This meeting of the Pension Board was to include training on climate risk management, and to agree the fund's knowledge and understanding policy. The board was also scheduled to receive an update on the performance of the fund's investments.

Training on Climate Risk Management

The board was scheduled to receive training from the London Collective Investment Vehicle on climate risk management.

Knowledge and Understanding Policy and Framework

The meeting was to include consideration of a report on the adoption of the fund's Knowledge and Understanding Policy and Framework.¹ The report explains that:

The Pension Board is required to establish and maintain a policy and framework to address the knowledge and understanding requirements that apply to its members.

The report recommends that members of the board agree the fund's Knowledge and Understanding Skills Policy and Framework which is included as an appendix to the report.

Fund Manager Performance

The board was scheduled to receive a report on the investment performance of the fund for the period ending 30 June 2024. The report, prepared by Hymans Robertson, was summarised in the agenda pack, which states that:

Overall, the total assets (excluding Private Equity with Wilshire and Cash funds) delivered a return of 1.7% over the quarter and slightly underperformed the overall benchmark of 1.8%. Over the 12-month period to 30 June 2024, the total assets outperformed, delivering a return of 9.9% against a benchmark of 9.0%.

The agenda pack also states that the total value of the fund was £1,681.4 million on 30 June 2024.

Pension Panel Meeting Activity

The board was scheduled to receive and note the minutes of the Pension Investment and Administration Panel meeting that took place on 22 July 2024.

Fund Manager Presentation on ESG

David Barber of Fidelity International was scheduled to give a presentation to the board on the environmental, social and governance aspects of the fund. The agenda pack states that:

The presentation will have a focus on the environmental, social and governance (ESG) work undertaken by Fidelity - how they assess the risks and opportunities posed by climate change alongside how the manager engages with the companies within which it invests to drive change.

Minutes of the Previous Meeting

The board was scheduled to confirm the minutes of its previous meeting, which was held on 22 July 2024.