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Annual Meeting, Pension Board - Friday, 21st June, 2024 12.00 pm
June 21, 2024 View on council websiteSummary
The Pension Board of Aberdeen City Council convened on 21 June 2024 to discuss the annual report, investment performance, and the implementation of new governance policies. Key decisions included the approval of the Pension Board Annual Report and the endorsement of a new investment strategy aimed at enhancing sustainability.
Pension Board Annual Report
The Pension Board Annual Report was presented and approved during the meeting. The report highlighted the board's activities over the past year, including key financial metrics and governance improvements. The board noted a significant increase in the fund's value, attributing it to prudent investment choices and effective risk management.
Councillor Paul Convery remarked, The annual report showcases our commitment to transparency and accountability, ensuring that our members are well-informed about the fund's performance.
Investment Performance
The board reviewed the investment performance for the past fiscal year, noting a positive return on investments despite market volatility. The discussion focused on the diversification of the investment portfolio and the impact of global economic conditions. The board agreed to continue monitoring the performance closely and to adjust strategies as needed to mitigate risks.
New Investment Strategy
A new investment strategy aimed at enhancing sustainability was endorsed by the board. This strategy includes increasing investments in renewable energy projects and reducing exposure to fossil fuels. The board discussed the long-term benefits of sustainable investments, including potential financial returns and positive environmental impact.
Councillor Jane Smith stated, Adopting a sustainable investment strategy aligns with our commitment to responsible investing and supports our broader environmental goals.
Governance Policies
The implementation of new governance policies was also a key topic. These policies are designed to improve decision-making processes and ensure compliance with regulatory requirements. The board emphasized the importance of robust governance in maintaining the integrity and performance of the pension fund.
The meeting concluded with a commitment to continue enhancing the fund's performance and governance, ensuring the long-term security of members' pensions.
For more details, you can refer to the Printed minutes and the Public reports pack from the meeting.
Attendees
