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 that the: 6.1 2025/26 Audit Plan be noted. 6.2 Letter from Audit Wales regarding the WPP 2025/26 Annual Return be received. 6.3 Audited Annual Return for 2025/26 be approved. 6.4 Unaudited Statement of Accounts for 2025/26 be noted.
RESOLVED that the Host Authority Update be received.
RESOLVED that the updated WPP Risk Register and the updated WPP Risk Policy be approved.
RESOLVED that the Operator Update be received.
RESOLVED that the Performance Reports of the following sub-funds as at 31st March 2026 be noted: 10.1 Global Growth Equity Fund 10.2 Global Opportunities Equity Fund 10.3 Sustainable Active Equity Fund 10.4 Emerging Markets Equity Fund 10.5 UK Opportunities Equity Fund 10.6 Global Government Bond Fund 10.7 Global Credit Fund 10.8 Multi Asset Credit Fund 10.9 Absolute Return Bond Fund 10.10 Sterling Credit Fund
RESOLVED that the presentation from the Wales Pension Partnership Investment Management Company be received.
UNANIMOUSLY RESOLVED that Councillor Elin Hywel be appointed Chair of the Joint Governance Committee for the forthcoming calendar year.
UNANIMOUSLY RESOLVED that Councillor Jayne Smith be appointed Vice-Chair of the Joint Governance Committee for the forthcoming calendar year.
Apologies for absence were received from Osian Richards (Co-opted Non-voting Member). Ian Guy was present as a substitute.
Member Agenda Item No. Interest Cllr. M. Lewis All Items. He is a member of Swansea Pension Fund. Cllr. P. Lewis All Items. He is a member of the Powys Pension Fund. Cllr. C. Bithell All Items. Daughter is a member of the Clwyd Pension Fund. Also receives Survivor's Pension from Clwyd Pension Fund. Cllr. E. Williams All Items. He is a member of the Dyfed Pension Fund. Cllr. L. Thomson All Items. She is a member of the Cardiff & Vale Pension Fund. Cllr. J. Smith All Items. She is a member of the RCT Pension Fund. Cllr. N. Yeowell All Items. He is a member of the Greater Gwent Pension Fund. Cllr. E. Hywel All Items. She 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 10th March 2026 be signed as a correct record.
Y penderfyniad fel y'i cofnodwyd
RESOLVED that the: 6.1 2025/26 Audit Plan be noted. 6.2 Letter from Audit Wales regarding the WPP 2025/26 Annual Return be received. 6.3 Audited Annual Return for 2025/26 be approved. 6.4 Unaudited Statement of Accounts for 2025/26 be noted.
[NOTE: Councillors M. Lewis, P. Lewis, C. Bithell, E. Williams, L. Thomson, J. Smith, N. Yeowell and E. Hywel had earlier declared an interest in this item.] The Joint Governance Committee (JGC) was presented with the audited annual return for 2025/26 for approval. Both the Accounting Statement and Annual Governance Statement sections of the Annual Return had been prepared by the Host Authority, and Carmarthenshire County Council's Internal Audit Department have carried out 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. Further information was also provided to the Committee regarding the 2025/26 audit plan. The Host Authority had also prepared a Statement of Accounts for the Wales Pension Partnership (WPP) for 2025/26. While it is not a statutory requirement and is not audited, the Statement had been included for information purposes. UNANIMOUSLY RESOLVED that the: 6.1 2025/26 Audit Plan be noted. 6.2 Letter from Audit Wales regarding the WPP 2025/26 Annual Return be received. 6.3 Audited Annual Return for 2025/26 be approved. 6.4 Unaudited Statement of Accounts for 2025/26 be noted.
Y penderfyniad fel y'i cofnodwyd
RESOLVED that the Host Authority Update be received.
[NOTE: Councillors M. Lewis, P. Lewis, C. Bithell, E. Williams, L. Thomson, J. Smith, N. Yeowell and E. Hywel 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 Update be received.
Y penderfyniad fel y'i cofnodwyd
RESOLVED that the updated WPP Risk Register and the updated WPP Risk Policy be approved.
