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The decisions as the council's minutes record them. A plain-language summary follows once it has been written.
RESOLVED that the Host Authority be received.
RESOLVED that the amendments to the WPP Risk Register, as detailed in the report, be approved.
RESOLVED that the updated Risk Policy be approved.
RESOLVED that the Operator Update be received.
RESOLVED that the Performance Reports of the following sub-funds as at 30th June 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 – Infrastructure report be received.
No apologies of absence were received.
Member Agenda Item No. Interest Cllr. P. Lewis All Items. He is a member of the Powys Pension Fund. Cllr. E. Williams All Items. He is a member of the Dyfed Pension Fund. Cllr. M. Lewis All Items. He is a member of Swansea Pension Fund. Cllr. C. Leyshon All Items. She is a member of the RCT 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. He is also a member of the Scheme Advisory Board (SAB). Cllr. C. Weaver All Items. He is a member of the Cardiff & Vale Pension Fund. He is also a member of the SAB. Cllr. C. Bithell All Items. Receives Widower's Pension from Clwyd Pension Fund. Daughter is also a member of the Clwyd Pension Fund. O. Richards All Items. He is a member of the Gwynedd 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 16th July 2025 be signed as a correct record.
Decision as recorded
RESOLVED that the Host Authority be received.
[NOTE: Councillors P. Lewis, E. Williams, M. Lewis, C. Leyshon, E. Hywel, N. Yeowell, C. Weaver, C. Bithell and O. Richards 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, E. Williams, M. Lewis, C. Leyshon, E. Hywel, N. Yeowell, C. Weaver, C. Bithell and O. Richards had earlier declared an interest in this item.] The Committee considered the Risk Register Q3 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, this quarter focused on the risks contained within the Training & Resources and Communication sections, and also risk G.16. The Committee was advised of the review outcomes for each of these risks as outlined in the report. UNANIMOUSLY RESOLVED that the amendments to the WPP Risk Register, as detailed in the report, be approved.
Decision as recorded
RESOLVED that the updated Risk Policy be approved.
[NOTE: Councillors P. Lewis, E. Williams, M. Lewis, C. Leyshon, E. Hywel, N. Yeowell, C. Weaver, C. Bithell and O. Richards had earlier declared an interest in this item.] The Joint Committee received for consideration the following updated policies for this quarter: • Risk Policy. • Whistleblowing Policy. Although all policies are regularly reviewed, the amendments recommended from the latest review require approval by the Joint Committee. The Committee was reminded of the key details of both policies and notified of the minor changes to the Risk Policy, as outlined in the report. No updates were made to the Whistleblowing Policy following the review. UNANIMOUSLY RESOLVED that the updated Risk Policy be approved.
Decision as recorded
RESOLVED that the Operator Update be received.
[NOTE: Councillors P. Lewis, E. Williams, M. Lewis, C. Leyshon, E. Hywel, N. Yeowell, C. Weaver, C. Bithell and O. Richards had earlier declared an interest in this item.] The JGC received a presentation provided by Waystone Management (UK) Limited, outlining WPP’s progress for Q2 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 30 June 2025. • Fund changes in relation to the UK Opportunity Equity Fund. • 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 30th June 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, E. Williams, M. Lewis, C. Leyshon, E. Hywel, N. Yeowell, C. Weaver, C. Bithell and O. Richards 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 30 June 2025. Members were advised that the sub-funds had outperformed or underperformed their benchmarks, as below: • Global Growth: Underperformed by 1.2% gross, 1.6% net. • Global Opportunities: Outperformed by 0.8% gross, 0.5% net. • Sustainable Active Equity: Underperformed by 4.9% gross, 5.3% net. • Emerging Markets: Underperformed by 1.0% gross, 1.4% net. • UK Opportunities: Underperformed by 0.2% gross, 0.6% net. • Global Government Bond: Outperformed by 0.8% gross, 0.5% net. • Global Credit: Benchmark met gross, underperformed by 0.2% net. • Multi Asset Credit: Underperformed by 3.0% gross, 3.4% net. • Absolute Return Bond: Underperformed by 0.6% gross, 1.0% net. • Sterling Credit: Outperformed by 0.3% gross, 0.2% net. UNANIMOUSLY RESOLVED that the Performance Reports of the following sub-funds as at 30th June 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 – Infrastructure report be received.
[NOTE: Councillors P. Lewis, E. Williams, M. Lewis, C. Leyshon, E. Hywel, N. Yeowell, C. Weaver, C. Bithell and O. Richards had earlier declared an interest in this item.] The Committee received a presentation by WPP's Infrastructure Allocator – GCM Grosvenor to provide a progress update on the closed and open-ended Infrastructure Investment programmes launched in March 2023. The closed-ended programme – which invest funds from all eight pension funds, focuses on diversified infrastructure investments across primaries, secondaries, and co-investments in the UK, Europe, and North America. The JGC was informed of the three open-ended programmes: · IFM: The IFM Global Infrastructure Fund invests in a diversified portfolio of infrastructure assets across the transportation, energy, utilities and digital sectors to deliver long-term, stable revenues. · CBRE: The CBRE Global Infrastructure Fund invests in assets across digital, transportation, energy transition, and utility infrastructure sectors with highly contracted, cash yielding characteristics. · Octopus: The Octopus Renewable Sky Fund makes investments in core, contracted, and cash-yielding renewable and energy transition assets across the UK, Europe, North America, and APAC. The funds invested in the open-ended program are Cardiff, Gwynedd, Powys, Swansea, and Greater Gwent (Torfaen). UNANIMOUSLY RESOLVED that the Private Markets Update – Infrastructure 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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