The Pension Fund Committee of Swansea Council met on Wednesday, 11 September 2024, to review various reports and updates. The committee approved the minutes of the previous meeting and noted disclosures of interests from councillors and officers.

Control Assurance Reports

The committee received a report for information regarding the internal control assurance reports of appointed fund managers and custodians. Jeff Dong, Deputy Chief Finance Officer and Deputy Section 151 Officer, explained that asset managers and custodians are subject to stringent regulations and are required to report on their internal control systems, which are then subject to external audits. The report detailed the scope of these internal control environments and included specific reports from Russell Investments and Blackrock. No issues of concern were raised regarding these reports.

Breaches Report

A report was presented for information detailing any breaches that had occurred in accordance with the Reporting Breaches Policy. It was noted that no breaches had occurred since the previous meeting on 10 July 2024.

Wales Pension Partnership (WPP) Update

The committee received an update on the progress and work of the Wales Pension Partnership (WPP). The Deputy Section 151 Officer also provided a verbal outline of the Government Pension Review – Call for Evidence consultation. The committee noted the JGC Quarterly Update, the WPP Annual Update, and the RAID Log. Furthermore, the proposal for the Deputy Section 151 Officer to draft a response to the Call for Evidence, in consultation with the Chair of the Pension Fund Committee, was approved.

Climate and Nature Risk Report

Mike Johnson and Andre Ranchin from Hymans Robertson presented a report for information on the Climate and Nature Risk, outlining the fund's progress towards its net-zero target by 2037. The committee asked questions regarding the report's content, and responses were provided.

Investment Monitoring Report - Quarter 2 2024/25

Andre Ranchin from Hymans Robertson presented the quarterly investment and market update for the fund. The committee engaged in questions and received responses concerning the presentation's content.

Exclusion of the Public

The committee approved the exclusion of the public from the meeting during the consideration of specific items of business. This decision was made on the grounds that these items involved the likely disclosure of exempt information, as outlined in Schedule 12A of the Local Government Act 1972, and following consideration of the Public Interest Test where applicable.