Decision

To APPROVE the direct appointment of a Social Sustainability Advisor from Lot 4 Fund’s National LGPS Framework for Stewardship Services (NCCT42176), to prepare an independent report on the status and outputs of the Fund’s Property Investment Portfolios.

Reasons for the decision

An allocation of 10% of Fund assets to Property Investments was ratified by the Policy & Development Working Group on 22 June 2023.

This 10% allocation is to comprise a target of 8% for UK Property and 2% for Overseas Property.

In addition to the annual, internally produced reports on the UK Property and Overseas Property Portfolios’ Strategy and Financial Performance, it is also seen as appropriate to commission an independent report on the Social Sustainability outputs of these portfolios.

The National LGPS Framework for Stewardship Services (NCCT42176) Lot 4 covers Stewardship Reporting and Projects.

This framework enables advisors to be directly appointed.