Agenda item

The Committee considered a report of the Corporate Director of Resources which provided an overview of the investment performance of the Pension Fund to 31 March 2023 (for copy see file of Minutes).

Councillor M Porter asked as regards how sound were investments made in terms of publicity and reputation.  The Head of Pensions (LGPS) noted that in terms of reputational risk, that was an element within training for Pension Fund Committee Members, and that the Fund works closely with Border to Coast on its Responsible Investment Strategy, which the Fund adopts. He noted that it was a primary responsibility of the Committee was in relation to investment returns, but noted there was also a balance in terms of appropriately considering reputational damage that can arise from ESG issues.  He reiterated that BCPP and their Responsible Investment Team helped to ensure this, working with Durham County Council (DCC) Officers and the Committee.  Councillor M Porter noted as the Cabinet at Darlington Borough Council (DBC) were in the process of looking to obtain accreditation in investment, which may be useful in terms of decision making. The Head of Pensions (LGPS) noted he would be happy to speak to Councillor M Porter in this regard.

Councillor B Kellett noted the rate of return and asked if there were any more positive signs on the horizon.  The Head of Pensions (LGPS) noted that markets had remained difficult since March 2022, however, noted further information from Advisors to the Committee would follow in the closed session following the exclusion of the public.

Resolved:

That the information contained in the report produced by the Fund’s custodian, Northern Trust, be noted.