Loading
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 following updated policies be approved: 6.1 Conflict of Interest and Procedure Policy 6.2 Training Policy
RESOLVED that the Operator Update be received.
RESOLVED that the Performance Reports of the following sub-funds as at 30th September 2025 be noted: 8.1 Global Growth Equity Fund 8.2 Global Opportunities Equity Fund 8.3 Sustainable Active Equity Fund 8.4 Emerging Markets Equity Fund 8.5 UK Opportunities Equity Fund 8.6 Global Government Bond Fund 8.7 Global Credit Fund 8.8 Multi Asset Credit Fund 8.9 Absolute Return Bond Fund 8.10 Sterling Credit Fund
RESOLVED that the Private Markets Update – Real Estate report be received.
RESOLVED that the motions on notice be noted and responded to by the Joint Governance Committee.
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. 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. 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. M. Lewis All Items. He is a member of Swansea 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. [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 17th September 2025 be signed as a correct record.
Decision as recorded
RESOLVED that the Host Authority be received.
[NOTE: Councillors P. Lewis, E. Williams, N. Yeowell, C. Weaver, C. Leyshon, E. Hywel, M Lewis and C. Bithell had earlier declared an interest in this item.] The Joint Governance Committee (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, N. Yeowell, C. Weaver, C. Leyshon, E. Hywel, M Lewis and C. Bithell had earlier declared an interest in this item.] The Committee considered the Risk Register Q4 2025 review for approval. The purpose of the Wales Pension Partnership (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 Investment section, in addition to risk G.16 – Project Snowdon. 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 following updated policies be approved: 6.1 Conflict of Interest and Procedure Policy 6.2 Training Policy
[NOTE: Councillors P. Lewis, E. Williams, N. Yeowell, C. Weaver, C. Leyshon, E. Hywel, M Lewis and C. Bithell had earlier declared an interest in this item.] The Joint Committee received for consideration the following updated policies for this quarter: · Conflict of Interest and Procedure Policy · Training 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 changes initiated to both policies, as outlined in the report. UNANIMOUSLY RESOLVED that the following updated policies be approved: 6.1 Conflict of Interest and Procedure Policy 6.2 Training Policy
Decision as recorded
RESOLVED that the Operator Update be received.
[NOTE: Councillors P. Lewis, E. Williams, N. Yeowell, C. Weaver, C. Leyshon, E. Hywel, M Lewis and C. Bithell had earlier declared an interest in this item.] The JGC received a presentation provided by Waystone Management (UK) Limited, outlining WPP’s progress for Q3 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 September 2025. · 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 September 2025 be noted: 8.1 Global Growth Equity Fund 8.2 Global Opportunities Equity Fund 8.3 Sustainable Active Equity Fund 8.4 Emerging Markets Equity Fund 8.5 UK Opportunities Equity Fund 8.6 Global Government Bond Fund 8.7 Global Credit Fund 8.8 Multi Asset Credit Fund 8.9 Absolute Return Bond Fund 8.10 Sterling Credit Fund
[NOTE: Councillors P. Lewis, E. Williams, N. Yeowell, C. Weaver, C. Leyshon, E. Hywel, M Lewis and C. Bithell 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 September 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 0.9% gross, 0.6% net. · Sustainable Active Equity: Underperformed by 5.5% gross, 5.9% net. · Emerging Markets: Outperformed by 0.7% gross, 0.3% net. · UK Opportunities: Underperformed by 0.4% gross, 0.8% net. · Global Government Bond: Outperformed by 0.9% gross, 0.6% net. · Global Credit: Benchmark met gross, underperformed by 0.2% net. · Multi Asset Credit: Underperformed by 2.5% gross, 2.9% net. · Absolute Return Bond: Underperformed by 0.5% gross, 0.8% net. · Sterling Credit: Outperformed by 0.9% gross, 0.8% net. UNANIMOUSLY RESOLVED that the Performance Reports of the following sub-funds as at 30th September 2025 be noted: 8.1 Global Growth Equity Fund 8.2 Global Opportunities Equity Fund 8.3 Sustainable Active Equity Fund 8.4 Emerging Markets Equity Fund 8.5 UK Opportunities Equity Fund 8.6 Global Government Bond Fund 8.7 Global Credit Fund 8.8 Multi Asset Credit Fund 8.9 Absolute Return Bond Fund 8.10 Sterling Credit Fund
Decision as recorded
RESOLVED that the Private Markets Update – Real Estate report be received.
[NOTE: Councillors P. Lewis, E. Williams, N. Yeowell, C. Weaver, C. Leyshon, E. Hywel, M Lewis and C. Bithell had earlier declared an interest in this item.] The Committee received a presentation from Schroders Capital providing a progress update on the Real Estate Investment programme. While the programme was due to be launched on the 1st December 2025, the JGC were advised that work is ongoing with the WPP to ensure its introduction in early 2026. The Committee were also informed of the key details of the programme's two sub-funds: UK Diversified Real Estate and Local & Impact. UNANIMOUSLY RESOLVED that the Private Markets Update – Real Estate report be received.
Decision as recorded
RESOLVED that the motions on notice be noted and responded to by the Joint Governance Committee.
[NOTE: Councillors P. Lewis, E. Williams, N. Yeowell, C. Weaver, C. Leyshon, E. Hywel, M Lewis and C. Bithell had earlier declared an interest in this item.] The Committee considered four motions on notice received by WPP from the following local authorities: Carmarthenshire, Cardiff, Ceredigion and Powys. In presenting the report, the WPP's Section 151 Officer noted that each of the motions required responses, reiterating the WPP's commitment to responsible investment and that work is actively underway to update the Exclusion Policy, which is expected to be presented for the JGC's approval during its March 2026 meeting. UNANIMOUSLY RESOLVED that the motions on notice be noted and responded to by the Joint Governance Committee.
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.
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.
Lists the council's current councillors only. Co-opted members, officers and former councillors aren't shown.