Issue - meetings

The Committee considered and noted the Investment and Funding update.

Mr Hughes updated the Committee on the Investment and Funding, highlight the following:

-       Regarding the business plan update all but one of the key tasks highlighted at last Committee had been completed, detailed in 1.01.

-       DLUHC recently published a consultation proposing changes to the SAB cost management process, summarised in 1.03. This was not expected to have any direct impact on the Fund.

-       The Fund has been recognised by Environmental Finance as Impact Pension Fund of the Year.

-       Mr Hughes highlighted a report from Robeco on the social impact of Artificial Intelligence (AI), among other studies.

-       The Fund continues to identify sustainable opportunities and has made two recent commitments. These were:

o   £15 million to Newcore (Fund V), a UK-based real estate manager specialising in social infrastructures.

o   £17 million (approximately $20 million) to Sandbrook (Fund I), a US manager‘s first climate infrastructure fund.

-       The Fund had recently filled the Governance Administration Assistant vacancy, however two outstanding vacancies within the Finance team remained. The priority was to fill the vacant Principal Accountant role which was currently being advertised.

RESOLVED:

The Committee considered and noted the Investment and Funding update.