The Pension Committee of Camden Council was scheduled to discuss the final draft of the Responsible Investment Policy, the Corporate Governance Annual Review, and the Engagement Report. The meeting agenda also included updates on the London Collective Investment Vehicle (CIV) progress, climate analytics, cash flow and membership statistics, the Funding Strategy Statement, and the Triennial Valuation employer results. Additionally, a proposal for the prepayment of secondary contributions by the Council was to be considered, alongside a review of future agenda items and training opportunities. A deputation request from Caroline Michie concerning Camden's Pension Fund Investments was also scheduled.

Responsible Investment Policy

The committee was set to consider the final draft of the Responsible Investment (RI) Policy for the Camden Pension Fund. This policy aims to integrate Environmental, Social, and Governance (ESG) factors into investment decisions, affirming the primacy of fiduciary duty and financial materiality. It establishes stewardship as the primary mechanism for addressing ESG concerns, defines parameters for exclusions (such as controversial weapons and 'sin sectors'), and outlines a framework for assessing conflict-related risks. The policy acknowledges the constraints of pooled investment structures through the London CIV and is intended to be practical and workable, with provisions for annual review and formal review every three years. The report recommended approving the policy, noting it would be subject to formal consultation as part of the Investment Strategy Statement, and delegating authority to the Director of Finance to finalise it.

Corporate Governance Annual Review

A review of the proxy voting carried out by the Pension Fund between 1 January 2025 and 31 December 2025 was scheduled for discussion. Advisory services for this review were provided by Pensions & Investment Research Consultants Ltd (PIRC). The report also presented the proposed Voting Template for adoption in 2026. The review highlighted that during 2025, the Fund voted on 24,018 resolutions at 1,720 meetings, with over half of these being director elections. The report noted a decrease in shareholder resolutions compared to the previous year, likely due to regulatory developments in the US. Overall, the Fund supported 59% of resolutions and opposed 37%. The report detailed varying levels of support across different regions and resolution types, with particular attention paid to remuneration, auditor appointments, and board diversity. New policies adopted for the 2025 proxy season, including those on gender diversity, share buyback authorities, and pre-emption rights, were also to be discussed.

Engagement Report

This report was intended to update members on the engagement activities undertaken by the Fund and the Local Authority Pension Fund Forum (LAPFF) since the last committee meeting. The report emphasised the importance of this work for the Fund's ambition to be a fully engaged investor and its commitment to Responsible Investment and ESG issues. The LAPFF Quarterly Engagement Report, attached as an appendix, was expected to highlight achievements during the quarter and list engagements with several companies. Visual data was to be presented, illustrating the types of engagement, topics discussed, outcomes, and company domiciles. Key themes for engagement included Climate Change, Governance, and Human Rights, with a particular focus on companies based in the UK and USA. The report also linked engagement activities to the UN Sustainable Development Goals (SDGs), with SDG 13 (Climate Action), SDG 12 (Responsible Production and Consumption), and SDG 8 (Decent Work and Economic Growth) being the most frequent topics. The report also detailed specific company engagements, including those with Schroders, Standard Chartered, Barclays, Shell, and SSE regarding climate transition plans, and with SSAB and thyssenkrupp regarding the transition to low-carbon steel. Human rights and Conflict-Affected and High-Risk Areas (CAHRAs) were also a significant focus, with engagements concerning Volvo, Microsoft, and Chevron.

London Collective Investment Vehicle (CIV) Progress Report

A brief update on recent developments at the London CIV was scheduled. This report was expected to contribute to the Government's pooling agenda and the drive for greater efficiencies and cost savings within the Local Government Pension Scheme (LGPS). The report was to detail the disinvestment of legacy mandates, including Harris Associates Global Equity and Baillie Gifford Diversified Growth Fund. It was also to cover the initial investment into the LCIV Global Equity Value (GEV) Fund managed by Wellington Management, and the transition of the CBRE property mandate into LCIV via a lift-and-shift arrangement. The report was to provide current and projected pooling ratios, indicating a projected 100% pooling ratio following the transition of the Partners Group allocation. A fee comparison between the Harris mandate and the LCIV GEV mandate was also to be presented, highlighting a reduction in management fees.

