Agenda item

The Committee considered a report of the Corporate Director of Resources that provided an update on the approach to Responsible Investment at Border to Coast Pension Partnership (BCPP) (for copy see file of minutes).

M Kerr from BCPP explained as regards the three key policies, the Responsible Investment Policy, Climate Change Policy and Voting Guidelines.  It was explained that they were subject to annual review against market practice, other organisations, other competition and their voting and engagement partner Robeco.

Councillor J Atkinson asked as regards the makeup of the Joint Committee.  M Kerr explained each of the 11 Local Authorities had a representative, usually the Chair of their Pension Fund Committee, or a representative put forward by them.  He added that BCPP representatives were also on the Joint Committee as regards joint oversight. 

Councillor J Atkinson asked how information flowed between the Joint Committee and Pension Fund Committees.  M Kerr noted that the key format was the quarterly Joint Committee meetings, with the Head of Pensions (LGPS) noting they were similarly formal meetings to that of the Pension Fund Committee.

Resolved:

That the Committee

a)     Provide any comments on the Policies and the key changes highlighted in Appendix 1;

b)     Notes and approves the Responsible Investment Policy and Corporate Governance and Voting Guidelines Policy included in Appendices 2 and 3 that BCPP will operate on behalf of the Pension Fund for assets transferred into the pool;

c)     Approves the adoption of the BCPP Voting Guidelines for the Fund’s asset managers outside of the pool, and;

d)     Authorises the Corporate Director of Resources to amend the Fund’s Investment Strategy Statement (ISS) in line with the principles of BCPP’s Responsible Investment Policy.