The Pensions Committee and Pension Board of Aberdeen City Council convened on 21 June 2024 to discuss several key issues, including the approval of the annual accounts, the review of the investment strategy, and the internal audit report. Decisions were made to approve the annual accounts and to adopt the revised investment strategy.

Annual Accounts Approval

The committee reviewed and approved the Annual Accounts Report Final for the fiscal year 2023-24. The report highlighted the financial performance and position of the pension fund. Councillors discussed the fund's performance, noting both gains and areas for improvement. The decision to approve the accounts was unanimous, with members emphasising the importance of transparency and accountability.

Investment Strategy Review

A significant portion of the meeting was dedicated to the Investment Strategy review - June 2024. The revised strategy aims to enhance the fund's performance while managing risks more effectively. Key changes include a shift towards more sustainable and ethical investments. One councillor remarked, Our investment strategy must reflect our commitment to sustainability and responsible investing. The committee adopted the revised strategy after a thorough discussion on its potential impacts and benefits.

Internal Audit Report

The Internal Audit Annual Report was presented, summarising the audit activities and findings for the year. The report identified areas where internal controls could be strengthened. The committee acknowledged the importance of these findings and agreed to implement the recommended actions. One member noted, Effective internal controls are crucial for the integrity and reliability of our pension fund.

Training Report

The committee also reviewed the Training Report - JUN24_Final, which outlined the training activities and requirements for board members. The report emphasised the need for ongoing education to ensure members are well-equipped to make informed decisions. The committee agreed to continue prioritising training and development.

Other Business

Other items on the agenda included the Committee Business Planner and various appendices related to the pension fund's performance and valuation. These documents provided additional context and data to support the committee's discussions and decisions.