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 presented the report which included an updated Net Zero Roadmap and a framework highlighting the practical steps to continue the Fund’s transition to net zero.

In addressing the meeting, the representative from Hymans Robertson, provided the Panel with a detailed breakdown of the report. He highlighted the status and progress of what had been accomplished, as well as the next necessary steps for the Fund to achieve its net-zero goals.  He advised the Panel of the Fund’s climate change credentials and the available investment opportunities. He referenced the table in the report that outlined all the Fund’s actions and their status.

In response to a question from the Panel, the representative from Hymans Robertson stated that they receive annual updates from London Collective Investment Vehicle (LCIV) climate analytics service. He added that the annual updates could 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 Accountancy and Business Change Manager stated he will obtain the requested information and update the Panel.

The Panel was addressed by a member of the public who inquired as to whether, in light of the potential divestments from BlackRock, Fidelity, and CBRE, the Panel could consider investing locally, which would be more beneficial than investing in arms and contributing to the destruction of the environment. They also urged the Panel to consider the Preston Model and its benefits. In response, the Chair stated that he would engage with all the relevant officers regarding the issues raised.

A member of the public in his address to the Panel, emphasised the risks involved in investing in Israel due to its damaged economy and falling stock prices. He inquired whether it was time to consider other investment avenues that would not impact the value of the fund or support the occupation of the West Bank and the conflict in Gaza.

In response, the Chair stated that he was looking into the point raised, as this concern was also raised by a Councillor during the last meeting of Full Council. He assured the members of the public that safeguarding the pensions of members was the Panel’s main priority.

In response to the points raised by the members of the public, the Panel referenced the statement of investment principles, which clearly highlighted both financial and non-financial principles. The Panel also indicated that the operations of arms manufacturers were complex, as they often provide products and services to civilians and tech companies. Furthermore, these services could include supplies to arms manufacturers. The Panel reiterated that the issue must be examined holistically when considering the investment principles.

Resolved –

That it be agreed to 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).