The Camden Council Pension Committee met on Wednesday 22 October 2025 to discuss responsible investment, the performance of the pension fund, and a number of transition proposals. The committee was also scheduled to hear a deputation from Camden Friends of Palestine.

Deputation from Camden Friends of Palestine

The committee was scheduled to hear a deputation from Paul Clyndes on behalf of Camden Friends of Palestine (CFoP) regarding the Camden Pension Fund's responsible investment actions in Conflict Affected and High-Risk Areas (CAHRA). CFoP had previously submitted a petition, supported by over 4,000 Camden residents, students, and workers, which led to Camden Council committing to four steps:

1. An Independent Fund Review.
2. An annual stewardship review and human rights policy.
3. Further enhance your Responsible Investment Approach.
4. Take steps to introduce a Conflict Zone Exposure Policy.

CFoP were expected to argue that the council had not made significant progress on these items. They were expected to raise concerns about the council's approach to finding an independent provider to review fund holdings, suggesting that subscribing to a market intelligence and analytics platform would not reveal anything of concern. CFoP were also expected to criticise the council's engagement programme, stating that it is failing, and that engagement without the threat of divestment will not be successful.

CFoP were expected to state their belief that the Pension Committee risk breaking the law if they do not divest from companies that breach international human rights law, referencing a legal position paper by Max de Plessis KC¹ on behalf of the Palestine Solidarity Campaign.

Progress on Responsible Investment Actions and CAHRA Review

The committee was scheduled to discuss a report providing an update on the five actions agreed in March 2025 in response to the petition on ethical investment. These actions included scoping an independent fund review, enhancing transparency on fund holdings, initiating CAHRA-related disclosures, reviewing investment beliefs, and coordinating with investment managers.

Active Global Equity (Value) Transition Proposal

The committee was scheduled to consider a proposal to transition the Fund's active global equity manager, Harris Associates, to the recently launched LCIV Global Value Fund, managed by Wellington Management. The proposal was supported by analysis from the Fund's investment consultant (Isio) and London CIV.

Property Portfolio - Transition to LCIV Indirect Property Fund (CBRE)

The committee was scheduled to discuss the transition of the Fund's existing UK property mandate, currently managed directly by CBRE, into the LCIV Indirect Real Estate Pooling Solution, which is also managed by CBRE Investment Management. According to the agenda, this transition would maintain continuity of manager, mandate objectives, and investment style, while achieving full compliance with the pooling requirements under the Local Government Pension Scheme (Management and Investment of Funds) Regulations 2016².

London Collective Investment Vehicle Progress Report

The committee was scheduled to receive a quarterly update on developments at the London Collective Investment Vehicle (CIV), including the creation of sub-funds for various asset classes, the onboarding of assets, and the development of the CIV's staff resources. The agenda states that progress with the London CIV contributes to the government's pooling agenda and drive to reduce costs in the Local Government Pension Scheme (LGPS).

Engagement Report

The committee was scheduled to receive an update on engagement activity undertaken by the Fund and by the Local Authority Pension Fund Forum (LAPFF) on its behalf since the last committee meeting. The agenda notes that this work is important to the Fund's ambition to be a fully engaged investor and demonstrates its commitment to Responsible Investment and engagement in Environmental, Social and Governance (ESG) issues as the Fund works to maximise returns on investment.

Performance Report

The committee was scheduled to discuss the performance of the Pension Fund investment portfolio and that of the individual investment managers for the quarter ended 30 June 2025.

Draft Pension Fund Annual Report 2024/25

The committee was scheduled to discuss the Pension Fund Annual Report 2024/25. The Pension Fund is required to produce an Annual Report under the Local Government Pension Scheme Regulations 2013³.

Triennial Valuation - Initial Whole Fund Results

The committee was scheduled to discuss the initial whole fund results of the triennial valuation from the Pension Fund's actuary (Hymans Robertson). The agenda notes that this report has an appendix containing exempt information within the meaning of Schedule 12A to the Local Government Act 1972⁴ and is not for publication.