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RESOLVED that the update be received.
RESOLVED that the Training Plan be approved
RESOLVED that the Business Plan for 2025-2028 be approved.
RESOLVED that the amendments to the WPP Risk Register be approved.
RESOLVED to receive the presentation from the Operator on the progress of the Wales Pension Partnership.
RESOLVED to note the performance reports of the aforementioned sub funds, as at 31 December 2024.
RESOLVED to receive the presentation from Russell Investments.
RESOLVED to approve WPP’s submission to Government on the LGPS: Fit for the Future consultation.
An apology for absence was received from co-opted member Osian Richards.
Cllr. C. Weaver All agenda items He is a member of the Cardiff & Vale Pension Fund Cllr. M. Lewis All agenda items He is a member of Swansea Pension Fund. Cllr. P. Lewis All agenda items He is a member of the Powys Pension Fund Cllr. N. Yeowell All agenda items He is a member of the Greater Gwent Pension Fund Cllr. M. Norris All agenda items He is a member of the RCT Pension Fund and on the executive of the Local Authority Pension Fund Forum. Cllr. D. Rose All agenda items He is a member of the Clwyd Pension Fund Cllr. E. Williams All agenda items He is a member of the Dyfed Pension Fund Cllr. E. Hywel All agenda 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 December 2024 be signed as a correct record.
Y penderfyniad fel y'i cofnodwyd
RESOLVED that the update be received.
[NOTE: Councillors C. Weaver, M. Lewis, P. Lewis, N. Yeowell, M. Norris, D. Rose, E Williams and E. Hywel had earlier declared an interest in this item.] The host authority provided a progress update in relation to the following key areas: - Governance; - Ongoing establishment; - Operator services; - Communications and reporting; - Training and meetings; - Resources, budget and fees. The WPP Business Plan for 2024/25 was approved by the JGC on 13 March 2024. A Quarter 3 (1 April 2024 to 31 December 2024) update was attached showing WPP’s progress in relation to the Workplan, Budget and Investments sections. UNANIMOUSLY RESOLVED that the update be received.
Y penderfyniad fel y'i cofnodwyd
RESOLVED that the Training Plan be approved
NOTE: Councillors C. Weaver, M. Lewis, P. Lewis, N. Yeowell, M. Norris, D. Rose, E Williams and E. Hywel had earlier declared an interest in this item.] The 2025/26 training plan that was developed for the WPP was presented for approval by the JGC. The Joint Committee was appraised of the importance of individuals maintaining an ‘appropriate’ level of knowledge and understanding of the activities relevant to their duties within the WPP. The WPP has a dedicated training policy which can be found of the WPP website. The Joint Committee was also advised that a Training Requirements Questionnaire was issued to all OWG and JGC members in December 2024 and that the responses from the completed questionnaires had been assessed in the preparation of the 2025/26 WPP training plan. The training is primarily focussed on meeting the training needs of members of the OWG and JGC, however it may be extended to Pension Committee members, as well as Pension Board representatives, if relevant. The 2025/26 training sessions will be held quarterly and will cover the following topics: - Product Knowledge - Stewardship - Responsible Investment - Pooling Consultation & Regulatory Requirements In response to a question regarding holding the Pooling Consultation & Regulatory Requirements training session sooner, the Treasury & Pensions Investment Manager of the host authority advised that this would be noted and taken into consideration. UNANIMOUSLY RESOLVED that the Training Plan be approved
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RESOLVED that the Business Plan for 2025-2028 be approved.
[NOTE: Councillors C. Weaver, M. Lewis, P. Lewis, N. Yeowell, M. Norris, D. Rose, E Williams and E. Hywel had earlier declared an interest in this item.] The Business Plan for 2025-2028 was presented for approval by the Joint Governance Committee in accordance with Section 6 of the Inter Authority Agreement. Following approval by the Joint Governance Committee the Business Plan shall be sent to all Constituent Authorities for their written approval. The Committee was advised that the purpose of the business plan is to: - Explain the background and governance structure of the WPP - Outline the priorities and objectives of the WPP over the next three years - Introduce the WPP’s policies and plans - Outline the financial budget for the relevant Business Plan period - Summarise the WPP’s Investments & Performance Objectives This plan will be constantly monitored and will be formally reviewed and agreed annually. UNANIMOUSLY RESOLVED that the Business Plan for 2025-2028 be approved.
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RESOLVED that the amendments to the WPP Risk Register be approved.
[NOTE: Councillors C. Weaver, M. Lewis, P. Lewis, N. Yeowell, M. Norris, D. Rose, E Williams and E. Hywel had earlier declared an interest in this item.] The Joint Committee was advised that the WPP has formulated a Risk Register which is the means by which risks are documented, managed and monitored. 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 the last quarter, a review has taken place of some of the risks within the Governance and Regulation section of the Risk Register, risks G.1 to G.7. The Joint Committee was advised that there was no significant update to these risks. During this review, the sub-group also reviewed the following risk: - Risk G.15 - The WPP is not prepared for the outcomes of any consultation or regulatory change. The Committee was advised of the amendment wording to Risk G.15, regarding the ‘Fit for the future’ consultation and the actions that the WPP was taking to meet the new requirements. UNANIMOUSLY RESOLVED that the amendments to the WPP Risk Register be approved.
