Issue - meetings

The Committee noted the update.

Mr Hughes presented this item, highlighting:

-       Transition of around £130m of assets from the global opportunities fund with an additional £65m of cash to the sustainable global active equity sub-fund. The allocation to this fund will be increased to the target allocation of 15% of total assets (c.£330m).

-       Climate reporting progress, including TCFD and UK stewardship code.

-       The actuarial valuation report and certificate were signed on 30 March with employer contributions effective from 1 April.

-       The draft ISS will be taken to August committee for approval following the training day on 2 August.

-       An update on the various private market allocations.

-       Delegations and cashflow forecasting.

            Mr Hibbert asked if there was any update regarding Robeco voting with management to explore new oil fields rather than extracting from existing fields, as Mrs Fielder had agreed to discuss this with them. Mrs Fielder explained that there was no update but that the Fund has several questions to ask of Robeco at the RI subgroup meetings. She also noted that WPP will be hosting a training session in the coming months on voting and engagement, which Robeco will be involved with.

            Cllr Wedlake asked for clarification on whether Robeco close their engagements when targets are set, rather than when targets being monitored are reached. Mrs Fielder explained that Robeco’s engagements are updated throughout a three-year cycle. Robeco’s role is to provide engagement information, and at the end of the three-year cycle, if progress is not made, the WPP is responsible for making a decision on further action. The WPP RI Working Group is currently working with Hymans to produce an escalation policy for failed engagements, which both Mrs Fielder and Mr Latham have sought after for some time.

RESOLVED:

The Committee noted the update.