Wrthi'n llwytho
Y penderfyniadau fel y mae cofnodion y cyngor yn eu cofnodi. Bydd crynodeb mewn iaith glir yn dilyn pan fydd wedi'i ysgrifennu.
RESOLVED: 1) To note the work undertaken to date and to be undertaken in response to the motion. To monitor the WPP's work, keep Members informed, and use the WPP's findings as the basis for their response to the Council motion. Members will have opportunities to express dissent, however the committee aims for consensus while ensuring all views are recorded
RESOLVED: To note the recent developments related to the WPP Investment Pool, and the Fund’s Investment holdings.
RESOLVED: To note the contents of the Risk Register.
RESOLVED: To approve the Pension Fund 2024/25 Annual Report.
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.
None received.
None received.
The minutes of the previous meeting were agreed as a correct record.
Y penderfyniad fel y'i cofnodwyd
RESOLVED: 1) To note the work undertaken to date and to be undertaken in response to the motion. To monitor the WPP's work, keep Members informed, and use the WPP's findings as the basis for their response to the Council motion. Members will have opportunities to express dissent, however the committee aims for consensus while ensuring all views are recorded
Officers provided a comprehensive overview of the report on the Council Motion highlighting key points including: The Chairperson summarised the Council motion passed in July, which requested the pension fund and the Wales Pension Partnership (WPP) to review investments, particularly regarding human rights, national law violations, or war crimes, and to consider further action to ensure investments align with these principles. The motion was shared with the WPP and other authorities, and a programme of work was initiated in response. A discussion took place around Fiduciary Duty and Members reiterated the fund's primary fiduciary duty to act in the best interests of members, with Councillor Cowan formally noting her opposition to the Council Motion and referencing legal advice about the risks of not prioritising returns. The Chairperson and Officers clarified that any exclusions must be reasonable, proportionate, and not materially affect the fund. It was explained that 91% of the fund's assets are pooled, rising to 96% after the property transition, making collaboration with the WPP essential for any policy changes. The WPP is conducting a review of responsible investment and exclusion policies, and the committee agreed to await the outcome of this work before responding formally to the Council. Members sought clarification on the approach for non-pooled assets, to which Officers responded that legacy private investments will transition to the pool upon maturity, and that these assets are unlikely to be affected by exclusion policies due to their nature. The committee agreed to review any implications for legacy assets before the next meeting. Councillor Cowan wished to state that she did not support this motion and she wanted her opposition noted on the agenda item. Councillor Cowan considered that the Council has to invest in companies which give the best return and invevstment cannot be based on anything else or it could open the Council up to legal challenges from staff. Councillor Cowan stated it was important her comments were noted in the minutes. ACTIONS: to review any implications for legacy assets before the next meeting. RESOLVED: 1) To note the work undertaken to date and to be undertaken in response to the motion. To monitor the WPP's work, keep Members informed, and use the WPP's findings as the basis for their response to the Council motion. Members will have opportunities to express dissent, however the committee aims for consensus while ensuring all views are recorded
Y penderfyniad fel y'i cofnodwyd
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 report on the Wales Pension Partnership and Investmment Update highlighting key points including: Members were provided with an update on the fund's investment position, progress in pooling, the launch of new WPP funds, and the establishment of the WPP investment management company. A discussion took place around upcoming meetings, governance documents, and the importance of member engagement. Discussing Pooling Progress and Asset Allocation, Officers reported that as of the end of September, over 2.22 billion was invested through WPP funds, representing 65% of the total fund, with the BlackRock transition increasing pooled assets to 91%. The property fund transition is targeted for December, which will further increase pooling to 96%. Members were advised that the WPP passive equity fund with BlackRock was launched, with seven of the eight Welsh funds participating. Exclusion policies for the new fund are similar to those in the Sustainable Equity Fund, and details were provided in the report and appendices. Officers outlined the establishment of the WPP investment management company, including the appointment of Rob Lamb as Chief Executive, the formation of a transitionary board, submission of the FCA regulatory business plan, and upcoming meetings to approve governance documents such as the shareholder agreement. Discussing Committee Member Engagement and Information Sharing, the Chairperson encouraged committee members to attend the 5th December briefing on the new company and discussed plans to share information from these meetings to ensure all members are informed ahead of the February approval meeting. RESOLVED: To note the recent developments related to the WPP Investment Pool, and the Fund’s Investment holdings.
Y penderfyniad fel y'i cofnodwyd
RESOLVED: To note the contents of the Risk Register.
Officers provided a comprehensive update on the report on the Risk Register highlighting key points including: Members were provided with the most recent Risk Register updates. Officers reported that the risk register was updated with changes to eight risks, including access to iConnect, training plans, GMP updates, benefit statements, McLeod progress, staff restructuring, policy updates, and governance matters. The register was reviewed by the Local Pension Board in November. It was noted that the Local Pension Board intended to conduct a more fundamental review of the risk register at its January meeting, focusing on inherent risk ratings and considering reductions for items such as GMP reconciliation and McLeod as these projects near completion. A discussion took plcae around Staffing Structure and Recruitment progress. Members inquired about staffing risks (P20), and Officers provided an update on recruitment to the new structure, including the establishment of a first point of contact centre to handle routine queries and free up experienced staff for complex tasks. It was noted that most posts have been filled, with ongoing efforts to recruit for a training officer and a technical post. Officers added that applications for customer service posts were closing soon, with interviews planned for the new year. It was noted that the risk register would be reviewed with the Local Pension Board in January, and the committee would receive an updated report at its next meeting. RESOLVED: To note the contents of the Risk Register.
Y penderfyniad fel y'i cofnodwyd
RESOLVED: To approve the Pension Fund 2024/25 Annual Report.
Officers provided a comprehensive update on Annual Report 2024/2025 highlighting key points including: Officers explained that the Annual Report included audited accounts, governance and training sections, and had been updated with improved graphic design. The report was reviewed by the Local Pension Board and was ready for publication by the statutory deadline. The Chairperson and Members praised the report's accessibility and presentation, Councillor Cowan raised a minor concern about the use of City Hall as the cover image, however Officers clarified that the cover image changes annually. RESOLVED: To approve the Pension Fund 2024/25 Annual Report.
Y penderfyniad fel y'i cofnodwyd
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 – 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.
Noted.
None received.
3 February 2026 at 5pm.
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