The Wales Pension Partnership Joint Governance Committee is scheduled to convene on Tuesday, 22 September 2026. The meeting's agenda includes a review of the host authority's update, a risk register review, and policy updates. Additionally, the committee will receive an operator update, performance reports, and a progress update from the WPP IM Co.

Host Authority Update

The committee is scheduled to receive an update from the host authority, Carmarthenshire County Council, regarding the Wales Pension Partnership's (WPP) progress. This update will cover key areas including governance, support and oversight for the WPP Investment Management Company (IM Co), responsible investment initiatives, and communications, training, and budget matters. The WPP Business Plan for 2026/27 is noted, and this update will provide a Quarter 1 review of progress against the workplan and budget. Specific areas of focus include the WPP IM Co, policy reviews for complaints and whistleblowing, the 2025/26 Annual Report, WPP sub-fund reviews, and responsible investment activities such as the All Wales Impact Report, exclusion policy, and sustainability reporting. Engagement meetings with Pension Board Chairs and website updates are also noted.

Risk Register Review

A review of the Wales Pension Partnership's Risk Register is scheduled. The register, first approved in July 2020 and updated in July 2026, is designed to outline key risks, quantify their severity and probability, summarise risk management strategies, and monitor ongoing risks and mitigation requirements. The Officers Working Group (OWG) and its dedicated WPP Risk Sub-Group are responsible for maintaining the register. The report indicates that the register has been reviewed since the last Joint Governance Committee (JGC) meeting.

Policy Reviews

The committee is scheduled to consider updated policies for the Wales Pension Partnership (WPP). Specifically, the Complaints Policy and the Whistleblowing Policy are presented for consideration. These reviews are part of the WPP's 2026/27 workplan, which mandates the review of all WPP policies during this period, coinciding with the establishment of the WPP Investment Management Company (IM Co).

The updated Complaints Policy provides guidance to the Constituent Authorities on procedures for WPP operational and service quality complaints, detailing where complaints should be directed and the stages involved, including timescales. A new point has been added regarding complaints related to the WPP IM Co, and a review period has been inserted to align with other WPP policies. If approved, these updated policies will be published on the WPP website.

The Whistleblowing Policy offers guidance to WPP Personnel and Providers on raising concerns about suspected malpractice. It also outlines protections provided by The Public Interest Disclosure Act 1998. A minor amendment involves a name change in the introduction section, from Gwynedd Council to Cyngor Gwynedd. If approved, these updated policies will be published on the WPP website.

Operator Update - Q2 2026 Review

Waystone Management (UK) Limited, the WPP's Operator, is scheduled to provide a quarterly update covering the period of April to June 2026. The presentation will encompass a corporate and compliance update, a relationship overview, sub-fund values and ownership percentages, fund snapshots for equities and fixed income, initiatives, market updates, and oversight of third-party monitoring. Market updates will specifically address the impact of the Russia/Ukraine conflict and events in the Middle East on ACS sub-funds. The update will also detail the engagement schedule and key meeting dates.

Performance Reports as at 30 June 2026

The committee is scheduled to receive performance reports for the WPP's sub-funds as of 30 June 2026. These reports, provided by Northern Trust and Waystone/Russell Investments, will detail the performance of various equity and fixed income funds. The summary indicates that several sub-funds have outperformed their benchmarks, while others have underperformed. For instance, the Global Growth Equity Fund underperformed its benchmark by 1.5% gross and 1.9% net, while the Emerging Markets Equity Fund outperformed by 1.2% gross and 0.8% net. The reports will also include global market commentary and detailed performance figures for each sub-fund, both gross and net of fees.

WPP IM Co - Progress Update

A progress update is scheduled from the Wales Pension Partnership Investment Management Company (IM Co). The IM Co, established in August 2025 with Rob Lamb as CEO, manages investment assets for eight Welsh Local Government Pension Scheme administering authorities, with combined assets under management exceeding £25 billion. The update will cover progress in governance, people, and operations. Key governance developments include formal FCA authorisation confirmed as of September 1, 2026, the appointment of new directors, and the calling and confirmation of regulatory capital. In terms of people, 16 permanent staff and two contractors are in post, with two more expected to join. The leadership team is fully recruited, and an independent Chair and Non-Executive Directors have been appointed. Operationally, the company achieved full day-one operational status on September 1, 2026, following FCA authorisation in July. The IM Co has also relocated to One Central Square, Cardiff.

Robeco Engagement Service - Q2 2026 Engagement Report

The committee is scheduled to receive the Q2 2026 engagement report from Robeco. This report will detail Robeco's engagement activities during the second quarter of 2026.

Responsible Investment & Climate Risk Reports

The committee is scheduled to receive reports concerning responsible investment and climate risk. These reports will cover the Global Growth, Global Opportunities, and Sustainable Active Equity sub-funds.

WPP Sub Fund Review

A review of the WPP sub-funds is scheduled. This item will likely involve an examination of the performance and characteristics of the various investment funds managed under the Wales Pension Partnership.