the upcoming Council meeting. RESOLVED: Subject to the Council approving the Pension Fund Statement of Accounts at its meeting on 28 November 2024, to approve the Pension Fund 2023/24 Annual Report.
Decision as recorded
RESOLVED: Noted.
Members reviewed and noted the minutes from the April Local Pension Board meeting, highlighting the positive progress in staffing and restructuring efforts. RESOLVED: Noted.
Decision as recorded
RESOLVED – That the public be excluded from the meeting at this point during consideration of this item as the Committee discussed exempt information of the description contained in paragraph 14 of Part 4 and paragraph 21 of Part 5 of Schedule 12A of the Local Government Action 1972. The public may be excluded from the meeting by resolution of the Committee pursuant to Section 100A(4) of the Local Government Act 1972 during discussion of this item. RESOLVED: To note the minutes of the Investment Advisory Panel held on held on 19 March 2024.
RESOLVED – That the public be excluded from the meeting at this point during consideration of this item as the Committee discussed exempt information of the description contained in paragraph 14 of Part 4 and paragraph 21 of Part 5 of Schedule 12A of the Local Government Action 1972. The public may be excluded from the meeting by resolution of the Committee pursuant to Section 100A(4) of the Local Government Act 1972 during discussion of this item. RESOLVED: To note the minutes of the Investment Advisory Panel held on held on 19 March 2024.
None received.
5 February 2025 at 5pm.
Councillors must say when they have a personal link to something being discussed, such as a job, a property or a family member. A prejudicial interest is one strong enough that the councillor usually leaves the room and takes no part.
Declarations are read from the minutes once they are published.
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