The meeting on 22 January 2025 was of the Pensions Committee. It was scheduled to involve training on the Task Force on Climate-Related Financial Disclosures (TCFD), a discussion of the Local Government Pension Scheme's 'Fit for the Future' consultation, an update from the Responsible Investment Working Group and the setting of objectives for the investment consultant.

Pension Fund Independent Adviser Appointment

The Committee were scheduled to consider the appointment of a Pension Fund Independent Adviser.

Investment Consultant Objectives

The Committee were scheduled to agree the 2025 objectives for the investment consultant, Redington.¹ The objectives cover five categories:

• Assistance in achieving the Fund’s objectives
• Governance and Costs
• Proactivity/Keeping informed
• Monitoring

• Delivery

  In line with best practice, the performance of the investment consultant against the objectives should be reviewed on an annual basis and the objectives updated at least every three years or when there has been a material change in investment approach.

  — Investment Consultant Objectives

LGPS: Fit for the Future Consultation

The Committee was scheduled to consider Hackney Council's draft response to the Local Government Pension Scheme's 'Fit for the Future' consultation. The consultation sought views on a range of issues related to the scheme, including:

• The scheme's investment strategy
• The governance of the scheme

• The administration of the scheme

  The Department for Levelling Up, Housing and Communities (DLUHC) launched a consultation on the future of the Local Government Pension Scheme (LGPS) on 19 October 2024 seeking views on a range of issues, including: the Scheme’s investment strategy, the governance of the Scheme, and administration of the Scheme.

  — LGPS: Fit for the Future Consultation

Responsible Investment Working Group Update

The Committee were scheduled to receive an update on the work of the Responsible Investment Working Group (RIWG) including presentations from BlackRock² on their approach to stewardship and engagement.

BlackRock is the world’s largest fund manager and has the largest stewardship team globally.

— Responsible Investment Working Group (RIWG) Update

Task Force on Climate-Related Financial Disclosures (TCFD) Training and Initial Steps

The Committee were scheduled to receive training on the Task Force on Climate-Related Financial Disclosures (TCFD) reporting framework.

The Task Force on Climate-Related Financial Disclosures (TCFD) reporting framework was developed by the G20’s Financial Stability Board and designed to help companies understand what financial markets want from climate change disclosure in order to measure and respond to climate change risks and opportunities.

— PC 22 Jan 2025 - TCFD Training and TCFD Governance Initial Phase Cover Report

The training was scheduled to cover:

• Climate-related risks and opportunities.
• The TCFD recommendations.
• How to implement the TCFD recommendations.