Climate Analytics as at 31 March 2025

This report was to provide climate analytics metrics for the Fund's public market mandates as at 31 March 2025. It was to include an update on fossil fuel exposure and implied temperature alignment, as well as a review of climate-related disclosures from private market managers. The report was expected to detail carbon-to-value intensity, Weighted Average Carbon Intensity (WACI), implied temperature alignment, and revenue-weighted fossil fuel exposure for public market mandates. It was also to provide updates on climate reporting from private market managers, including Baillie Gifford, HarbourVest, Partners Group, CBRE, Aviva, StepStone, and London CIV's UK Housing Fund.

Cash Flow and Membership Report (2024-25)

This report was to detail the Pension Fund's cash flow and membership statistics for the year 2024-2025 and over the longer term. It was to provide an overview of core cash flow before transfers, benefit payments, administrative and investment costs, and transfer value activity. The report was also to analyse trends in contributions and benefit payments, and present the scheme membership statistics, including active, deferred, and pensioner members.

Funding Strategy Statement

The committee was to consider revisions to the Funding Strategy Statement (FSS). This statement establishes how scheme employers in the Pension Fund are treated, outlining how employer liabilities are measured, the pace of funding these liabilities, and how employers or pools pay for their liabilities. The report was to detail the outcome of the consultation on the draft FSS and recommend its approval, effective from 1 April 2026. The FSS was to reflect updates in line with the 2025 actuarial valuation and new guidance from the Scheme Advisory Board, MHCLG, and CIPFA.

Business Plan

This report was to outline items scheduled for future agendas of the Committee, along with a record of training and meetings attended and a list of future training opportunities. It was to include a provisional meeting schedule for future agendas, details of upcoming investment manager meetings, and a record of training sessions attended by members and officers.

Triennial Valuation - Employer Results

The committee was to receive the Triennial Valuation as at 31 March 2025, as assessed by the Fund's actuary, Hymans Robertson. This report was to present the employer contribution rates for the next three-year valuation period (2026/27 – 2028/29) and the overall funding position of the Fund. The report was to include a comparison of contribution rates and funding positions with the previous valuation in 2022, and an analysis of the factors contributing to changes in the funding position. It was also to provide information on climate change scenario analysis and the gender pension gap. The committee was asked to agree the draft Triennial Valuation report.

Prepayment of Secondary Contributions

A proposal from the Council, as the major employer in the Fund, to prepay its secondary contributions early for the years 2026-2029 was to be considered. The report explained that in exchange for this early payment, the Fund would discount the cash amount based on the assumed asset outperformance. This prepayment was estimated to result in a saving of £3.389m for the Council. The report also included comments from the Fund's auditor, Mazars, on the proposal. The committee was asked to agree that the Council could prepay its secondary contributions on 1 April 2026, amounting to £39.604m.

Deputation Request

A deputation request from Caroline Michie, relating to Camden's Pension Fund Investments, was scheduled. The request, organised by Camden Friends of Palestine, Camden PSC, and CADFA, and signed by over 4000 people, called for an urgent audit of the pension fund's investments in companies contributing to or profiting from the Israeli occupation and assault on the West Bank and Gaza, with a view to divesting from them. The deputation aimed to highlight concerns about delays in action, the methodology and transparency of the audit undertaken, and the criteria used in the Responsible Investment and Conflict Zone Exposure Policy. They specifically requested that Camden investigate and explain a disparity in investment figures, adjust audit terms to identify all complicit companies, and make the audit transparent. They also called for rectification of the defence sector policy to exclude companies making weapons used in human rights breaches and to eliminate exposure to companies engaged in unlawful activity related to the occupation. The deputation also expressed concern that the policy of divestment only as a last resort was no longer appropriate, given the perceived failure of engagement.