The Pension Fund Investment & Administration Panel of Greenwich Council was scheduled to discuss the revised draft Investment Strategy Statement (ISS), including its Responsible Investment (RI) Policy, and the proposed questions for a stakeholder consultation. The meeting also included a review of the Pension Fund's carbon footprint data and performance updates from investment managers.

Investment Strategy Statement and Responsible Investment Policy

A key item on the agenda was the proposed approval of a revised draft Investment Strategy Statement (ISS) and the associated consultation questions. This statement outlines the principles governing investment decisions and the management of the Pension Fund's assets. The revised draft includes an updated Responsible Investment (RI) Policy, with a new section specifically addressing human rights.

The report pack indicated that the draft ISS had been amended in light of legal advice received following a judicial review claim. One proposed change involved removing a sentence from a previous draft that stated the Panel did not take into account non-financial factors when selecting investments, as this was no longer accurate following a withdrawal of statutory guidance. The report also detailed the development of the RI Policy, which originated from a panel agreement to explore investments in companies associated with human rights abuses or operating in occupied territories. The policy aims to integrate human rights considerations into investment decisions, with a focus on engagement and promoting positive change rather than immediate divestment.

The consultation questions, designed to gather feedback from scheme employers, members, and other stakeholders, were also scheduled for approval. These questions focus on the approach to environmental, social, and governance (ESG) factors, the inclusion of the human rights section, and communication and engagement strategies. The consultation was planned to commence on 30 January 2026 and run for four weeks.

The report also provided an update on the Pension Schemes Bill, which is expected to introduce significant reforms to the Local Government Pension Scheme, including potential requirements for all administering authorities to transfer their assets to asset pool companies by 31 March 2026. The Panel was advised that it would likely need to adopt a new ISS before 30 September 2026, but that the current draft aimed to reflect anticipated new requirements to ensure continuity.

Fund Manager Performance and Carbon Footprint

The meeting was also scheduled to receive a report on the performance of the Royal Borough of Greenwich Pension Fund's investment managers for the period ending 30 September 2025. Additionally, training was planned on updated Climate Analytics Metrics from the London Collective Investment Vehicle (CIV), alongside a general update and performance review of the London CIV itself. The Pension Fund's carbon footprint data as of 31 March 2025 was also to be presented.

Declarations of Interest and Minutes

As is standard practice, the Panel was scheduled to receive apologies for absence and to allow members to declare any personal or financial interests in the items on the agenda. The minutes of the previous meeting, held on 08 December 2025, were also to be confirmed as an accurate record. A list of councillors' memberships on outside bodies, joint committees, and school governing bodies was also to be noted.