Issue - meetings

The item was introduced by Dapo Shonola. He highlighted that some of the items on the Forward Plan had needed to be moved to different meetings for discussion.

Regarding risk monitoring, members’ attention was drawn to the lack of change in relation to climate change. This was due to it presenting a high level of risk, but the Fund had little control over it. Dapo Shonola said steps were being taken to see what the Fund could do to try and limit the risk, but regardless it would remain as a red rating. Cyber security also remained as a red rating due to the amount of data that could potentially be stolen. However the risk ratings associated with long term asset values not meeting expectation and governance failure had both been lowered after being reviewed. The cyber security policy had been reviewed and had a significant update as a result. Minor changes had been made to the breaches policy and pension fund discretions policy. The retention policy and corruption policy had both been reviewed but there had been no material changes.

Members noted the contents of the report.