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The decisions as the council's minutes record them. A plain-language summary follows once it has been written.
RESOLVED: 6.1 That the letter from Audit Wales regarding the WPP 2024/25 Annual Return be received. 6.2 That the Audited Annual Return for 2024/25 be approved. 6.3 That the Unaudited Statement of Accounts for 2024/25 be noted.
RESOLVED that the Host Authority be received.
RESOLVED that the amendments to the WPP Risk Register, as detailed in the report, be approved.
RESOLVED: 9.1 That the following update policies, as detailed in the report, be approved: • Responsible Investment Policy • Climate Policy • Stewardship Policy 9.2 To note the Responsible Investment and Climate Risk Annual progress update.
RESOLVED that the Operator Update be received.
RESOLVED that the Performance Reports of the following sub-funds as at 31st March 2025 be noted: 11.1 Global Growth Equity Fund 11.2 Global Opportunities Equity Fund 11.3 Sustainable Active Equity Fund 11.4 Emerging Markets Equity Fund 11.5 UK Opportunities Equity Fund 11.6 Global Government Bond Fund 11.7 Global Credit Fund 11.8 Multi Asset Credit Fund 11.9 Absolute Return Bond Fund 11.10 Sterling Credit Fund
RESOLVED that the Private Markets Update – Private Equity Update report be received.
UNANIMOUSLY RESOLVED that Councillor Peter Lewis be appointed Chair of the Joint Governance Committee for the forthcoming calendar year.
UNANIMOUSLY RESOLVED that Councillor Elin Hywel be appointed Vice-Chair of the Joint Governance Committee for the forthcoming calendar year.
No apologies for absence were received.
Member Agenda Item No. Interest Cllr. P. Lewis All Items. He is a member of the Powys Pension Fund. Cllr. C. Bithell All Items. Receives Widower's Pension from Clwyd Pension Fund. Daughter is also a member of the Clwyd Pension Fund. Cllr. E. Williams All Items. He is a member of the Dyfed Pension Fund. Cllr. C. Weaver All Items. He is a member of the Cardiff & Vale Pension Fund. Cllr. M. Lewis All Items. He is a member of Swansea Pension Fund. Cllr. E. Hywel All Items. She is a member of the Gwynedd Pension Fund. Cllr. N. Yeowell All Items. He is a member of the Greater Gwent Pension Fund. Cllr. C. Leyshon All Items. She is a member of the RCT Pension Fund. [Note: There is an exemption within the Code of Conduct for Members, which allows a member who has been appointed or nominated by their Authority to a relevant body to declare that interest but remain and participate in the meeting.]
UNANIMOUSLY RESOLVED that the minutes of the Joint Governance Committee meeting held on 4th June 2025 be signed as a correct record.
Decision as recorded
RESOLVED: 6.1 That the letter from Audit Wales regarding the WPP 2024/25 Annual Return be received. 6.2 That the Audited Annual Return for 2024/25 be approved. 6.3 That the Unaudited Statement of Accounts for 2024/25 be noted.
[NOTE: Councillors P. Lewis, C. Bithell, E. Williams, C. Weaver, M. Lewis, E. Hywel, N. Yeowell and C. Leyshon had earlier declared an interest in this item.] The Joint Governance Committee (JGC) was presented with the audited annual return for 2024/2025 for approval. Both the Accounting Statement and Annual Governance Statement sections of the Annual Return had been prepared by the Host Authority’s Internal Audit Department as part of an Internal Audit Review. The Annual Return had been audited by Audit Wales, with Mr Jason Blewitt of Audit Wales in attendance to present the audit letter to the Committee. The Host Authority had also prepared a Statement of Accounts for the Wales Pension Partnership (WPP) for 2024/25. While it is not a statutory requirement and is not audited, the Statement had been included for information purposes. UNANIMOUSLY RESOLVED: 6.1 That the letter from Audit Wales regarding the WPP 2024/25 Annual Return be received. 6.2 That the Audited Annual Return for 2024/25 be approved. 6.3 That the Unaudited Statement of Accounts for 2024/25 be noted.
Decision as recorded
RESOLVED that the Host Authority be received.
[NOTE: Councillors P. Lewis, C. Bithell, E. Williams, C. Weaver, M. Lewis, E. Hywel, N. Yeowell and C. Leyshon had earlier declared an interest in this item.] The JGC received a progress update from the host authority regarding the following areas: · Governance. · Ongoing Establishment. · Operator Services. · Communications and Reporting. · Training and Meetings. · Resources, Budget and Fees. UNANIMOUSLY RESOLVED that the Host Authority be received.
Decision as recorded
RESOLVED that the amendments to the WPP Risk Register, as detailed in the report, be approved.
[NOTE: Councillors P. Lewis, C. Bithell, E. Williams, C. Weaver, M. Lewis, E. Hywel, N. Yeowell and C. Leyshon had earlier declared an interest in this item.] The Committee considered the Risk Register Q2 2025 review for approval. The purpose of the WPP Risk Register is to: · Outline the WPP's key risks and factors that may limit its ability to meet its objectives. · Quantify the severity and probability of the risk facing the WPP. · Summarise the WPP's risk management strategies. · Monitor the ongoing significance of these risks and the requirement for further risk mitigation strategies. As part of the Officer Working Group's (OWG) quarterly review of the register, which focused on the risks contained within the Governance and Regulation section, the Committee was advised of the review outcomes for each of these risks (G.8 - G.15) as outlined in the report. The Committee was advised that a risk had been added to the register – G.16: Project Snowdon. It was noted that an error was present in the report relating to G.16, as the correct score is the one shown on Page 67 of the agenda pack (current score: 15, with a target score of 10). The Committee was also advised that a separate risk register had been established for the project. UNANIMOUSLY RESOLVED that the amendments to the WPP Risk Register, as detailed in the report, be approved.
