The Pensions Committee of Worcester Council convened on Tuesday, 25 June 2024, to discuss several significant matters, including the Pension Fund Annual Accounts, the UK Stewardship Code, and updates on training and governance. Key decisions were made regarding the approval of the Pension Fund Annual Accounts and the adoption of the UK Stewardship Code.

Pension Fund Annual Accounts

The committee reviewed and approved the Pension Fund Annual Accounts for the fiscal year 2023-2024. The accounts were presented in detail, highlighting the financial performance and investment returns of the fund. Discussions focused on the variances in Level 3 Fund Investments, as detailed in Appendix 2. The committee noted the importance of maintaining transparency and accuracy in financial reporting to ensure the fund's long-term sustainability.

UK Stewardship Code

The committee adopted the UK Stewardship Code, which sets high standards for responsible investment. The code aims to enhance the quality of engagement between institutional investors and companies to improve long-term returns and sustainable outcomes. The committee discussed the benefits of adhering to the code, with one member stating, Adopting the UK Stewardship Code will reinforce our commitment to responsible investment and ensure we are aligned with best practices in the industry.

Training Update

An update on training was provided, focusing on the engagement with the new training app. The Training Update highlighted the progress made in increasing participation among committee members. The App Engagement Update for June 2024 showed a significant improvement in the usage of the app, which is designed to enhance members' knowledge and skills in pension fund management.

Governance Update

The committee received a Governance Update, which included the Good Governance Position Statement for May 2024. The update covered various aspects of governance, including the implementation of a new Cyber Security Policy to protect the fund's data and assets. The committee emphasized the need for robust governance practices to safeguard the interests of all stakeholders.

Risk Register

The Risk Register was reviewed, with a focus on identifying and mitigating potential risks to the pension fund. The committee discussed the importance of proactive risk management and the need to regularly update the register to reflect changing circumstances.

Forward Plan

The committee also reviewed the Forward Plan, outlining the key activities and priorities for the upcoming months. The plan includes a schedule of meetings, key decision points, and strategic initiatives aimed at enhancing the performance and governance of the pension fund.

For more detailed information, the minutes of the meeting can be accessed here.