The Brent Pension Fund Sub-Committee was scheduled to consider a range of investment and governance matters. Key discussions were expected to include the Fund's exposure to business enterprises listed on a UN database, the Q2 2026 Investment Monitoring Report, and the Annual Report and Accounts for 2025-26.

Exposure to Business Enterprises Listed on the UN OHCHR Database

The Sub-Committee was scheduled to receive a report detailing the Brent Pension Fund's exposure to business enterprises listed on the United Nations Office of the High Commissioner for Human Rights (UN OHCHR) database. This database identifies business enterprises involved in specific activities related to Israeli settlements in the Occupied Palestinian Territory. The report was scheduled to inform the Committee of the Fund's exposure, which as at 30 June 2026, was £3.509 million, representing 0.22% of the total Fund assets. It was noted that the Fund does not invest directly in any companies listed in the database, with all exposure being through pooled funds held via investment managers. The report was scheduled to provide a breakdown of the Fund's exposure to 21 companies listed in the database, with concentrations in holdings such as Airbnb Inc., Booking Holdings Inc., Expedia Group Inc., and Motorola Solutions Israel Ltd. The UN database reference was provided as https://www.ohchr.org/en/documents/thematic-reports/ahrc6019-database-all-business-enterprises-involved-activities-detailed.

Investment Monitoring Report - Q2 2026

The Brent Pension Fund Q2 2026-27 Investment Monitoring Update Report was scheduled to be received. This report forms part of the Sub-Committee's regular reporting cycle, designed to help members monitor investment performance against expectations, review whether investment managers are delivering expected outcomes, compare the Fund's current asset allocation against its long-term strategic targets, and consider whether any investment changes might be required. It was noted that once the Pension Fund pooling arrangements had been fully implemented, future Investment Monitoring Updates would be provided through the London CIV. The report was scheduled to cover the market background for the reporting period, highlighting that the 12 months to the end of March 2026 had been an eventful period from a geopolitical perspective. Despite this, equity markets had delivered strong returns over the year. The key highlights of the report were scheduled to include total Fund performance, asset allocation, and performance at the fund manager level.

Brent Pension Fund: Annual Report and Accounts 2025-26

The Sub-Committee was scheduled to receive an update on the Pension Fund Annual Report and Accounts for the year ended 31 March 2026. The report was scheduled to provide details on the draft Pension Fund Annual Accounts, including the value of the Fund's investments, total contributions received from employers and employees, and total benefits paid to scheme beneficiaries. It was noted that the audit fieldwork for the accounts was complete, with Grant Thornton identifying no adjustments to the financial statements that would result in an adjustment to the Pension Fund's reported financial position. Grant Thornton intended to give an unmodified opinion on the Pension Fund accounts. The accounts were prepared to meet the requirements of the Code of Practice on Local Authority Accounting in the United Kingdom 2025/26. The draft Pension Fund annual report was also scheduled to be reviewed, with regulations requiring its publication by 1 December. The report was to be divided into sections covering overall Fund management, governance and training, financial performance, investments and funding, scheme administration, and an actuarial report.

Presentation from London CIV

A presentation from the London CIV was scheduled to provide an update on progress on the implementation of the Fit for the Future requirements, along with updates on Governance & Engagement, Responsible Investment, and Local Investment. The London CIV Quarterly Performance Report (ending December 2025) was also to be provided. The presentation was expected to outline the origins and purpose of the London CIV, its core aims of bringing the benefits of scale and fee savings by pooling investments, delivering cost efficiencies through central management of assets, and providing partner funds with access to a broader range of investment products. The London CIV was assessed as meeting all minimum standards required by the Government as at the end of March 2026.

Investment Strategy Statement

An update on the Investment Strategy Statement was scheduled to be provided. This statement outlines the Fund's investment objectives and principles for managing its assets to ensure future pension liabilities can be met. The statement is required to be published by March 2027, with officers planning to bring an updated version to the Sub-Committee in October 2026.

Appointment of an Independent Person and LGPS Senior Officer

The Sub-Committee was scheduled to consider proposals for the appointment of an independent person to support the discharge of the Council's pensions functions, in accordance with Regulation 53A of the LGPS Regulations 2013. This role is intended to provide independent professional expertise and challenge across the Fund's investment, governance, and administration functions. The report was also scheduled to provide an update on the requirement to appoint a LGPS Senior Officer, a role with senior responsibility across all pension functions of the authority. Both appointments were required to be made by 31 December 2026.

Training Update - Members' Learning and Development

An update on the Pension Fund Learning Strategy and the provision of the LGPS online learning facility was scheduled. This report was to inform members of the committee and provide an update on the provision of the LGPS Online Learning Academy (LOLA), a service launched by Hymans Robertson. The LOLA platform is designed to support the training needs of Pension Committee and Local Pension Board members. The report was to outline the nine core knowledge areas based on the CIPFA Knowledge and Skills Framework that members are required to develop and maintain, and the process for completing an annual Training Needs Assessment.

LAPFF Engagement Report

An update on engagement activity undertaken by the Local Authority Pension Fund Forum (LAPFF) on behalf of the Fund was scheduled to be presented. LAPFF represents a significant number of local authority pension funds and pool companies, aiming to promote the highest standards of corporate governance to protect the long-term value of local authority pension funds. The report was to highlight key engagement work undertaken by LAPFF during January - March 2026, with examples provided in relation to water utilities, climate risk and resilience strategies, and engagement with automotive manufacturers on human rights and supply chain risks associated with the transition to electric vehicles.

Minutes of Pension Board

The draft minutes of the Pension Board meeting held on Tuesday 21 July 2026 were scheduled to be noted. The Pension Board is a statutory body established to review the performance of the Pension Fund and is made up of an equal number of employer and member representatives.

Exclusion of Press and Public

It was scheduled that the press and public would be excluded from the remainder of the meeting to consider exempt information relating to fund manager performance ratings, classified under Paragraph 3 of Part 1 Schedule 12A of the Local Government Act 1972. This category relates to information concerning the financial or business affairs of any particular person.