Issue - meetings

The Committee approved the draft WPP Business Plan, including the objectives of the pool on page 7 and the budget on page 14, relating to the period 2021/22 to 2023/24 before agreement by the JGC on 24th March 2021.   The Committee also agreed that their view on the process of approving the Scheme Member Representative was to be taken to the JGC by the Chair.

            Mr Latham reminded the Committee that all Funds within the WPP had worked closely to develop the WPP business plan under review, with the focus on Responsible Investment, climate risk and private markets.  The business plan must be approved by all eight Constituent Authorities who participate in WPP.

            Mr Hibbert highlighted his concern around proposals on how the appointment of the Scheme Member Representative was to take place through the Joint Governance Committee (JGC). Given the appointment of a Scheme Member Representative is part of the business plan, he had concerns about approving the business plan as this may result in the issues around how the appointment is made being ignored. He emphasised that based on previous discussions at Committee, there was a strong desire for the appointment of the Scheme Member Representative to be made by the scheme members and their representative bodies, rather than the JGC.

            Mr Latham acknowledged the concern but noted that the issue should not be a reason to not approve the business plan given the focus of the business plan itself does not state who or how the appointment is made.

            Mrs McWilliam recommended approving the business plan and leaving the Chairman to take forward the Committee’s concerns on this matter as part of the separate JGC agenda item. She emphasised that the Fund were one of eight and therefore despite the Chairman having raised these concerns, other members of the JGC would need to agree also.

Mr Everett agreed with the difficulty of the situation given the Fund was caught between procedure and principle. His advice was for the Chairman and Mr Latham to ensure that the expectations on the Scheme Member Representative appointment was clear.

All members of the Committee agreed the recommendations except Mr Hibbert who noted his concerns with the approach relating to the appointment of the Scheme Member Representative.

RESOLVED:

The Committee approved the draft WPP Business Plan, including the objectives of the pool on page 7 and the budget on page 14, relating to the period 2021/22 to 2023/24 before agreement by the JGC on 24th March 2021.   The Committee also agreed that their view on the process of approving the Scheme Member Representative was to be taken to the JGC by the Chair.