The Pension Board will be asked to receive training about climate risk management from the London Collective Investment Vehicle. The Board will also receive an update on the Fund's investment managers' performance as of 30 June 2024. It will also be asked to agree to the Fund's Knowledge and Understanding Policy and Framework.

Knowledge and Understanding Policy and Framework

The Board will be asked to approve the Fund's Knowledge and Understanding Policy and Framework. The document sets out how the Council will comply with the CIPFA 2021 Code of Practice on LGPS Knowledge and Skills. The framework also covers the Pension Investment and Administration Panel.

The policy covers the knowledge and understanding of Pension Board members, Pension Investment and Administration Panel members and Council officers responsible for the management of the Fund.

As part of the policy, the Board is also asked to advise new members about, and remind existing members of, the availability of a free online training platform. The platform has been developed by Barnett Waddingham and allows access to training videos on a number of topics.

The report notes that:

Last year 1 out of 4 board members completed this training and 0 out of 4 panel members had completed it.

Fund Manager Performance to 30 June 2024

The Board will receive a report on the Fund’s investments up to 30 June 2024. This report will be presented by the Fund’s investment consultant, Hymans Robertson.

The report will cover:

• The Fund’s asset allocation as of 30 June 2024
• The performance of the Fund’s investments over the previous quarter
• The economic and market conditions over the previous quarter

The report notes the following:

The US economy slowed rather than expected in Q1, to an annualised quarterly pace of 1.4%. Quarter on Quarter GDP for the Eurozone and UK grew by 0.3% and 0.7% respectively, which was above expectations. Both the UK and Eurozone officially exited technical recessions.

Pension Panel Meeting Activity

The board will be asked to note the minutes of the Pension Investment and Administration Panel meeting held on Monday 22 July 2024. This report summarises the activities of the meeting, where the following topics were discussed:

• Audit Plan Report 2023/24
• Pension Panel Business Plan 2024/25
• Draft Pension Fund Annual Report and Statement of Accounts 2023/24
• Early Retirements 01 October 2023 – 31 March 2024
• Multi Asset Fund
• Fund Manager Performance to 31 March 2024
• Audit & Accounting Standards Training

Introduction to Climate Risk Management – London CIV

The Board will receive training on climate risk management from the London CIV.

Fund Manager Presentation on ESG - Fidelity

The Board will receive a presentation from David Barber of Fidelity International on the Funds Bond, Global Emerging Markets and Global Multi-Asset Funds.

The presentation will focus on environmental, social and governance (ESG) factors. Mr Barber will describe how Fidelity assesses the risks and opportunities posed by climate change and how the manager engages with companies in which it invests to effect change.

Mr Barber previously presented to the Board on this topic in June 2023.