Agenda item

The Committee is asked to note the report.

The Head of Pensions presented the report which summarised the Fund’s funding position, market value, asset allocation, investment performance for the quarter ending 31 December 2021.

Members noted that by the end of the quarter to 31 December 2021, the Fund’s total market value increased by £126.733m, to £3,226.748m and over the quarter, total Fund assets produced a positive return of 4.1%, compared to a target of 4.3%, slightly underperforming the strategic benchmark by 0.2%. It was reported that performance over the 3 years to 31 December 2021 was 12.3% ahead of the benchmark by 0.9%.

The Committee were advised that the fund was in a positive position at the quarter end. 

The Head of Pensions explained the annual Responsible Investment and Stewardship outcomes report would provide greater information on the effectiveness and outcomes of the voting and engagement undertaken and would  include case studies. The report for 2021 was currently being prepared by Brunel and this would be issued to all Committee and Board members in due course. 

Members suggested that in terms of the Annual Responsible Investment and Stewardship Outcomes Report a lot of the information was out of date and more current data was required.  It was recognised there was more visibility from the different groups and stock responses.  It was noted that a member had previously asked for some examples of the top engagement and stewardship activities, Officer’s agreed to follow this request up.  (Action – MT)

In terms of Fund Administration and as the service emerges from the pandemic, the intention was to work towards implementing agile working for the team, as per GCC guidelines, which would see greater flexibility across the team, but would result in a major change to the overall teams working behaviours that were in place prior to the pandemic in 2020. 

Resolved

That the Committee noted the report in accordance with the regulations, the Funds position and activities as at 31 December 2021.