The Pension Fund Investment Sub-Committee of Warwickshire Council met on Monday, 10 June 2024. The meeting focused on reviewing the minutes of the Warwickshire Local Pension Board meeting held on 30 January 2024, discussing the Pension Fund Governance Update Report, and addressing various confidential matters related to investments and fund management.

Review of the Minutes of the Warwickshire Local Pension Board Meeting of 30 January 2024

The Sub-Committee reviewed and noted the minutes of the Warwickshire Local Pension Board meeting held on 30 January 2024. Key points from the minutes included discussions on governance, regulatory updates, and the performance of the pension fund.

Pension Fund Governance Update Report

Martin Griffiths, Technical Specialist for Pension Fund Policy and Governance, introduced the Pension Fund Governance Update Report. The report provided updated governance information, including details of Warwickshire Pension Fund’s Forward Plan, risk monitoring, policies, and training.

Griffiths highlighted the Net Risk Chart, noting that 'Governance Failure' had been upgraded to a red risk to ensure compliance with new legislation introduced by the Pensions Regulator. He also emphasized the severity of climate change risks, which were treated as a priority by the Fund. Paul Higginbotham, Investment Analyst for Pensions and Investment, mentioned ongoing efforts to transition to low-carbon investments with guidance from advisors and collaboration with the Border to Coast Pensions Partnership.

Councillor Sarah Millar pointed out that recent analysis by the Confederation of British Industry (CBI) indicated that accelerating green growth could lead to increased economic activity, delivering both environmental and economic benefits. In response to Councillor Brian Hammersley, Griffiths confirmed that cyber security would remain a red risk due to constantly emerging threats.

Confidential Discussions

The Sub-Committee held several confidential discussions on the following topics:

• Macroeconomic Update
• Quarterly Investment Monitoring Report
• Warwickshire Pension Fund Cashflow Management
• Commitments to Alternative Assets, Border to Coast Series 2c, Climate Opportunities Fund II, and UK Opportunities Fund
• Presentation from Joe McDonnell, Chief Investment Officer of Border to Coast Pensions Partnership
• General Activity Update

These discussions were held in private to avoid the disclosure of exempt information as defined in paragraph 3 of Part 1 of Schedule 12A of the Local Government Act 1972.

For more details, you can refer to the Agenda frontsheet and the Public reports pack for the meeting.