This meeting was scheduled to discuss the Pension Fund's Draft Business Plan, review the process for publishing various Fund documents, and note a number of reports including the Fund Manager Performance Report, minutes of the previous Pension Panel meeting and the Pension Fund Risk Register. The meeting was also scheduled to receive a presentation from Legal and General Investment Management (LGIM) on the Funds Global Low Carbon Equities.

Draft Business Plan 2025/26

The meeting was scheduled to discuss the Royal Borough of Greenwich Pension Fund 'the Fund' 'Draft Business Plan' for 2025/26. The Draft Business Plan sets out the framework within which the Fund will undertake a review of its progress towards its net zero target of 2040. It also details the proposed dates and content for the Pension Board meetings in the upcoming year. For example, the Board is scheduled to receive training from Hymans Robertson on financial markets and product knowledge at its July meeting. The final Business Plan for 2025/26 is scheduled to be presented to the Board during its July 2025 meeting.

Arrangements for Publication of Strategies, Statements and Reports

The meeting was scheduled to note a review of the arrangements for the publication of strategies, statements and reports relating to the Fund. These documents are prepared in accordance with various regulations including the Local Government Pension Scheme Regulations 2013 and the Local Government Pension Scheme (Management and Investment of Funds) Regulations 2016. All of these documents are brought before the Pension Fund Investment and Administration Panel 'the Panel' for review. The report pack contains a list of the documents that are reviewed by the Panel and information on the nature of each document. For example the Investment Strategy Statement 'ISS' details the Fund’s investment strategy, including its agreed asset allocation and voting guidelines. The statement also covers the Fund’s compliance with [Myners’](https://greenwich.moderngov.co.uk/documents/s11943/Appendix+D+-+Investment+Strategy+Statement+-+July+2023.pdf) principles and includes information on the Fund’s approach to the pooling of investments.¹

Pension Panel Meeting Activity

The meeting was scheduled to note the minutes of the Panel meeting held on Monday 9 December 2024. The following items were presented at this meeting:

• Pension Fund Communications Policy Statement
• Early Retirement Report
• Fund Manager Performance Report
• Partners Group Update on Performance

Before entering into a closed session for this meeting, the Chair allowed three members of the public to address the Panel to discuss their concerns that the Fund may be invested in companies linked to the Occupied Palestinian Territories.

Pension Fund Risk Register

The meeting was scheduled to note the section of the Pension Fund Risk Register that covers administrative and compliance risks. The risk register uses a scoring system to determine the likelihood of a risk occurring and the impact if it did occur. The overall risk is determined by multiplying the likelihood score by the impact score. For example, one of the risks on the register is that of data being lost or misused. The chance of this risk occurring is deemed to be ‘possible’ which has a score of 3 and the impact of this happening is also deemed to be ‘moderate’, which also has a score of 3. Therefore, the overall risk score is 9, which is deemed to be a medium risk. To ensure this risk is mitigated the following controls are in place:

• Data is backed up on a daily basis.
• Password/encryption is used.
• Files containing member information are encrypted before transmission.
• Staff are trained on the data they can and cannot provide.

LGIM Fund Manager Presentation

The meeting was scheduled to receive a presentation from LGIM on the Funds Global Low Carbon Equities. The presentation was scheduled to focus on the environmental, social and governance (ESG) work undertaken by LGIM, in particular how they assess the risks and opportunities posed by climate change and how the manager engages with the companies within which it invests to drive change.