The Wiltshire Pension Fund Committee meeting on 20 June 2024 focused on the progress of responsible investment initiatives and the implementation of the Clops portfolio. The committee also discussed the engagement of younger members and local inward investment. Key decisions included the approval of the Climate and Nature Report 2024 and the use of the responsible investment report for monitoring progress.

Responsible Investment Update

Chris Moore, Investment and Accounting Team Lead, presented a report on the Fund's quarterly responsible investment performance. The report highlighted significant progress against the actions in the Responsible Investment Plan 2023/24, with only the implementation of the Clops portfolio remaining outstanding. Key achievements included the production of several reports such as the Affordable Housing Impact Report and the Responsible Investment and Stewardship report.

The committee was informed that £70m out of the £100m allocated to Wessex Gardens had been drawn into a solar portfolio. Additionally, NinetyOne was appointed as the investment manager for listed/private debt, and £10m was allocated to World Fund for investment in start-up companies aimed at carbon reduction. The nature-based allocation process would commence once the investment advisor procurement was completed.

The committee discussed the low engagement levels from younger members and considered alternative approaches to improve communication and involvement. The notion of local inward investment was also debated, with some members expressing concerns about compromising investment opportunities by focusing too narrowly on local projects.

The committee resolved to use the responsible investment report as a basis for monitoring progress towards implementing the responsible investment policy.

Quarterly Investment Update

Chris Moore also presented a report on the Fund's quarterly investment performance. The committee agreed to use the investment reports and updates provided by officers and advisers as a basis for monitoring investment performance and the implementation of the strategic asset allocation.

Draft Climate and Nature Report

Jennifer Devine, Head of Wiltshire Fund, presented the draft Climate and Nature Report 2024. After discussion, the committee approved the report for publication.

Brunel Governance Update

Jennifer Devine provided a verbal update on the ongoing Brunel governance arrangements, summarising the current status and any significant developments.

Investment Advisors Update

Jennifer Devine updated the committee on the tender process to appoint an independent investment advisor and Investment Consultant. The process was ongoing, and further details would be provided in due course.

Brunel Private Markets Presentation

The Brunel Private Markets team provided an update on the performance of Private Markets Investments, including Private Equity, Private Debt, Property, and Infrastructure.

For more details, you can refer to the public minutes of the meeting.