The Wiltshire Pension Fund Committee met on Thursday 24 September 2026 to discuss the Fund's responsible investment strategy, including its policy on controversial weapons, and to review its climate and nature assessment report. The meeting also covered updates on the Fund's investment performance and pooling arrangements.

Public Participation

The committee was scheduled to hear from members of the public. A statement was submitted by Alex Hall, raising questions about the Fund's divestment from weapons companies. Hall's statement highlighted precedents from other Local Government Pension Scheme (LGPS) funds, such as Waltham Forest Pension Fund and Tower Hamlets Council, which have committed to divesting from companies linked to the arms trade. The statement also referenced legal developments, including a concession by Greenwich Council that a clause in its pension fund investment strategy was unlawful. Hall argued that the distinction between controversial and conventional weapons is lost when conventional weapons are used against civilian populations, citing the situation in Gaza. The statement also addressed reputational and fiduciary duties, suggesting that a focus solely on short-term returns could lead to long-term instability and that a peaceful world is the best environment for adhering to fiduciary duty.

The Fund's response to Alex Hall's question noted that the issue of investments in the aerospace and defence sector had been previously considered. It stated that any decision on divestment would require consideration of fiduciary duties, legal and regulatory factors, the availability of alternative investments, implementation issues with pooled investments, and the views of scheme members and participating employers. The response indicated that the Fund's regular member survey in Q1 2027 would provide an opportunity to gather and assess member views on responsible investment matters. It also highlighted that any divestment decision would need to be undertaken by LGPS Central, which manages the relevant pooled investments, and would require the support of other partner funds.

Responsible Investment Update & Progress Report

The Investment and Accounting Team Lead was scheduled to present a report on the Fund's quarterly responsible investment performance. This report detailed progress against actions in the Responsible Investment Plan 2026/27. Key actions included completing climate scenario modelling and carbon footprint analysis, finalising a Social and Affordable Housing Impact Report, and publishing the 2026 Stewardship Report. The Fund had also become a member of the Circular Bioeconomy Alliance. The report indicated that initial drafting for the 2026 Climate and Nature Report was complete, with a final version expected by the end of Q3. The report also noted that voting and holdings reports were up to date on the Fund's website, though future reports might be delayed due to the transition to LGPS Central. The report highlighted engagement with Rio Tinto on biodiversity management and detailed progress on decarbonisation, with listed equity portfolios reduced by 57% against a 2019 baseline.

Climate & Nature Assessment Report

The Funds Investment advisors, Gallagher, were scheduled to provide a presentation and training on the annual Climate and Nature Assessment Report. The report itself, which was in its final drafting stages, was expected to be published in early to mid-Q4. Its content was anticipated to be similar to the previous year, covering progress against the Fund's decarbonisation pathway, divestment from fossil fuel companies, the Fund's top emitters, and climate scenario modelling. It was also set to consider the impact of the Fund's holdings on biodiversity and nature, and include a Climate Opportunities (Clops) impact reporting section.

Responsible Investment Policy

The Investment and Accounting Team Lead was scheduled to present the Fund's updated Responsible Investment Policy for approval. This policy, reviewed annually, had been updated to reflect the new Investment Strategy Statement (ISS) and Strategic Asset Allocation decisions. Changes included updated asset class weightings, a revised format for investment beliefs, and the removal of historical achieved targets, with new targets set for sustainable investments and decarbonisation. The policy also reflected the new pooling arrangements with LGPS Central and included further details on the approach to reporting on nature impacts, with an intent to report in line with Taskforce on Nature-related Financial Disclosures (TNFD) recommendations. The report noted that greater clarity on how the policy could be implemented by LGPS Central was expected within the next six months.

The policy itself outlines the Fund's vision to deliver an outstanding service to its scheme employers and members, with a focus on long-term sustainability and engagement with companies. It details the Fund's investment beliefs, which incorporate environmental, social, and governance (ESG) factors as important considerations for long-term risk and opportunity management. The policy sets out a target of net zero by 2050 for all investment portfolios and a commitment to full divestment from fossil fuel companies by 2030. It also addresses the growing importance of biodiversity and nature, and outlines the Fund's approach to social factors and investing with positive impact. The policy details the Fund's stewardship and engagement activities, including collaboration with its pooling company, LGPS Central, and membership in various initiatives such as the Local Authorities Pension Fund Forum (LAPFF) and the Institutional Investors Group on Climate Change (IIGCC).

Update on Pension Fund Resourcing

This item, discussed in Part II of the meeting (when the public were excluded), was scheduled to provide an update on resources within the Pension Fund from the LGPS Senior Officer.

Quarterly Investment Update

Also discussed in Part II, this report was scheduled to provide an update on the Fund's quarterly investment performance.

Investment Pooling Update

This item, also part of the Part II agenda, was scheduled to provide an update concerning changes to the Pooling Arrangements.