The Pensions Investment Committee met on Wednesday 8 January 2025 to confirm the minutes of their previous meeting and to ratify a decision made regarding the Pension Fund's review of restrictions and exclusions. The committee confirmed the minutes of the meeting held on 20 November 2024 and agreed to ratify the decisions made at that meeting concerning the Pension Fund's Responsible Investment Beliefs Statement and proposed next steps.

Confirmation of Previous Meeting Minutes

The committee confirmed and signed the minutes of the previous Pensions Investment Committee meeting held on 20 November 2024. This action ensures the accuracy of the official record of that meeting.

Ratification of Decision on Pension Fund Restrictions and Exclusions

The committee formally confirmed a decision made at their meeting on 20 November 2024 concerning the Pension Fund Review of Restrictions and Exclusions . This ratification was necessary to ensure that the full extent of the committee's wishes regarding proposed changes to the Responsible Investment Beliefs Statement and other next steps were accurately recorded. The decision was moved by the Chair, Councillor Sian Eiles, and seconded by Councillor Louise Krupski.

During the previous meeting on 20 November 2024, Councillor Liam Shrivastava declared an interest as a member of Unite the Union, due to Pemberton's ownership of Oscar Meyer, a company in dispute with workers represented by the union. The committee had discussed the fund's exposure to arms, companies associated with human rights abuses, and those operating in occupied territories. Representatives from Hymans Robertson provided an overview of these exposures. The committee had intended to agree proposed changes to the Responsible Investment Beliefs Statement and consider further next steps, but this was not fully captured in the initial minutes. The current meeting served to rectify this by confirming the committee's unanimous agreement on these matters.

The committee also noted that their next meeting would be held on Wednesday, 5 February 2025.