Decision as recorded
RESOLVED: 9.1 That the following update policies, as detailed in the report, be approved: • Responsible Investment Policy • Climate Policy • Stewardship Policy 9.2 To note the Responsible Investment and Climate Risk Annual progress update.
[NOTE: Councillors P. Lewis, C. Bithell, E. Williams, C. Weaver, M. Lewis, E. Hywel, N. Yeowell and C. Leyshon had earlier declared an interest in this item.] The Joint Committee received for consideration the following updated policies: · Responsible Investment Policy · Climate Policy · Stewardship Policy All policies are reviewed annually and, the amendments recommended from this year's review require approval by the Joint Committee. The Committee was informed that an annual review of the WPP's work had been undertaken in alignment with the Responsible Investment and Climate Policies' commitments and was provided with an assessment of WPP's progress during the 12 months to 31 March 2025, as well as the proposed areas of future focus. UNANIMOUSLY RESOLVED: 9.1 That the following update policies, as detailed in the report, be approved: • Responsible Investment Policy • Climate Policy • Stewardship Policy 9.2 To note the Responsible Investment and Climate Risk Annual progress update.
Decision as recorded
RESOLVED that the Operator Update be received.
[NOTE: Councillors P. Lewis, C. Bithell, E. Williams, C. Weaver, M. Lewis, E. Hywel, N. Yeowell and C. Leyshon had earlier declared an interest in this item.] The JGC received a presentation provided by Waystone Management (UK) Limited, outlining WPP’s progress for Q1 of 2025 on the following areas: · Corporate and Compliance Updates. · Relationship Overview. · Sub-fund Updates. · Initiatives and Market Updates. · Oversight – Third Party Monitoring. · Engagement and Meeting Schedule. Specific updates were provided to the Committee regarding the following: · Corporate and Compliance Updates. · Relationship Overview. · AUM summary as at 31 March 2025. · Fund changes in relation to the Global Credit and Emerging Market Funds. · Market updates in relation to Russia / Ukraine and the Middle East. · Oversight – Third Party Monitoring. · Engagement and Meeting Schedules. UNANIMOUSLY RESOLVED that the Operator Update be received.
Decision as recorded
RESOLVED that the Performance Reports of the following sub-funds as at 31st March 2025 be noted: 11.1 Global Growth Equity Fund 11.2 Global Opportunities Equity Fund 11.3 Sustainable Active Equity Fund 11.4 Emerging Markets Equity Fund 11.5 UK Opportunities Equity Fund 11.6 Global Government Bond Fund 11.7 Global Credit Fund 11.8 Multi Asset Credit Fund 11.9 Absolute Return Bond Fund 11.10 Sterling Credit Fund
[NOTE: Councillors P. Lewis, C. Bithell, E. Williams, C. Weaver, M. Lewis, E. Hywel, N. Yeowell and C. Leyshon had earlier declared an interest in this item.] The Committee received a presentation to note the Performance Reports for the WPP’s sub-funds as at 31 March 2025. Members were advised that the sub-funds had outperformed or underperformed their benchmarks, as below: · Global Growth: Underperformed by 1.3% gross, 1.7% net. · Global Opportunities: Outperformed by 1.1% gross, 0.8% net. · Sustainable Active Equity: Underperformed by 4.7% gross, 5.1% net. · Emerging Markets: Underperformed by 1.6% gross, 2.0% net. · UK Opportunities: Underperformed by 0.7% gross, 1.1% net. · Global Government Bond: Outperformed by 0.8% gross, 0.6% net. · Global Credit: Benchmark met gross, underperformed by 0.2% net. The JGC were also informed that the Multi Asset Credit (MAC) and Absolute Return Bond (ARB) funds did not meet their targets, whereas the Sterling Credit fund exceeded its target. UNANIMOUSLY RESOLVED that the Performance Reports of the following sub-funds as at 31st March 2025 be noted: 11.1 Global Growth Equity Fund 11.2 Global Opportunities Equity Fund 11.3 Sustainable Active Equity Fund 11.4 Emerging Markets Equity Fund 11.5 UK Opportunities Equity Fund 11.6 Global Government Bond Fund 11.7 Global Credit Fund 11.8 Multi Asset Credit Fund 11.9 Absolute Return Bond Fund 11.10 Sterling Credit Fund
Decision as recorded
RESOLVED that the Private Markets Update – Private Equity Update report be received.
[NOTE: Councillors P. Lewis, C. Bithell, E. Williams, C. Weaver, M. Lewis, E. Hywel, N. Yeowell and C. Leyshon had earlier declared an interest in this item.] The Committee received a presentation by Schroders Capital to provide a progress update on WPP’s Private Equity Investment programme. The closed-ended private equity programme, launched in October 2023, focuses on diversified investments across primaries, secondaries and co-investments in North America, Europe and Asia. UNANIMOUSLY RESOLVED that the Private Markets Update – Private Equity Update report be received.
UNANIMOUSLY RESOLVED, pursuant to the Local Government Act 1972, as amended by the Local Government (Access to Information) (Variation) (Wales) Order 2007, that the public be excluded from the meeting during consideration of the following item as the reports contained exempt information as defined in paragraph 14 of Part 4 of Schedule 12A to the Act.
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