Agenda item

The Investment and Accounting Team Lead to present a report on the Fund quarterly responsible investment performance, including the RI Plan for 24/25 and the results of the most recent survey of the membership on investment matters.

Jennifer Devine, Head of Wiltshire Pension Fund, presented a report on the Fund quarterly responsible investment performance, including the RI Plan for 24/25 and the results of the most recent survey of the membership on investment matters.

The update included that on page 18 of the report was a road map, in which all actions had been completed or would be completed by the end of March, with credit given to the team for their work whilst carrying a vacancy. The only action which would not be done in Q1, would be the completion of the implementation of the CLOPs portfolio, but this would be done within the first quarter of the next financial year.

It was outlined that the report covered that Brunel had prepared a paper on introducing activity-based exclusions, which the Fund wanted to support Brunel in carrying out.

Reference was made to a Responsible Investment Survey, which had been carried out by the Fund in January 2024, with the results included within Appendix 1. Detail was provided that the last survey had been conducted in March 2021, and that the 2024 survey had received 2,914 total responses, an increase of 30% compared to 2021. Analysis was provided of the demographic who responded, with those aged 60-69 providing the majority of responses. An overview of the questions asked was provided as well as the responses which were received.

Attention was drawn to the new holdings tool on the website, launching soon, which listed all the companies that the Fund was invested in.

The Committee discussed the update with clarity provided by officers on the definition of a “controversial weapon”. An update was provided on the vacancy, with it stated that the Fund had attempted to hire 4-5 times with adverts placed at a junior and senior level, however no suitable applicants had been found, even after raising the offered salary. It was stated that the Fund was going to seek advice on HR on filling the vacancy.

Assurance was provided that there was not expected to be any pinch points within the investment plan with the Fund coping well and the designed plan in Appendix 2 based on what the Fund should be able to deliver.

It was questioned what the Fund would change following the survey findings, to which officers stated that communication would be a focus, with a need to make information more available. It was noted that the survey demonstrated an interest in social issues, therefore case studies on these would be published as a report. A summer workshop for young people was also being prepared to encourage that demographic to engage. It was suggested that the optimum frequency of conducting such surveys would be every three years.

A suggestion was made that the Fund could contact the local press to spread news of the positive work of the fund with the example cited of a site visit to the recently purchased solar farms.

The details of the activity-based exclusions were discussed, in particular the exclusion of controversial weapons and how far this exclusion might extend. It was suggested that the list provided by Brunel was a pragmatic approach and to refine and make the list more detailed might cause difficulty, therefore it might be sensible to examine potential investments on a case-by-case basis.

At the conclusion of debate, it was,

Resolved:

The Committee agreed to:

·       use this report as a basis for monitoring the progress that is being made towards implementing responsible investment policy;

·       approve that officers support Brunel in implementing the activity-based exclusions;

·       note the progress made against the Responsible Investment Plan 2023/24 actions; and

·       approve the Responsible Investment Plan 2024/25.