The Wales Pension Partnership Joint Governance Committee met virtually on Wednesday, 15 July 2026. Key decisions included the approval of the audited annual return for 2025/26, the updated Risk Register and Risk Policy, and the noting of performance reports for various sub-funds as at 31 March 2026. The committee also received updates on the Host Authority's progress, the Operator's Q1 2026 review, and the WPP Investment Management Company's development.

Annual Return/Audit 2025/26

The committee approved the audited annual return for the 2025/26 financial year. This included noting the 2025/26 Audit Plan and receiving a letter from Audit Wales regarding the annual return. The unaudited Statement of Accounts for 2025/26 was also noted. Jason Blewitt from Audit Wales was present to discuss the audit findings.

Host Authority Update

A progress update was received from the host authority, Carmarthenshire County Council, covering governance, ongoing establishment, operator services, communications and reporting, training and meetings, and resources, budget, and fees. The update noted that total WPP holdings as at 31 March 2026 were £28.8bn, with £23.5bn pooled.

Risk Register and Risk Policy Review

The committee approved the updated WPP Risk Register and Risk Policy. These documents have been reviewed and updated to reflect the establishment of the Wales Pension Partnership Investment Management Company (WPP IM Co). The updates include the addition and removal of certain risks to align with WPP's evolving responsibilities. It was noted that the WPP IM Co will maintain its own internal risk management framework.

Operator Update - Q1 2026 Review

Waystone Management (UK) Limited, the WPP's Operator, provided a quarterly update for Q1 2026. The presentation covered corporate and compliance updates, relationship overview, sub-fund updates, initiatives and market updates, oversight third-party monitoring, and engagement and meeting schedules. The Assets Under Management (AUM) as at 31 March 2026 were £14,808,186,750.

Performance Reports as at 31 March 2026

The committee noted the performance reports for the WPP's sub-funds as at 31 March 2026. Several funds outperformed their benchmarks, including the Global Opportunities Equity Fund, Emerging Markets Equity Fund, Global Government Bond Fund, and Sterling Credit Fund. However, the Global Growth Equity Fund, Sustainable Active Equity Fund, UK Opportunities Equity Fund, Multi Asset Credit Fund, and Absolute Return Bond Fund underperformed their respective benchmarks.

WPP IM Co - Progress Update

A presentation was received from the Wales Pension Partnership Investment Management Company (WPP IM Co) detailing progress since its establishment in September 2025. Key achievements included the approval of foundational governance documents, the recruitment of a core team and leadership, and the submission of the FCA application. The committee was informed that the FCA had issued a 'Minded to Approve' notification, with formal authorisation anticipated by July 2026.

Securities Lending Performance Review 2025/26, Robeco Engagement Service - Q1 2026 Engagement Report, and Responsible Investment & Climate Risk Reports

These items were considered in private session due to containing exempt information. The committee noted the Securities Lending Performance Review for 2025/26, the Robeco Engagement Report for Q1 2026, and the Responsible Investment and Climate Risk Reports for specific sub-funds.