Agenda and minutes

The members had before them:

A.    The Agenda papers (previously circulated); and

B.    The Minutes of the meeting held on 3 March 2022 (previously circulated).

An apology was received from Cllr Trish Marsh.

Cllr Toni Fagan substituted for Cllr Trish Marsh.

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 12 June 2022).  Enquiries about this can be made through the telephone number/e-mail address listed below.

None.

To confirm the Minutes of the meeting held on 3 March 2022 (previously circulated).

RESOLVED that the Minutes of the meeting held on 3 March be confirmed as a correct record and signed by the Chairman.

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 – 8 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.)

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 – 8 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:

a)    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 to the report be noted; and

b)   The Portfolio Evaluation Ltd annual review presentation attached as Appendix 3 to the report be noted.

The Sub-Committee considered the GPS Central Global Active Emerging Markets, Global Active Investment Grade Bond & All World Equity Climate Multi Factor fund performance.

The Sub-Committee received a presentation from Elizabeth Bebb, Anne-Marie Patterson, Gordon Ross, Tom Powell and Mark Davies from LGPS Central

RESOLVED that the LGPS Central Global Active Emerging Market, Global Active Investment Grade Bond Investment Performance and All World Equity Climate Multi Factor Fund investment performance to March 2022 be noted.

The Sub-Committee considered the Legal and General Investment Management (LGIM) Funds 2021/22 Annual Review, Environmental, Social and Governance (ESG) Funds and Engagement Activity Update.

The Sub-Committee received a presentation from Chris Lyon and Richard Dowling.

RESOLVED that the LGIM’s Worcestershire Pension Fund’s Investment review for 2021/22 with the ESG Funds available and engagement activity with examples be noted.