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RESOLVED that the Host Authority Update be received.
RESOLVED that the 2026/2027 WPP Business Plan be approved, and sent to all eight Constituent Authorities for written approval.
RESOLVED that the WPP Investment Management Company Business Plan for the 2026/2027 financial year be approved, and issued to all eight Constituent Authorities for written approval.
RESOLVED that the amendments to the WPP Risk Register, as detailed in the report, be approved.
RESOLVED that the Operator Update be received.
RESOLVED that the Performance Reports of the following sub-funds as at 31st December 2025 be noted: 9.1 Global Growth Equity Fund 9.2 Global Opportunities Equity Fund 9.3 Sustainable Active Equity Fund 9.4 Emerging Markets Equity Fund 9.5 UK Opportunities Equity Fund 9.6 Global Government Bond Fund 9.7 Global Credit Fund 9.8 Multi Asset Credit Fund 9.9 Absolute Return Bond Fund 9.10 Sterling Credit Fund
RESOLVED that the Private Markets Update – Private Credit report be received.
RESOLVED that the following updated policies be approved: 11.1 Responsible Investment Policy 11.2 Stewardship Policy
Apologies for absence were received from Councillor Elin Hywel (Gwynedd County Council). Councillor John Pughe Roberts was present as a substitute.
Member Agenda Item No. Interest Cllr. P. Lewis All Items. He is a member of the Powys 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. Cllr. C. Leyshon All Items. She is a member of the RCT Pension Fund. Cllr. J. Pughe Roberts All Items. He is a member of the Gwynedd 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) and Chair of the Local Government Pension Committee. Cllr. C. Weaver All Items. He is a member of the Cardiff & Vale Pension Fund. He is also a member of the SAB. Cllr. E. Williams All Items. He is a member of the Dyfed 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 December 2025 be signed as a correct record.
Y penderfyniad fel y'i cofnodwyd
RESOLVED that the Host Authority Update be received.
[NOTE: Councillors P. Lewis, M. Lewis, C. Bithell, C. Leyshon, J. Pughe Roberts, N. Yeowell, C. Weaver and E. Williams 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 Update be received.
Y penderfyniad fel y'i cofnodwyd
RESOLVED that the 2026/2027 WPP Business Plan be approved, and sent to all eight Constituent Authorities for written approval.
[NOTE: Councillors P. Lewis, M. Lewis, C. Bithell, C. Leyshon, J. Pughe Roberts, N. Yeowell, C. Weaver and E. Williams had earlier declared an interest in this item.] In accordance with Section 6 of the Inter Authority Agreement, the Committee received the WPP business plan for 2026/2027. Upon the JGC's endorsement, the business plan would be sent to all Constituent Authorities for their approval. The Committee was advised that this is a transitional business plan to account for the first year of operation of WPP's Investment Management Company (IM Co). The purpose of the WPP business plan is to: · Explain the background and governance structure of the WPP. · Outline the priorities and objectives of the WPP. · Outline the financial budget for the relevant Business Plan period. UNANIMOUSLY RESOLVED that the 2026/2027 WPP Business Plan be approved, and sent to all eight Constituent Authorities for written approval.
Y penderfyniad fel y'i cofnodwyd
RESOLVED that the WPP Investment Management Company Business Plan for the 2026/2027 financial year be approved, and issued to all eight Constituent Authorities for written approval.
[NOTE: Councillors P. Lewis, M. Lewis, C. Bithell, C. Leyshon, J. Pughe Roberts, N. Yeowell, C. Weaver and E. Williams had earlier declared an interest in this item.] The Committee received the WPP IM Co business plan for the 2026/2027 financial year. As for the WPP business plan, upon JGC's endorsement, the business plan would be sent to all eight Constituent Authorities for their approval. The Committee were informed that the business plan details IM Co's: · Strategic Objectives. · Governance and Oversight. · Financial Summary. · Investment Management Approach. · Operations and Staffing. · Risk Management and Compliance. · Responsible Investment. While the business plan for consideration is for the 2026/2027 financial year, it was noted that a five-year plan would be produced before the 1st of April 2027, spanning the next five financial years. UNANIMOUSLY RESOLVED that the WPP Investment Management Company Business Plan for the 2026/2027 financial year be approved, and issued to all eight Constituent Authorities for written approval.
Y penderfyniad fel y'i cofnodwyd
RESOLVED that the amendments to the WPP Risk Register, as detailed in the report, be approved.