[NOTE: Councillors M. Lewis, P. Lewis, C. Bithell, E. Williams, L. Thomson, J. Smith, N. Yeowell and E. Hywel had earlier declared an interest in this item.] The Committee considered both the updated Risk Register and Risk Policy for approval, which had been reviewed and updated in line with the establishment of the Wales Pension Partnership Investment Management Company (WPP IM Co). The Committee were reminded that 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. The JGC were advised of the updates made to both the register and the policy. Some risks have been added and others removed to reflect WPP's amended responsibilities moving forward. It was noted that the objectives in the Risk Policy had been updated to reflect the changes agreed in the WPP's Business Plan for 2026/2027. It was further noted that the WPP IM Co will maintain its own internal risk management framework and risk register. UNANIMOUSLY RESOLVED that the updated WPP Risk Register and the updated WPP Risk Policy be approved.
Y penderfyniad fel y'i cofnodwyd
RESOLVED that the Operator Update be received.
[NOTE: Councillors M. Lewis, P. Lewis, C. Bithell, E. Williams, L. Thomson, J. Smith, N. Yeowell and E. Hywel 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 2026 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 2026. • Sub Fund Manager Updates. • 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.
Y penderfyniad fel y'i cofnodwyd
RESOLVED that the Performance Reports of the following sub-funds as at 31st March 2026 be noted: 10.1 Global Growth Equity Fund 10.2 Global Opportunities Equity Fund 10.3 Sustainable Active Equity Fund 10.4 Emerging Markets Equity Fund 10.5 UK Opportunities Equity Fund 10.6 Global Government Bond Fund 10.7 Global Credit Fund 10.8 Multi Asset Credit Fund 10.9 Absolute Return Bond Fund 10.10 Sterling Credit Fund
[NOTE: Councillors M. Lewis, P. Lewis, C. Bithell, E. Williams, L. Thomson, J. Smith, N. Yeowell and E. Hywel 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 2026. Members were advised that the sub-funds had outperformed or underperformed their benchmarks, as below: • Global Growth: Underperformed by 1.5% gross, 1.9% net. • Global Opportunities: Outperformed by 0.9% gross, 0.6% net. • Sustainable Active Equity: Underperformed by 4.3% gross, 4.7% net. • Emerging Markets: Outperformed by 0.8% gross, 0.3% net. • UK Opportunities: Underperformed by 1.1% gross, 1.5% net. • Global Government Bond: Outperformed by 0.7% gross, 0.4% net. • Global Credit: Benchmark met gross, underperformed by 0.2% net. • Multi Asset Credit: Underperformed by 2.9% gross, 3.2% net. • Absolute Return Bond: Underperformed by 0.7% gross, 0.9% net. • Sterling Credit: Outperformed by 0.8% gross, 0.7% net. UNANIMOUSLY RESOLVED that the Performance Reports of the following sub-funds as at 31st March 2026 be noted: 10.1 Global Growth Equity Fund 10.2 Global Opportunities Equity Fund 10.3 Sustainable Active Equity Fund 10.4 Emerging Markets Equity Fund 10.5 UK Opportunities Equity Fund 10.6 Global Government Bond Fund 10.7 Global Credit Fund 10.8 Multi Asset Credit Fund 10.9 Absolute Return Bond Fund 10.10 Sterling Credit Fund
Y penderfyniad fel y'i cofnodwyd
RESOLVED that the presentation from the Wales Pension Partnership Investment Management Company be received.
[NOTE: Councillors M. Lewis, P. Lewis, C. Bithell, E. Williams, L. Thomson, J. Smith, N. Yeowell and E. Hywel had earlier declared an interest in this item.] The JGC received a presentation from the WPP IM Co, outlining what the company has achieved since its establishment in September 2025 in relation to Governance, People, and Operations. Significant progress has been made across all three areas during the period, with the 'Minded to Approve' notification from the FCA being received on the 10th July 2026. Committee Members acknowledged all the work involved in meeting the challenging timeframe of achieving FCA approval. UNANIMOUSLY RESOLVED that the presentation from the Wales Pension Partnership Investment Management Company 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.
Rhaid i gynghorwyr ddweud pan fydd ganddyn nhw gysylltiad personol â rhywbeth sy'n cael ei drafod, fel swydd, eiddo neu aelod o'r teulu. Mae buddiant sy'n rhagfarnu yn ddigon cryf i'r cynghorydd adael yr ystafell fel arfer a pheidio â chymryd rhan.
Caiff datganiadau eu darllen o'r cofnodion unwaith y byddan nhw wedi'u cyhoeddi.
Yn rhestru cynghorwyr presennol y cyngor yn unig. Nid yw aelodau cyfetholedig, swyddogion a chyn-gynghorwyr yn cael eu dangos.