The Local Pension Committee was scheduled to discuss investment strategy, risk management, and responsible investment, including climate-related disclosures. The committee was also expected to discuss the implications of local government reorganisation and to set objectives for its investment advisor. Representatives from LGPS Central were scheduled to deliver a presentation.

Climate-Related Disclosures and Responsible Investment

The committee was scheduled to review the 2025 Climate Related Disclosures Report, contained in Appendix A - Climate related disclosure report, which details the fund's progress toward its net zero target and other environmental goals. The report stated that the fund had already met its interim targets for reducing carbon intensity and financed emissions, and has over £1.5 billion invested in climate-related investments. The report also included a Climate Stewardship Plan, and the committee was asked to approve changes to the companies included in that plan. The committee was also scheduled to receive an update on the Responsible Investment (RI) Plan 2025, detailed in Appendix B - RI Plan 2025 Nov update, and to note the quarterly voting report, contained in Appendix C - LPFVotingReportQ32025, and stewardship activities.

Valuation of Pension Fund Investments

The committee was scheduled to discuss the Valuation summary of Fund Investments Dec 2025 SAA scope, providing an update on investment market performance and the total value of the fund's investments as of 30 September 2025. The report included a review of the fund's strategic asset allocation (SAA). The report noted that global equity markets had performed well, but that valuations were high. It also noted that interest rates were generally falling, but that inflation remained above target in the UK and US. The report summarised the capital markets review for the quarter ending September 2025, commenting on equities, government bonds, corporate credit and UK property. The report also detailed portfolio changes during the quarter ended September 2025, and investments approved at the Investment Sub-Committee (ISC). The report set out the scope for the usual January review of the Fund's strategy, which for the first time was agreed between the Fund's officers, Hymans Robertson and LGPS Central.

LGPS Central Presentation

The committee was scheduled to receive a presentation from LGPS Central, appended to the LGPS Central Presentation report, regarding the public markets investments the fund holds with LGPS Central. The presentation, titled Central public markets Dec 2025, was expected to cover:

• A general markets update
• The four public market investments the Fund holds with Central: the global active equity fund, global climate multi factor fund, global investment grade bond fund and the global multi asset credit fund.

Risk Management and Internal Controls

The committee was scheduled to discuss a report regarding the risk management and internal controls of the Pension Fund. The report provided information on changes relating to risk management and internal controls, as stipulated in the Pension Regulator's Code of Practice. The report included the fund's risk register, attached as Appendix A Risk Register November 25, and the Risk Scoring Matrix and Criteria, attached as Appendix B Pension Fund Risk Register Key - Updated. The report noted that there had been a handful of updates to text on four existing risks since the previously approved risk register, but no changes to risk scores.

Investment Advisor Objectives

The committee was scheduled to set the 2026 investment advisor objectives for Hymans Robertson, the fund's investment advisor. The objectives are required by the Investment Consultancy and Fiduciary Management Market Investigation Order 2019. Key areas addressed for 2026 included clear expectations of relationship and service standards and focus on the work to be undertaken over the next year relating to 'Fit for the future'. The full list of objectives proposed for 2026, and last years' objectives review, was included in Investment advisor objectives 2026, with Appendix - Nov 2025 Investment consultant objectives

Local Government Reorganisation

The committee was scheduled to be informed of the possible administrative implications of Local Government Reorganisation (LGR) on the Leicestershire Local Government Pension Fund. The report noted that all councils across Leicester, Leicestershire and Rutland (LLR) had submitted interim plans and final proposals in November, although there was no agreement on the preferred option. The report presented the possible administrative implications of the preferred options included in the submitted Business Cases, which are:

• Single County Unitary for Leicestershire and Rutland (County Council preferred option)
• An expanded City boundary with a single County Unitary for the residual County area and Rutland (Leicester City Council preferred option)
• Three Unitary option North, City, South Rutland and district councils preferred option

Other Matters

The agenda for the meeting also included:

• Minutes of the meeting held on 26 September 2025, contained in Minutes of Previous Meeting
• Question Time
• Questions asked by members under Standing Order 7(3) and 7(5)
• To advise of any other items which the Chairman has decided to take as urgent elsewhere on the agenda
• Declarations of interest in respect of items on the agenda
• Date of next meeting
• Any other items which the Chairman has decided to take as urgent
• Exclusion of the Press and Public
• Climate Related Disclosures 2025 - Exempt Information
• Leicestershire Total Fund Summary
• LGPS Central Quarterly Investment Report
• Growth Ruffer Quarterly Report
• Adams Street Partners Quarterly Report
• Fulcrum Diversified Core Absolute Return Quarterly Report
• Legal and General Investment Manager Quarterly Report
• LGPS Central PE Primary Partnership 2018 LP Quarterly Report
• LGPS Central PE Primary Partnership 2021 LP Quarterly Report
• LGPS Central PE Primary Partnership 2023 LP Quarterly Report
• Patria SOF Quarterly Report
• Income KKR Global Infrastructure Investors Quarterly Report
• Saltgate UK AVPUT
• Christofferson Robb & Company CRC Capital Release Fund Quarterly Report
• LGPS Central Direct Property Quarterly Report
• IFM Global Infrastructure Quarterly Investor Report
• JP Morgan Asset Manager Infrastructure Investments Fund Quarterly Report
• LaSalle Leicestershire County Council Pension Fund Quarterly Report
• LGPS Central Core/Core Plus Infrastructure Partnership LP Quarterly Report
• LGPS Central Credit Partnership Quarterly Report
• M&G Investments Debt Opportunities Quarterly Report
• Partners Group Multi Asset Credit Quarterly Reports
• Quinbrook Infrastructure Partners Net Zero Power Fund Quarterly Report
• Protection Aegon Asset Management Quarterly Report
• Aegon Asset Management Global Short Dated Climate Transition Fund Quarterly Report
• Aegon Asset Management LCCPF IL and FX Update