Victoria Moffett, Lead Commissioner Pensions and Investment, presented this report which provided a general update on investment related activity, focussing on Fund value, providing a commentary on the portfolio, voting activity in the previous quarter, completion of the tendering exercise for two Independent Financial Adviser contracts, progression of the UK Stewardship Code, climate change and training.

In response to a question from Keith Francis, regarding the asset allocation table at 3.1 and apparently contradictory assertions elsewhere in the meeting pack that equities were ‘overwhelmingly’ UK equities, Victoria Moffett explained that in this sense, as a proportion of the global market capitalisation, the UK made up 6% and 16% of the whole portfolio.

Mike Snow commented on the voting record of Border to Coast and expressed the view that they seemed to be making sensible voting decisions.

Alan Kidner welcomed the work that was being done with regards to climate change and also the cost benefit analysis of pooling and looked forward to hearing more about these activities at future meetings.  Reflecting on the progress that the Task Force on Climate-Related Financial Disclosures was making with private pension schemes, the Chair considered that this would be a key consideration in the coming months.

Resolved – that the Local Pension Board noted the report.