Agenda item

The Committee considered a report of the Corporate Director of Resources which briefed Members on development matters which were Local Government Pension Scheme (LGPS) specific and non-LGPS matters which were of interest (for copy see file of Minutes).

The Pensions Manager explained as regards the main changes since the last update, noting information relating to the Government’s White Paper on Levelling Up and proposed investment of up to five percent to support ‘local’ projects, noting the expectation that local referred to the UK.  He added consultation was expected in the summer and noted that while a plan was expected to be mandatory, it may not be mandatory percent to deploy fiver percent of capital.  He explained as regards the Bill relating to Boycotts, Divestment and Sanctions and how that aimed to prevent public bodies from taking a different approach to UK Government in respect of foreign policy covering purchasing, procurement, and investment decisions.

Councillor K Earley noted while he was not a big supporter of the Government, he wholeheartedly supported local investment in the North East, especially given the situation as regards Russia, and also perhaps China and asked as regards whether Government had given policy in terms of disinvestment.  The Pension Manager noted additional points within the private section of the agenda, however, noted that there was not significant exposure in relation to Russia.

Resolved:

That the report be noted.