The Pension Fund Investment Sub-Committee of Warwickshire Council was scheduled to discuss a range of financial and governance matters. Key topics included an economic update, a report on pension fund governance, and an update on pooling governance. The committee was also set to review the risk register and consider the climate risk policy and net zero strategy.

Economic Update

The committee was scheduled to receive an update on market developments from January to May 2026, including information on central bank policy, exchange rates, inflation, and interest rate expectations. The report also covered global equity markets, sovereign and corporate bond markets, and real yields and credit spreads. An outlook for June to December 2026 was also to be presented, highlighting potential risks such as a new cost-of-living crisis due to the Middle East conflict, and the economic and monetary policy outlook for the UK, US, Eurozone, and globally. The market outlook suggested muted performance with potential bright spots in AI-driven productivity gains, but also noted risks from unsustainable government debt.

Pension Fund Governance Report

This report was scheduled to provide an update on the Fund's Forward Plan and training initiatives. The forward plan, presented in a four-year outlook, was to include longer-term strategic environmental issues such as the Pensions Schemes Act 2026 and Local Government Reorganisation workstreams. A schedule of meetings for the Border to Coast Pensions Partnership Joint Committee and Operational Officers Group, along with the Pension Fund Investment Sub-Committee meetings, was to be provided. Committee members were invited to attend the Border to Coast Annual Conference.

The report also detailed plans for training sessions over the next 6-9 months, aimed at assisting committee members in holding the pool (Border to Coast) to account, in line with the Pensions Schemes Act 2026. These proposed sessions, to be run by Hymans, would cover topics such as holding asset managers to account, reporting and management of investment risk, and a deep dive into Border to Coast's whole fund reporting. Additionally, Border to Coast was to hold introductory virtual training sessions for new members on asset classes, risk and return, sustainability and net zero, and the Border to Coast Partnership. The upcoming release of an updated LGPS Online Learning Academy (LOLA) was also mentioned as a key risk mitigation for governance failure.

Policy reviews for the Communications Policy, Breaches Policy, Cyber Security Policy, and Business Continuity Plan were scheduled to be presented. The Local Pension Board Recruitment and Retention Policy, updated in the previous quarter, was to be presented for approval alongside the Local Pension Board terms of reference.

Climate Risk Policy and Net Zero Strategy

The committee was scheduled to consider the Climate Risk Policy and Net Zero Strategy. This item was expected to involve discussions on environmental implications and potentially include exempt or confidential information.

Pooling Governance Update

A verbal update on pooling governance was scheduled to be presented by Chris Norton, Head of Investments, Audit and Insurance.

Risk Register 2026

The committee was to review the Risk Register for 2026. This would include an update on residual risk scores and the addition of new risk drivers, such as those associated with artificial intelligence and the Funding Strategy Statement.

Quarterly Investment Management Review

This item was scheduled to cover the Quarterly Investment Management Review, which would likely include an analysis of investment performance and related matters.

Border to Coast Response to Fixed Income Mandate Letter

The committee was to consider the Border to Coast's response to a Fixed Income Mandate Letter.

General Activity Update

A general update on the fund's activities was scheduled for discussion.

The meeting was scheduled to consider a resolution to exclude the public for certain items due to the disclosure of exempt or confidential information, as defined in the Local Government Act 1972. These items included discussions on Valuation 2025, Investment Strategy Statement, General Activity Update Q4 2025, Cashflow Management, Border to Coast - Strategy, Partnership, and Fit for the Future, LGPS Pooling - Implementation of Pooling Developments, Quarterly Investment Management Report, and Exempt Minutes of Previous Meetings.