The Pensions Committee of Wychavon Council convened on 25 June 2024 to discuss several key issues, including the adoption of the UK Stewardship Code, the approval of the Pension Fund Annual Accounts, and updates on governance and training.

UK Stewardship Code

The committee reviewed the UK Stewardship Code Cover Report and the accompanying WPF Stewardship Code 2024. The UK Stewardship Code sets high standards for asset owners and managers, aiming to create long-term value for clients and beneficiaries. The committee decided to adopt the code, emphasising its importance for responsible investment and alignment with the council's commitment to sustainability.

Councillors discussed the benefits of adherence to the code, with one noting, Adopting the UK Stewardship Code will enhance our transparency and accountability in managing the pension fund, which is crucial for maintaining trust with our stakeholders.

Pension Fund Annual Accounts

The committee approved the Pension Fund Annual Accounts for the financial year 2023-24. The accounts were presented alongside a detailed analysis of valuation variances in L3 Fund Investments. The committee noted the overall positive performance of the fund, despite some market volatility.

Governance Update

A comprehensive Governance Update was provided, including the Good Governance Position Statement and the Cyber Security Policy 2024. The committee discussed the importance of robust governance frameworks and cyber security measures to protect the integrity of the pension fund.

Training Update

The committee received a Training Update, highlighting recent training sessions and upcoming opportunities. The Engagement Update was also discussed, focusing on the importance of continuous professional development for committee members to ensure informed decision-making.

Risk Register

The Risk Register was reviewed, with the committee noting key risks and mitigation strategies. The detailed Risk Register Appendix provided further insights into specific risks facing the pension fund.

Forward Plan

Finally, the committee discussed the Forward Plan and its Appendix, outlining the agenda for future meetings and key areas of focus for the coming months.