Issue - meetings

Pooling Investments in Wales

Meeting: 11/02/2020 - Clwyd Pension Fund Committee (Item 103)

103 Pooling Investments in Wales pdf icon PDF 104 KB

To provide Committee Members with an update on implementation of Pooling Investments in Wales.

Additional documents:

Decision:

RESOLVED:

 

(a)  The Committee noted the report.

(b)  The Committee discussed the creation of an impact fund and priority investments.

 

Minutes:

            Mr Latham gave an overview of the report which demonstrated the progress of the WPP. Paragraph 1.08 illustrates the provision of an emerging market equity sub fund through the WPP and the asset allocation for the Clwyd Pension Fund increasing from 6% to 10% (or £200m). Mr Latham and Mrs Fielder are due to represent the Committee and this matter at the next OWG.

 

            Mr Latham asked for the views of the Committee as to whether the proposed private markets sub-group should have a separate portfolio for impact investing given there is a specific allocation with the Clwyd Pension Fund's investment strategy. Mr Latham explained that the two proposed priority areas for the WPP private markets impact sub-fund are affordable housing and climate change. One of the areas the Fund could ask to be included are the economic areas, looking at SME’s to invest in to hopefully create jobs in the local area.

 

            Mr Hibbert stated that he was not content with the phrase “affordable housing”. He strongly believed that there needed to be a specific reference to the need for a social element within that. Cllr Williams agreed strongly that a different and clearer definition is required.

 

            Cllr Mullin asked whether the areas for inclusion could be extended if these materialise as time goes on. Mr Latham confirmed that they can be added to and extended.

 

            The Committee concluded that they were supportive of climate change elements, supportive of affordable housing subject to the definition being expanded to ensure this included a social requirement, and that they would ideally like the portfolio to include a local element focussed on the Welsh economic generation.  Mr Latham agreed that he would feed the Committee's wishes back to the WPP.

 

RESOLVED:

 

(a)  The Committee noted the report.

(b)  The Committee discussed the creation of an impact fund and priority investments.