The Pension Committee of Camden Council was scheduled to discuss the progress of responsible investment actions, including a review of conflict-affected and high-risk areas, and to consider performance reports for the Pension Fund. The meeting agenda also included proposals for transitioning investment mandates and updates on the London Collective Investment Vehicle.

Deputations

The committee was scheduled to hear a deputation from Paul Clyndes on behalf of Camden Friends of Palestine. The deputation was expected to address the Camden Pension Fund's progress on responsible investment actions in Conflict Affected and High-Risk Areas (CAHRA). The group's submission highlighted concerns that key commitments, including an independent fund review and the introduction of a Conflict Zone Exposure Policy, had not been significantly progressed. They also raised questions about the effectiveness of the Council's engagement programme with companies, particularly those involved in arms manufacturing and operating in conflict zones. The deputation also referenced a legal position paper suggesting that the Pension Committee might be breaking the law if it did not divest from investments that enable grave breaches of international law.

Progress Update on Responsible Investment Actions and Conflict-Affected and High-Risk Area (CAHRA) Review

A report was scheduled to provide an update on the five actions agreed by the Pension Committee in March 2025, following a petition on ethical investment. The report was expected to outline work undertaken to scope an independent fund review, enhance transparency on fund holdings, initiate CAHRA-related disclosures, review investment beliefs, and coordinate with investment managers. The submission from Camden Friends of Palestine indicated that they believed these actions had not been progressed significantly, particularly regarding the independent fund review, which they noted was now to be replaced by a subscription to a market intelligence and analytics platform.

Performance Report

The committee was scheduled to receive a report presenting the performance of the Pension Fund investment portfolio and that of individual investment managers for the quarter ended 30 June 2025. This report would provide an overview of financial market returns and the performance of various asset classes and managers against their respective benchmarks.

Active Global Equity (Value) Transition Proposal

A report was scheduled to present recommendations following an investment review of the Fund's active global equity manager, Harris Associates. The proposal included a transition to the recently launched LCIV Global Equity Value Fund, managed by Wellington Management. This recommendation was supported by analysis from the Fund's investment consultant, Isio, and London CIV. The report was expected to detail the rationale for disinvesting from Harris Associates due to persistent underperformance and concerns about its investment process and team changes, and to recommend reinvestment into the LCIV Global Equity Value Fund, which aligns with Camden's ESG principles and offers a more diversified value approach.

Property Portfolio - Transition to LCIV Indirect Property Fund (CBRE)

The committee was scheduled to consider a report seeking approval to transition the Fund's existing UK property mandate, currently managed directly by CBRE, into the LCIV Indirect Real Estate Pooling Solution. This solution is also managed by CBRE Investment Management. The transition aims to maintain continuity of manager, mandate objectives, and investment style while ensuring compliance with the pooling requirements under the Local Government Pension Scheme (Management and Investment of Funds) Regulations 2016.

London Collective Investment Vehicle Progress Report

This report was scheduled to provide a quarterly update on developments at the London Collective Investment Vehicle (CIV). It was expected to cover the creation of sub-funds across various asset classes, the onboarding of assets, and the development of the CIV's staff resources. Progress with the London CIV contributes to the Government's pooling agenda and the drive to reduce costs within the Local Government Pension Scheme (LGPS). The report was also expected to seek delegation of authority to the Director of Finance to oversee the finalisation, approval, and signing of the Investment Management Agreement (IMA) and associated asset transition plans to meet the Government's pooling objective.

Engagement Report

This report was scheduled to update members on engagement activity undertaken by the Fund and on its behalf by LAPFF (the Local Authority Pension Fund Forum) since the last Committee meeting. This work is considered important for the Fund's ambition to be a fully engaged investor and demonstrates its commitment to Responsible Investment and engagement in Environmental, Social and Governance (ESG) issues, aiming to maximise investment returns. The report would likely detail specific engagements with companies on topics such as climate change, human rights, governance, and workforce practices.

Draft Pension Fund Annual Report 2024/25

The committee was scheduled to review the draft Pension Fund Annual Report for 2024/25. This report is required under the Local Government Pension Scheme Regulations 2013 and must be published by 1 December following the end of the financial year. The draft report would include information on the management and financial performance of the Fund, the investment policy and performance review, administration arrangements, the actuary's report on the funding level, and the current versions of the Governance Compliance Statement, Funding Strategy Statement, Investment Strategy Statement, and Communications Policy Statement. The report was noted as being subject to audit by Mazars.

Triennial Valuation - Initial Whole Fund Results

This report was scheduled to present the initial whole fund results of the triennial valuation from the Pension Fund's actuary, Hymans Robertson. The valuation assesses the Fund's assets and liabilities to determine its funding level and certify appropriate employer contribution rates for the next three years. The report would provide an overview of the key assumptions used, the resulting funding level, and outline the next steps in the valuation process, including individual employer consultations.

The meeting also had standard agenda items such as apologies, declarations of interest, announcements, notification of urgent business, and the approval of minutes from the previous meeting. There were no private reports scheduled for this meeting.