The Pensions Fund Committee - Investment Sub-Committee of West Northamptonshire Council met on Monday 6 July 2026. The meeting's agenda included discussions on the fund's investment performance, stewardship and engagement activities, and potential market impacts from geopolitical events.

Stewardship and Engagement Report

The committee was scheduled to receive an update on stewardship and engagement matters relating to the fund's investments. This included information on the fund's voting activity for assets held within the ACCESS pool during the three months to 31 December 2025. The report was expected to detail the number of votes cast, the types of resolutions (environmental, social, and governance), and instances where investment managers, such as Baillie Gifford, voted contrary to ACCESS guidelines. The report also covered engagement activities by ACCESS sub-fund managers and direct engagement with investment managers by the fund. Furthermore, it was to provide a summary of the Local Authority Pension Fund Forum (LAPFF) engagement and voting activity for January to March 2026. The report noted that the fund's move to Border to Coast Pensions Partnership (BCPP) would bring a shift in approach to stewardship and engagement activities.

Current Investment Topics - Update

A report was scheduled to provide an update on current investment topics, including the future pooling landscape with BCPP becoming the fund's official asset manager from 1 April 2026. The report was also expected to address the market impact of geopolitical events, specifically the conflict in the Middle East, and its potential effects on economic growth, inflation, and monetary policy. Mercer's analysis of various economic scenarios, including Major conflict and Stagflation, was to be presented, outlining their potential implications for asset classes such as equities, bonds, and private markets. The report aimed to help investors understand how different states of the world might impact their portfolio and to stress-test key economic and financial variables.

Quarterly Performance Report for the period ending 31 March 2026 (Public)

The committee was to review the public quarterly performance report for the period ending 31 March 2026. This report, presented by Mercer, was expected to detail the fund's asset returns, funding level, and investment performance against its benchmark over the quarter and longer term. It was anticipated that the report would highlight the market background, including the impact of geopolitical uncertainty, rising interest rates, and the performance of various asset classes such as equities, bonds, and alternatives. The report would also include a traffic light overview of key considerations for the Investment Sub-Committee, such as the implementation of asset class changes to achieve the new Strategic Asset Allocation (SAA) and the transition from the existing portfolio to BCPP.

Other Scheduled Discussions

The agenda also included standard items such as the confirmation of the minutes of the previous meeting held on 2 March 2026, and a review of the action log. The report pack indicated that several other items, including the Quarterly Performance Report for the period ending 31 March 2026 (private), Private Minutes of Previous Meeting, Custody Contract Extension, Asset Transition and SAA Update, and BCPP Capabilities and Workstreams Update, were scheduled for discussion but would be considered in private session due to the likely disclosure of exempt information. The committee was also to consider any urgent business.