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• 01

  Apologies

  

• 02

  Declarations by Members of Statutory Disclosable Pecuniary Interests, Compulsory Registerable Non-Pecuniary Interests and Voluntary Registerable Non-Pecuniary Interests in Matters on this Agenda

  

• 03

  Announcements (If Any)

  

• 04

  Deputations (If Any)

  

  Requests to speak at the Committee on a matter within its terms of reference must be made in writing to the clerk named on the front of this agenda by 5pm two working days before the meeting.

   

• 05

  Notification of Any Items of Business the Chair Decides to Take as Urgent

  

• 06

  Minutes

  

  To approve as a correct record the Minutes of the meeting held on 4^th December 2023.

   

   

  Minutes of Previous Meeting

• 07

  Performance Report

  

  Report of the Executive Director Corporate Services.

   

  This report presents the performance of the Pension Fund investment portfolio and that of the individual investment managers for the quarter ended 31 December 2023.

   

  7. Performance Report v1.3

• 08

  Infrastructure Investment

  

  Report of the Executive Director Corporate Services.

   

  This report builds on the Investment Strategy review that was agreed in July 2023 by this Committee and the infrastructure allocation of 4% (£76m). Two sub-funds are offered by the London CIV, the Infrastructure fund and the Renewable Infrastructure fund, and these have been appraised compared to the Fund’s investment expectations.

   

   

  This report has an appendix, which contains information exempt within the meaning of Schedule 12A to the Local Government Act 1972 and is not for publication. The appendix has, therefore, been circulated to Committee Members only.

   

  If the Committee wishes to discuss the contents of a closed exempt appendix it may pass the proposed resolution identified at the end of the agenda to exclude members of the public and the press from the proceedings for that discussion.

   

   

   

  8. Infrastructure investment

  8a. Infrastructure App A - February 2024 - FINAL (PART 1 FOR PUBLICATION) V2

  8b. Infrastructure App B - Part II

  8b. Infrastructure App B - February 2024 - FINAL (Full Version) V2

• 09

  Engagement Report

  

  Report of the Executive Director Corporate Services.

   

  This report brings Members up to date with engagement activity undertaken by the Fund and on its behalf by LAPFF (the Local Authority Pension Fund Forum) since the last Committee meeting. This work is important to the Fund’s ambition to be a fully engaged investor and demonstrates its commitment to Responsible Investment and engagement in Environmental, Social and Governance (ESG) issues as the Fund works to maximise returns on investment.

   

   

   

  9. Engagement Report Draft v1.2

  9a. Engagement App A LAPFF QER Q4

  9b. Engagement Report App B PIRC Voting

• 10

  Voting Annual Review

  

  Report of the Executive Director Corporate Services.

   

  This report reviews the proxy voting carried out on behalf of the Pension Fund in 2023 for all shares directly owned by the Fund. The Pension Fund’s voting is carried out by Pensions & Investment Research Consultants Ltd (PIRC).

   

   

   

  10. Voting annual review 1.1

• 11

  Voting Policy

  

  Report of the Executive Director Corporate Services.

   

  This report sets out the proposed guidelines and forms the policy on which the Fund will vote its shares held in underlying investments.

  11. Voting policy 1.2

• 12

  Carbon Footprint

  

  Report of the Executive Director Corporate Services.

   

  Climate Action is one of the principal Investment Beliefs of the Pension Fund. The Fund and Council recognise that we are facing a climate and ecological crisis. We must do everything possible to limit the impact of climate change whilst protecting and enhancing our natural environment.

   

  Carbon footprints measure the carbon equivalent tonnage of greenhouse gases which impact on global warming within the portfolio. The Fund is concerned about climate change and how this might impact investments. This report updates on the Carbon Footprint of the Pension Fund’s equity and bond assets.

   

   

   

  12. Carbon Footprint Climate Reporting v1.2

  12a. Carbon Footprint App A Climate Risk Dashboard 1.1

  12b. Carbon Footprint App B Harris 1.1

  12c. Carbon Footprint App C BG Diversified Growth Fund 1.1

  12d. Carbon Footprint App D Global Alpha Growth Paris Aligned Fund 1.1

  12e. Carbon Footprint App E CQS and PIMCO MAC 1.1

  12f. Carbon Footprint App F LGIM Global Equities 1.1

  12g. Carbon Footprint App G LGIM Future World 1.1

• 13

  CIV Progress Report

  

  Report of the Executive Director Corporate Services.

