Agenda and minutes

The members had before them:

A.    The Agenda papers (previously circulated); and

B.    The Minutes of the meeting held on 10 June and 29 June 2021 (previously circulated).

None.

None.

Members of the public wishing to take part should notify the Assistant Director for Legal and Governance in writing or by e-mail indicating both the nature and content of their proposed participation no later than 9.00am on the working day before the meeting (in this case, 17 September 2021).  Enquiries about this can be made through the telephone number/e-mail address listed below.

None.

To confirm the Minutes of the meetings held on 10 June and 29 June 2021 (previously circulated).

RESOLVED that the Minutes of the meetings held on 10 June and 29 June 2021 be confirmed as a correct record and signed by the Chairman.

The Sub-Committee will be asked to exclude the press and public from the meeting for the following items as it is likely that exempt information relating to the financial or business affairs of any particular person (including the local authority holding that information) will be disclosed.

RESOLVED that pursuant to Section 100A of the Local Government Act 1972, the press and public shall be excluded from the meeting during items 6 – 9 on the grounds that there would be disclosure to them of information relating to the financial or business affairs of any particular person (including the authority holding the information) and the public interest in maintaining the exemption outweighs the public interest in disclosing the information.

Summary of the proceedings of the meeting during which the press and public were excluded. (This is a fair summary of the proceedings.)

The Sub-Committee considered the Pensions Independent Investment Advisor update together with the associated investment performance information.

The Sub-Committee received a presentation from Philip Hebson, Independent Advisor to the Fund.

RESOLVED that the Pensions Independent Investment Advisor’s update attached to the report as Appendix 1 together with the associated investment performance information attached as Appendix 2 be noted.

The Sub-Committee considered the Global Sustainable Active Equity Funds and Passive Environmental, Social & Governance (ESG) and Climate Funds.

RESOLVED that the presentation attached as an Appendix to the report be noted.

The Committee considered the Gresham House Forestry Report.

RESOLVED that the presentation provided by Gresham House (specialist asset management) on the Forestry Overview attached as an Appendix to the report be noted.

The Sub-Committee considered the Worcestershire Pension Fund Infrastructure and Property Investments Overview.

RESOLVED that the Property and Infrastructure overview as at the end of June 2021 be noted.