Agenda and decisions
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Venue: Hybrid meeting
Contact: Janet Kelly 01352 702301 Email: janet.kelly@flintshire.gov.uk
Media
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Declarations of Interest (Including Conflicts of Interest) To receive any Declarations and advise Members accordingly. Additional documents: Decision: The Chair explained that Item 12 will consider Supplier Contracts, so the Fund’s Independent Advisers, Investment Consultants, and Actuarial and Benefits Consultants will be asked to leave the meeting for the duration of that item. |
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To confirm as a correct record the minutes of the last meeting held on the 11th September, 2024.
Additional documents: Decision: The minutes of 11 September 2024 were received, approved, and will be signed by the Chairman. |
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Clwyd Pension Fund Annual Report and Accounts 2023/24 To provide Committee with the audited Clwyd
Pension Fund Annual Report and Accounts, and the Letter of
Representation for approval, and note the external audit
report. Additional documents: Decision: The Committee: a) Approved the Fund’s Annual Report for 2023/24 including the Statement of Accounts, b) Considered the Audit of Accounts Report c) Approved the final Letter of Representation
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Update on National Developments To provide Committee with an update on recent
national developments impacting the Clwyd Pension Fund, including
the Autumn Budget and the proposed HMT Pensions Review reforms
relating to the LGPS as announced at the Mansion House speech,
including plans for responding to the LGPS consultation relating to
the HMT Pension Review reforms. Additional documents: Decision: The Committee noted the report and the various areas that will need to be considered further. |
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To provide Committee with an update on the
Fund’s investment exposure to business enterprises listed on
the United Nations Office of the High Commissioner for Human Rights
(UN OHCHR) database and review of Palestine Solidarity Campaign
analysis, and agree any further action. Additional documents: Decision: The Committee noted the report and agreed to: a) Engage through the WPP and directly with managers within the TAA portfolio, in relation to companies identified by this analysis. b) Develop an Exclusions Policy by going through the robust assessment framework.
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Climate Change Analysis Update To provide Committee with the proposed
Taskforce for Climate-Related Financial Disclosures (TCFD) Report,
the one page member infographic and the analysis from the Analytics
for Climate Transition (ACT), and to review and agree updates to
the Fund’s climate related targets. Additional documents: Decision: RESOLVED: a) The Committee considered, discussed and noted the draft Task Force on Climate-Related Financial Disclosures (TCFD) report, draft member summary and the analysis from the Analytics for Climate Transition (ACT). b) The Committee reviewed and agreed the proposed updates to the Fund’s targets that look to align an existing Engagement Target and implement a new Alignment Target in line with latest guidance from the Institutional Investors Group on Climate Change (IIGCC) Net Zero Investment Framework (NZIF) 2.0. c) The Committee agreed that the Fund will carry out further lobbying for WPP to allow the Fund to meet its exclusion policy relating to carbon emissions, by excluding the two outstanding companies in the WPP Sustainable Active Equity fund.
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To provide Committee with an update on
governance related matters. Additional documents:
Decision: The Committee noted the update. |
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Administration and Communications Update To provide Committee with a summary update on
administration and communication matters. Additional documents:
Decision: The Committee considered and noted the update. |
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Investment, Funding and Pooling Update To provide Committee with an update on
investment matters and the Wales Pension Partnership (WPP), and to
agree engagement with WPP regarding investments with Pemberton
Asset Management. Additional documents:
Decision: The Committee: a) Considered, noted and commented on the update. b) Noted the confirmation that there are no plans for Clwyd Pension Fund to invest directly with Pemberton Asset Management. c) Agreed that the Clwyd Pension Fund will engage with WPP on the justification of allocating to Pemberton, seeking further clarification and explanation from Pemberton Asset Management on the matter in line with the WPP Responsible Investment Policy
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Funding and Investment Performance To provide Committee with an economic and
market update, the current funding position, and the investment
performance of the Fund. Additional documents:
Decision: The Committee considered and noted the update. |
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LOCAL GOVERNMENT (ACCESS TO INFORMATION) ACT 1985 - TO CONSIDER THE EXCLUSION OF THE PRESS AND PUBLIC RESOLVED: That the press and public be excluded for the remainder of the meeting by virtue of exempt information under Paragraph 14 of Part 4 of Schedule 12A of the Local Government Act 1972 (as amended).
Additional documents: |
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Climate Change Analysis Update – Private Appendix
Confidential Appendix to Investment and
Funding Update |
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Supplier Contracts
To update Committee on supplier contracts,
including requesting approval for the appointment of the
Independent Adviser and consider the extension of the Actuarial and
Benefits Consultancy contract. Decision: The Committee agreed to: a) Approve the appointment of bidder number one to undertake the role of governance consultant providing the role of Independent Advisor and Independent Member of the Pension Board to the Clwyd Pension Fund for the period 1 April 2024 to 31 March 2029 (with the option to extend for a further 3 years to 31 March 2032 and an additional optional to extend for a further 2 years to 31 March 2034). b) Approve the extension of the contract with Mercer for Actuarial and Benefits Consultancy Services until 31 March 2026. c) Approve a contract variation to further extend the contract with Mercer for Actuarial and Benefits Consultancy Services until 31 March 2027 given the timescale of the actuarial valuation. |