Agenda and minutes

To receive apologies from Members of the Panel.

Apologies for absence were received from Councillor Simon Peirce

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 22nd July 2024 and 16th September 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.

That the minutes of the meeting of the Pension Fund Investment & Administration Panel held on 22 July 2024 and 16 September 2024 be agreed upon and signed as a true and accurate record

To agree the Communications Policy Statement (Appendix A) for the Royal Borough of Greenwich Pension Fund (‘the Fund’).

The report was presented by the Assistant Director of Finance Systems and Processing, who advised that the Panel was been asked to approve the communication policy outlined in the report.

In response to questions from the Panel, the Assistant Director explained that pension fund members do not currently receive communications on the added social benefits of their investment, however officers were open to considering its inclusion. She added that members receive annual benefit statements and that the Pension Team were willing to collaborate with the Accountancy and Business Change Manager to add relevant information, such as links to the Carbon Neutral Plan.

The Panel thanked the Assistant Director and stated they were looking forward to the production of a newsletter for pension fund members, adding that they would like to have input in the creation of the newsletter.

Resolved –

The Panel agreed the Communications Policy Statement (Appendix A) for the Royal Borough of Greenwich Pension Fund (‘the Fund’).

Before moving to a closed session, the Chair indicated that he had agreed to allow up to three members of the public in attendance to address the Panel for a maximum of three minutes each.

Afterward, the members of the public exited the meeting, and it proceeded into a closed session to discuss items 6, 7, 8, and 9. The report and appendices were exempt by virtue of paragraph 3 of Schedule 12A to the Local Government Act 1972 (as amended): information relating to the financial or business affairs of any particular person, including the authority holding that information.

Members of the public, with affiliation to Trade Unions and the Greenwich Palestine Action, and stated that the Greenwich Pension Fund invested at least £43 million in companies linked to Israel's apartheid and genocide against Palestinians. They urged the Panel to divest from all investments in Israel, citing violations of international law and human rights, and referenced the International Court of Justice's findings on genocide.

They also raised concerns about the council’s pension fund investments in companies that supplied weapons to Israel, arguing these investments were morally wrong, financially risky, and violated the council’s own policies. They called for transparency and ethical responsibility in the council’s investments, urging the Panel to take immediate action to align their investments with principles of justice, democracy, and international law.

In response to the address from the public the Panel acknowledged the concerns raised about investments linked to Israel but emphasised the pension fund’s statutory responsibilities, including securing returns for its members. The Panel highlighted the challenges of divestment, especially given the fund's current investments through managers and the London CIV. The Panel added that there was a need to review the fund's Responsible Investment Policy, particularly regarding human rights and international law.

The Panel explained that while changes couldn’t happen immediately, the review would take place within a set timeframe. The Panel highlighted the importance of consulting pension members before making decisions that could impact their income and mentioned ongoing discussions with the London CIV,  ...  view the full minutes text for item 5.

To note a report on early retirements covering the period 1 April 2024 to 30 September 2024 and review the financial effect.

Resolved –

The Panel noted the report on early retirements covering the period 1 April 2024 to 30 September 2024 and reviewed the financial effect.

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 September 2024.

Resolved –

The Panel noted the performance of the Royal Borough of Greenwich Pension Fund’s (‘the Fund’) investment managers for the period ending 30 September 2024.

To receive a presentation from Partners Group on performance (hard copies of slides to be brought to meeting).

Resolved –

The Panel received a presentation from Partners Group on performance.

To receive training from Blackrock on Investments (Financial Markets and Product Knowledge).

Resolved –

The Panel received training from Blackrock on Investments (Financial Markets and Product Knowledge)