[NOTE: Councillors P. Lewis, M. Lewis, C. Bithell, C. Leyshon, J. Pughe Roberts, N. Yeowell, C. Weaver and E. Williams had earlier declared an interest in this item.] The Committee considered the Risk Register Q1 2026 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 risks G.1 to G.7 and G.16 in the Governance and Regulation section. 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.
Y penderfyniad fel y'i cofnodwyd
RESOLVED that the Operator Update be received.
[NOTE: Councillors P. Lewis, M. Lewis, C. Bithell, C. Leyshon, J. Pughe Roberts, N. Yeowell, C. Weaver and E. Williams had earlier declared an interest in this item.] The JGC received a presentation provided by Waystone Management (UK) Limited, outlining progress for Q4 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 31 December 2025. • 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 December 2025 be noted: 9.1 Global Growth Equity Fund 9.2 Global Opportunities Equity Fund 9.3 Sustainable Active Equity Fund 9.4 Emerging Markets Equity Fund 9.5 UK Opportunities Equity Fund 9.6 Global Government Bond Fund 9.7 Global Credit Fund 9.8 Multi Asset Credit Fund 9.9 Absolute Return Bond Fund 9.10 Sterling Credit Fund
[NOTE: Councillors P. Lewis, M. Lewis, C. Bithell, C. Leyshon, J. Pughe Roberts, N. Yeowell, C. Weaver and E. Williams 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 31st December 2025. Members were advised that the sub-funds had outperformed or underperformed their benchmarks, as below: • Global Growth: Underperformed by 1.4% gross, 1.8% net. • Global Opportunities: Outperformed by 0.9% gross, 0.6% net. • Sustainable Active Equity: Underperformed by 4.7% gross, 5.1% net. • Emerging Markets: Outperformed by 0.8% gross, 0.4% net. • UK Opportunities: Underperformed by 0.7% gross, 1.1% net. • Global Government Bond: Outperformed by 0.9% gross, 0.7% net. • Global Credit: Benchmark met gross, underperformed by 0.2% net. • Multi Asset Credit: Underperformed by 2.5% gross, 2.8% net. • Absolute Return Bond: Underperformed by 0.6% gross, 0.9% net. • Sterling Credit: Outperformed by 0.9% gross, 0.8% net. UNANIMOUSLY RESOLVED that the Performance Reports of the following sub-funds as at 31st December 2025 be noted: 9.1 Global Growth Equity Fund 9.2 Global Opportunities Equity Fund 9.3 Sustainable Active Equity Fund 9.4 Emerging Markets Equity Fund 9.5 UK Opportunities Equity Fund 9.6 Global Government Bond Fund 9.7 Global Credit Fund 9.8 Multi Asset Credit Fund 9.9 Absolute Return Bond Fund 9.10 Sterling Credit Fund
Y penderfyniad fel y'i cofnodwyd
RESOLVED that the Private Markets Update – Private Credit report be received.
[NOTE: Councillors P. Lewis, M. Lewis, C. Bithell, C. Leyshon, J. Pughe Roberts, N. Yeowell, C. Weaver and E. Williams had earlier declared an interest in this item.] The Committee received a presentation from Russell Investments providing a progress update on the Private Credit Investment programme launched in April 2023. Members were advised that the Global Private Credit Fund aims to provide diversified exposure to eight highly rated specialist strategies. The Fund's commitments are primarily invested in senior and subordinated debt transactions with small to mid-sized companies globally, and in real estate and infrastructure projects aligned with the mandate's overall return objective. UNANIMOUSLY RESOLVED that the Private Markets Update – Private Credit report be received.
Y penderfyniad fel y'i cofnodwyd
RESOLVED that the following updated policies be approved: 11.1 Responsible Investment Policy 11.2 Stewardship Policy
[NOTE: Councillors P. Lewis, M. Lewis, C. Bithell, C. Leyshon, J. Pughe Roberts, N. Yeowell, C. Weaver and E. Williams had earlier declared an interest in this item.] The Joint Committee received for consideration the following updated policies: • Responsible Investment Policy. • Stewardship Policy. Following a detailed review of WPP's approach to exclusions, in line with its Partner Funds objectives, both policies had been updated accordingly. As detailed in the report, it was proposed that the changes to the policy and its application would be effective from the 1st April 2026, with WPP and their Investment Managers expected to agree on a suitable timeframe for subsequently implementing the policy. UNANIMOUSLY RESOLVED that the following updated policies be approved: 11.1 Responsible Investment Policy 11.2 Stewardship Policy
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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