Agenda item

The Committee considered a report of the Corporate Director of Resources on the BCPP Responsible Investment (RI) Policy and Carbon Metrics (for copy see file of Minutes).

The Head of Pensions (LGPS) noted the Responsible Investment Policy was regularly reported back to Committee with any changes for comment.  He noted a new Head of Responsible Investment at BCPP and noted minor changes included calling out deforestation specifically.

Councillor M Porter noted that Climate Change was an issue that residents were more frequently questioning Elected Members on.  She asked as regards any changes relating to Climate Change. The Head of Pensions (LGPS) noted that changes this year had been iterative, not wholescale, with the direction of policy continually being look at.  He noted that the RI Policy would be looked at in more depth next year.  Milo Kerr, BCPP noted that the previous year’s review had been more in depth and had included policies that strengthened the RI approach. 

The Chair noted that RI was an issue that was very high on the agenda with all 11 Pension Funds within the Pool, and at the Joint Committee.

Resolved:

(a)     That the Policies and the key changes highlighted in Appendices 1 to 3      be noted;

(b)     That the: (i) the Responsible Investment Policy, (ii) the Corporate      Governance & Voting Guidelines Policy, and (iii) the Climate Change    Policy included in Appendices 1, 2 and 3 which Border to Coast will        operate on behalf of the Pension Fund for assets transferred into the         pool be noted and approved;

(c)      That the adoption of the BCPP Voting Guidelines for any asset held outside of the pool be approved, and;

(d)     That the Corporate Director of Resources be authorised to amend the

          Fund’s Investment Strategy Statement (ISS) in line with the principles         of BCPP’s Responsible Investment Policy.