Issue - meetings

The item was introduced by Victoria Moffett, who told members that the funding position remained above 100 per cent. She drew members’ attention to the fact cashflow was being monitored to ensure there were sufficient liquid assets available to make benefit payments, without having to liquidate assets at stress points. In relation to the strategic asset allocation, there had been an agreed reduction of allocation to equities and increase in allocation to income investments. The Investment Sub Committee had looked at the equity portfolio in greater detail, particularly in relation to the geographic allocation of funds and also the split between those that were actively and passively managed.

Victoria Moffett said there were now four climate risk metrics to be reviewed on an annual basis. The Fund had asked for as much information as possible from all the investment funds in relation to weighted average carbon intensity; total carbon emissions; percentage of the portfolio and green revenues; and the percentage of the portfolio with ties to fossil fuels.

Regarding stewardship, Victoria Moffett said assurances were made that fund managers engaged on behalf of the Fund and took part in voting. She said the Fund was a member of the LAPFF and there had not been any conflicts between its representatives regarding voting matters.

Members noted the contents of the report.