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 Host Authority update be received.
RESOLVED that the amendments to the WPP Risk Register, as detailed in the report, be approved.
RESOLVED that the Complaints Policy be approved.
RESOLVED that the Responsible Investment Policy, be approved, subject to the inclusion of the two amendments.
RESOLVED that the Operator Update be received
RESOLVED that the Performance Reports of the following sub-funds, as at 30 September 2022, be noted: • Global Opportunities Equity Fund • Global Growth Equity Fund • Emerging Markets Equity Fund • UK Opportunities Equity Fund • Global Government Bond Fund • Global Credit Fund • Multi Asset Credit Fund • Absolute Return Bond Strategy Fund • UK Credit Fund
Apologies for absence were received from Cllr Mark Norris (Rhondda Cynon Taf County Borough Council).
Member Agenda Item No. Interest Cllr. M. Lewis All agenda items He is a member of Swansea Pension Fund along with his wife. Cllr.S. Churchman All agenda items He is a member of the Gwynedd Pension Fund Cllr. P. Lewis All agenda items He is a member of the Powys Pension Fund Cllr. N. Yeowell All agenda items His father and two aunts are members of the Gwent Pension Fund and is in the process of joining the Gwent Pension Fund Cllr. M. Ashford (s) All agenda items He is a member of the Gloucestershire and Swansea Pension Fund. Cllr. T. Palmer All agenda items His partner and daughter are members of the Clwyd Pension Fund and is in the process of joining the Clwyd Pension Fund Cllr. E. Williams All agenda items He is a member of the Dyfed Pension Fund Cllr. C. Weaver All agenda items He is a member of the Cardiff & Vale 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 8th July, 2022 be signed as a correct record.
Y penderfyniad fel y'i cofnodwyd
RESOLVED that the Host Authority update be received.
[NOTE: Councillors M. Lewis, C. Weaver, P. Lewis, N. Yeowell, S. Churchman, M. Ashford (s), T. Palmer and E. Williams had earlier declared an interest in this item.] The Joint Committee received a progress update in relation to the following key areas: - Governance; - Ongoing establishment; - Operator services; - Communications and reporting; - Training and meetings; and - Resources, budget and fees. UNANIMOUSLY RESOLVED that the Host Authority update be received.
Y penderfyniad fel y'i cofnodwyd
RESOLVED that the amendments to the WPP Risk Register, as detailed in the report, be approved.
[NOTE: Councillors M. Lewis, C. Weaver, P. Lewis, N. Yeowell, S. Churchman, M. Ashford (s), T. Palmer and E. Williams had earlier declared an interest in this item.] The Joint Committee considered the Risk Register Q3 & Q4 2022 Review. 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. During Q3 2022, a review was undertaken of the Training & Resources and Communication Risks and during Q4 2022 the Investment Risks. The next review will take place in Q1 2023 and will focus on risks G.1 to G.8 of the Governance & Regulation Risks section. UNANIMOUSLY RESOLVED that the amendments to the WPP Risk Register, as detailed in the report, be approved.
Y penderfyniad fel y'i cofnodwyd
RESOLVED that the Complaints Policy be approved.
[NOTE: Councillors M. Lewis, C. Weaver, P. Lewis, N. Yeowell, S. Churchman, M. Ashford (s), T. Palmer and E. Williams had earlier declared an interest in this item.] The Joint Committee received a report on the new Complaints Policy. The Policy relates to the eight CA’s of the WPP. It was noted that the IAA contains a section on the Alternative Dispute Resolution which sets out the process under which any dispute between the CA’s in relation to matters covered by the IAA will be resolved. UNANIMOUSLY RESOLVED that the Complaints Policy be approved.
Y penderfyniad fel y'i cofnodwyd
RESOLVED that the Responsible Investment Policy, be approved, subject to the inclusion of the two amendments.
[NOTE: Councillors M. Lewis, C. Weaver, P. Lewis, N. Yeowell, S. Churchman, M. Ashford (s), T. Palmer and E. Williams had earlier declared an interest in this item.] The Joint Committee received an updated report on the Responsible Investment Policy. Following this year’s review, the policy has been updated to include a section on Human Rights (section 5) and point no 8.2 under Stewardship has been extended to include the voting on the pooled passive funds. It was noted that there was an amendment, to point 8.2, as highlighted, to the following sentence: WPP has appointed a V&E Provider to undertake proxy voting on all shares held within WPP sub-funds, as well as the pooled passive funds where possible, and to undertake direct engagement with companies on behalf of WPP. A query was raised regarding the wording, under the stock lending section point 8.8, as is unclear as to the actual percentage out on loan It was agreed that the policy wording would be amended to reflect that the WPP will lend a maximum of 95% of the holding in any single stock. UNANIMOUSLY RESOLVED that the Responsible Investment Policy, be approved, subject to the inclusion of the two amendments.
Y penderfyniad fel y'i cofnodwyd
RESOLVED that the Operator Update be received
[NOTE: Councillors M. Lewis, C. Weaver, P. Lewis, N. Yeowell, S. Churchman, M. Ashford (s), T. Palmer and E. Williams had earlier declared an interest in this item.] The Joint Committee received a presentation on the progress of the Wales Pension Partnership in relation to the following key areas: · Current Fund Holdings · Fund Launch Progress · Corporate Update and Engagement The report also provided an updated on the progress and milestones of the following Sub Funds:- · Tranche 1 – Global Equity · Tranche 2 – UK Equity · Tranche 3 – Fixed Income · Tranche 4 – Emerging Markets Also, a Corporate and Engagement update including the engagement protocol and key meeting dates. 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 30 September 2022, be noted: • Global Opportunities Equity Fund • Global Growth Equity Fund • Emerging Markets Equity Fund • UK Opportunities Equity Fund • Global Government Bond Fund • Global Credit Fund • Multi Asset Credit Fund • Absolute Return Bond Strategy Fund • UK Credit Fund
[NOTE: Councillors M. Lewis, C. Weaver, P. Lewis, N. Yeowell, S. Churchman, M. Ashford (s), T. Palmer and E. Williams had earlier declared an interest in this item.] The Joint Committee received a presentation on the Performance Reports as at 30 September 2022. It was advised that the sub funds had outperformed/underperformed their respective benchmarks, as follows: • Global Opportunities – outperformed by 1.73% gross / 1.40% net • Global Growth – underperformed by 1.27% gross / 1.69% net • Emerging Markets – underperformed by 0.99% gross / 1.31% net • UK Opportunities – underperformed by 2.53% gross / 2.93% net • Global Government Bond – outperformed by 1.06% gross / 0.84% net • Global Credit – outperformed by 0.12% gross / underperformed by 0.03% Net The MAC, ARB and UK credit have not met their targets. UNANIMOUSLY RESOLVED that the Performance Reports of the following sub-funds, as at 30 September 2022, be noted: • Global Opportunities Equity Fund • Global Growth Equity Fund • Emerging Markets Equity Fund • UK Opportunities Equity Fund • Global Government Bond Fund • Global Credit Fund • Multi Asset Credit Fund • Absolute Return Bond Strategy Fund • UK Credit Fund
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 items as the reports contained exempt information as defined in paragraph 14 of Part 4 of Schedule 12A to the Act.
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