Decision

To APPROVE the appointment of an Environmental Sustainability Advisor to produce an independent report which will provide an aggregated GMPF-level summary of the property investment portfolio’s environmental sustainability performance.

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 environmental sustainability status of these portfolios.