   

  This report provides a quarterly update on developments at the London Collective Investment Vehicle (CIV) in creating sub-funds for the spectrum of asset classes, on-boarding of assets and development of the CIV’s staff resource. Progress with the London CIV contributes to the Government’s pooling agenda and drive to reduce costs in the Local Government Pension Scheme (LGPS).

   

  This report has an appendix, which contains information exempt within the meaning of Schedule 12A to the Local Government Act 1972 and is not for publication. The appendix has, therefore, been circulated to Committee Members only.

   

  If the Committee wishes to discuss the contents of a closed exempt appendix it may pass the proposed resolution identified at the end of the agenda to exclude members of the public and the press from the proceedings for that discussion.

   

   

   

   

   

   

  13. CIV Progress Report v1.3

  13a CIV Progress Report APPENDIX A

  13a. CIV Progress Report Part II

• 14

  Cash Flow and Membership Report

  

  Report of the Executive Director Corporate Services.

   

  This report details the Pension Fund cash flow and membership statistics for the previous year and over the longer term.

  14. Cash Flow and Membership v3.2

• 15

  Annual Report 2022 - 2023

  

  Report of the Executive Director Corporate Services.

   

  The Pension Fund is required to produce an Annual Report under the Local Government Pension Scheme Regulations 2013. This report presents the 2022/23 Annual Report to the Pension Committee.

   

  15. Annual Report 2022-23 draft cover v1

  15. Annual Report 2022-23 v1.1 Appendix

• 16

  Business Plan

  

  Report of the Executive Director Corporate Services.

   

  This report sets out items scheduled for future agendas of this Committee together with a record of training/ meetings attended and a list of future training opportunities.

   

  16. Business Plan v1

• 17

  Date of Next Meeting

  

  The next meeting of the Pension Committee will be held on 18 July 2024.

   

   

   

• 18

  Any Other Business that the Chair Considers Urgent

  

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• 

  Minutes of Previous Meeting

• 

  7. Performance Report v1.3

• 

  8. Infrastructure investment

• 

  8a. Infrastructure App A - February 2024 - FINAL (PART 1 FOR PUBLICATION) V2

• 

  8b. Infrastructure App B - Part II

• 

  8b. Infrastructure App B - February 2024 - FINAL (Full Version) V2

• 

  9. Engagement Report Draft v1.2

• 

  9a. Engagement App A LAPFF QER Q4

• 

  9b. Engagement Report App B PIRC Voting

• 

  10. Voting annual review 1.1

• 

  11. Voting policy 1.2

• 

  12. Carbon Footprint Climate Reporting v1.2

• 

  12a. Carbon Footprint App A Climate Risk Dashboard 1.1

• 

  12b. Carbon Footprint App B Harris 1.1

• 

  12c. Carbon Footprint App C BG Diversified Growth Fund 1.1

• 

  12d. Carbon Footprint App D Global Alpha Growth Paris Aligned Fund 1.1

• 

  12e. Carbon Footprint App E CQS and PIMCO MAC 1.1

• 

  12f. Carbon Footprint App F LGIM Global Equities 1.1

• 

  12g. Carbon Footprint App G LGIM Future World 1.1

• 

  13. CIV Progress Report v1.3

• 

  13a CIV Progress Report APPENDIX A

• 

  13a. CIV Progress Report Part II

• 

  14. Cash Flow and Membership v3.2

• 

  15. Annual Report 2022-23 draft cover v1

• 

  15. Annual Report 2022-23 v1.1 Appendix

• 

  16. Business Plan v1

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• 

  Pension Committee Kathy Anifowose

• 

  Sahil Arora

• 

  Kian Bains

• 

  Dean Bowden

• 

  Cllr. Anna Burrage

• 

  Gokce Cavusoglu

• 

  Pension Committee Errol Ghanie

• 

  Principal Committee Officer, Cheryl Hardman

• 

  Janice Hayward

• 

  Jacqueline Jackson

• 

  Cllr. Heather Johnson

• 

  Cllr. Matthew Kirk

• 

  Alan MacDougall

• 

  Cllr. Rishi Madlani

• 

  Nigel Mascarenhas

• 

  Cllr. Sylvia McNamara

• 

  Cllr. Jenny Mulholland

• 

  Francesco Navarrini

• 

  Sola Odusina

• 

  Council Officer

• 

  Council Officer

• 

  Council Officer

• 

  Council Officer

• 

  Executive Director Corporate Services, Jon Rowney

• 

  Guillermo Rylance

• 

  Karen Shackleton

• 

  Darshan Singh

• 

  Andrew Singh

• 

  Cllr. James Slater

• 

  Cllr. Shiva Tiwari

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