Y penderfyniad fel y'i cofnodwyd
RESOLVED to receive the presentation from the Operator on the progress of the Wales Pension Partnership.
[NOTE: Councillors C. Weaver, M. Lewis, P. Lewis, N. Yeowell, M. Norris, D. Rose, E Williams and E. Hywel had earlier declared an interest in this item.] Waystone Management (UK) Limited, WPP’s Operator provided a quarterly review update to the Joint Governance Committee covering the following key areas: - Corporate and Compliance updates - Relationship Overview - AUM summary as at 31 December 2024 - Key achievements and Updates - Fund changes in relation to the Global Credit, Absolute Return Bond and Emerging Market funds - Market updates in relation to Russia / Ukraine and the Middle East - Oversight – Third Party Monitoring - Engagement and Meeting Schedule UNANIMOUSLY RESOLVED to receive the presentation from the Operator on the progress of the Wales Pension Partnership.
Y penderfyniad fel y'i cofnodwyd
RESOLVED to note the performance reports of the aforementioned sub funds, as at 31 December 2024.
The Joint Committee received a presentation on the Performance Reports for the WPP’s sub funds as of 31 December 2024. Members were advised that the sub funds had outperformed / underperformed their benchmarks, as follows: - Global Growth – underperformed by 1.4% gross / 1.8% net - Global Opportunities – outperformed by 0.7% gross / 0.4% net - Sustainable Active Equity – underperformed by 5.3% gross / 5.7% net - Emerging Markets – underperformed by 0.1% gross / 0.5% net - UK Opportunities – benchmark met gross / underperformed by 0.4% net - Global Government Bond – outperformed by 0.6% gross / 0.3% net - Global Credit – benchmark met gross / underperformed by 0.2% net - The MAC and ARB funds did not meet their targets. - The Sterling Credit fund exceeded its target. In response to a question regarding the volatile political and economic situation currently and whether fund managers were flexible to this uncertainty, the Committee was advised that while it was part of an active fund manager’s role to be cognisant of volatility, they would generally focus on longer term performance. UNANIMOUSLY RESOLVED to note the performance reports of the aforementioned sub funds, as at 31 December 2024.
Y penderfyniad fel y'i cofnodwyd
RESOLVED to receive the presentation from Russell Investments.
[NOTE: Councillors C. Weaver, M. Lewis, P. Lewis, N. Yeowell, M. Norris, D. Rose, E Williams and E. Hywel had earlier declared an interest in this item.] The Joint Committee received an update from Russell Investments on the Private Credit Investment programme that was launched in April 2023. It was advised that the Global Private Credit Fund aims to provide a diversified exposure to eight highly rated specialist strategies. The Fund seeks to invest the majority of its commitments in senior and subordinated debt transaction of small to mid-sized companies globally as well as real estate and infrastructure projects commensurate with meeting the overall return objective of the mandate. There is a total capital commitment of £696m across the seven participating funds. UNANIMOUSLY RESOLVED to receive the presentation from Russell Investments.
Y penderfyniad fel y'i cofnodwyd
RESOLVED to approve WPP’s submission to Government on the LGPS: Fit for the Future consultation.
[NOTE: Councillors C. Weaver, M. Lewis, P. Lewis, N. Yeowell, M. Norris, D. Rose, E Williams and E. Hywel had earlier declared an interest in this item.] The Joint Committee were advised that as part of the LGPS: Fit for the Future consultation, published 14 November 2024, pools had been asked to submit a proposal, in addition to the consultation response, setting out how they would deliver the proposed pooling model and complete the transfer of all assets, including legacy assets. A proposed plan had been drafted which needs approval by the JGC. The Committee was advised that a WPP project group (Project Snowdon) had been set up comprising of S151 officers / practitioners of all eight authorities and representatives from WPP’s appointed service providers (Hymans Robertson, Waystone, Russell Investments and Burges Salmon) to review and develop this proposal. WPP officers have also had several meetings with HMT and MHCLG in relation to the future of WPP and how it intends to meet the Government’s objectives. The draft proposal has been submitted to government within the timescale. This submission sets out the compelling business case for the WPP to retain a stand-alone investment pool for Wales and proceed with building the additional proposed new Government requirements for the pool operating model. This builds on the success of WPP to date and deliver across the range of objectives that the Government has set out in its ambitions for the progress of the LGPS, and specifically the LGPS in Wales. This submission demonstrates WPP’s ability to deliver across all fronts as a standalone investment pool. WPP proposes to establish a stand-alone Financial Conduct Authority (“FCA”) authorised investment management company (“IM Co”) in line with Government criteria and to move all WPP assets into IM Co management in line with the timescales outlined. This submission also demonstrates the objective evaluation of our plans against the Government’s identified criteria (Benefits of Scale, Resilience, Value for Money, Viability against timeline) and how this is optimal compared with other options. The Committee asked how the Shareholder Board proposed for the new company was to be constructed, and they were advised that this had yet to be determined, but that there are ongoing discussions with officers, including Monitoring Officers. UNANIMOUSLY RESOLVED to approve WPP’s submission to Government on the LGPS: Fit for the Future consultation.
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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