Agenda and minutes

To receive apologies from Members of the Panel.

No apologies for absence were received.

Apologies for absence were received from Councillors 

The Chair to announce any items of urgent business circulated separately from the main agenda.

There were no items of urgent business.

Members to declare any personal and financial interests in items on the agenda. Attention is drawn to the Council’s Constitution; the Council’s Code of Conduct and associated advice.

Resolved-

That the list of Councillors’ memberships as Council appointed representatives on outside bodies, joint committees and school governing bodies is noted.

Members are requested to confirm as an accurate record the Minutes of the meeting held on 22^nd July 2024

No motion or discussion may take place upon the Minutes except as to their accuracy, and any question on this point will be determined by a majority of the Members of the body attending who were present when the matter in question was decided. Once confirmed, with or without amendment, the person presiding will sign the Minutes

The minute of the meeting of the Pension Fund Investment & Administration Panel held in 22 July 2024 was not signed, as the Panel requested that the minute be reviewed for errors and presented at the next meeting.

The Panel also drew attention to the importance of tracking and updating members on the actions and objectives discussed during the meeting. The Accountancy and Business Change Manager agreed with the Panel's observation and indicated that, going forward, a report covering the progress made on actions would be presented at meetings

Panel is requested to note the annual report of the Pension Board (‘the Board’) for 2023/24 (attached as Appendix A to this report).

The report was presented by the Accountancy and Business Change Manager. He stated that the report highlights the Boards activities for the financial year 2023/24. Referencing Appendix A, he indicated that the report includes the items that the Board has reviewed throughout the year as well as, the attendance and training received.

The Panel acknowledged the progress made by the Board and thanked the Chair of the Board for their hard work. 

Resolved –

The Panel agreed to note the annual report of the Pension Board (‘the

Board’) for 2023/24).

Panel is requested to agree the Fund’s Knowledge and Understanding Skills Policy and Framework (Appendix A).

Referencing Appendix A, the Accountancy and Business Change Manager indicated to the Panel that the policy is reviewed annually and highlights the training activities. He added that the policy includes a free online training platform provided by Barnett Waddingham.

The Accountancy and Business Change Manager stated that if the Panel was interested in the training activities, details could be found in the report. He pointed out that they plan to undertake a survey assessment of each training session to help identify gaps.

The Panel requested that the Accountancy and Business Change Manager provide members with the link to the training activities that are due.

Resolved –

The Panel agreed the Fund’s Knowledge and Understanding Skills Policy and Framework.

Panel is requested to Approve the updated Net Zero Roadmap as outlined – Appendix A.

The Accountancy and Business Change Manager stated that the report includes an updated Net Zero Roadmap and a framework highlighting the practical steps to continue the Fund’s transition to net zero.

He then handed over to the manager from Hymans Robertson, who provided the Panel with a detailed breakdown of the report. The manager highlighted the status and progress of what has been accomplished, as well as the next necessary steps for the Fund to achieve its net-zero goal.  In his presentation, the manager included the Fund’s climate change credentials and the available investment opportunities. Referencing Page 59, he pointed out a table that outlines all the Fund’s actions and their status.

In response to a question from the Panel, the manager stated that they receive annual updates from London Collective Investment Vehicle (LCIV) climate analytics service. He added that the annual updates can be found in the report and can also help ascertain what trajectory the Fund is on toward attaining Net Zero by 2040.

In response to the Panel’s request for an update on the stewardship roles of its investment partners, the manager stated he will obtain the requested information and update the Panel.

The Panel was addressed by members of the public who made submissions. In their address, they suggested that the Panel encourage its investment partners to consider investment avenues that will not decrease the value of the fund and are environmentally friendly. In response, the Chair of the Panel indicated that this is a complicated issue that must be approached holistically. He added that he would engage with all the relevant officers regarding the concerns raised.

Resolved –

The Panel approve the updated Net Zero Roadmap.

Panel is requested  to note a report on the performance of the Royal Borough of Greenwich Pension Fund’s (‘the Fund’) investment managers for the period ending 30 June 2024

Resolved –

Panel noted a report on the performance of the Royal Borough of Greenwich Pension Fund’s (‘the Fund’) investment managers for the period ending 30 June 2024

Panel is requested  to receive a presentation from the London Collective Investment Vehicle (LCIV) on its operations and performance.

Resolved –

Members received a presentation from the London Collective Investment Vehicle (LCIV) on its operations and performance.

Panel is requested to note the Climate Analytics report for the Royal Greenwich Pension Fund as at 31 March 2024 (Appendix A).

Resolved –

Panel noted the Climate Analytics report for the Royal Greenwich Pension Fund as 31 March 2024 (Appendix A).