The Pensions Committee and Board meeting was scheduled to discuss the council's Responsible Investment Policy and the Pension Fund Accounts for 2024/25. Other key items included updates on the Fit for the Future initiative and the Draft Investment Strategy Statement.

Responsible Investment Policy

The committee was scheduled to consider the finalised draft of the Responsible Investment Policy. This policy aims to ensure that environmental, social, and governance (ESG) considerations are integrated into investment decision-making, aligning with best practices and regulatory requirements for the long-term benefit of pension fund members and stakeholders. The policy outlines the fund's investment beliefs, governance structure, and stewardship approach, including engagement and exclusion strategies. It also details the fund's commitment to collaboration with partners like the London Collective Investment Vehicle (LCIV) and the Local Authority Pension Fund Forum (LAPFF). The draft policy was recommended for consultation with stakeholders, with a planned go-live date of 1 April 2026.

Pension Fund Accounts 2024/25

The committee was set to review the statutory Annual Report from KPMG, detailing their findings from the audit of the Pension Fund's statutory accounts for the year ending 31 March 2025. The report highlighted findings related to management override of controls, the valuation of pooled investment vehicles, and recommendations for improving internal controls, such as the disclosure of interests by committee members and the approval process for journals. The committee was recommended to consider these findings and delegate the sign-off of the accounts to the Section 151 Officer in consultation with the Chair, subject to the conclusion of the external audit.

Other Scheduled Discussions

The meeting agenda also included discussions on:

• Fit for the Future Update: An update on the progress of the Fit for the Future initiative, which is likely to involve strategic changes to the pension fund's operations and investments.
• Draft Investment Strategy Statement: Consideration of the proposed investment strategy for the pension fund, which would outline the approach to managing assets to meet long-term liabilities.
• Exempt Minutes: Confirmation of the minutes from a previous meeting that contained exempt information.

Several agenda items, including the Fit for the Future Update, Draft Investment Strategy Statement, and Exempt Minutes, were scheduled to be discussed in a part of the meeting where the press and public would be excluded due to the nature of the information, which included details relating to financial or business affairs and legal professional privilege.