Issue - meetings

[To provide an update on investment strategy and activity in the West Midlands Pension Fund and West Midlands Integrated Transport Authority Pension Fund over the last quarter]

Jill Davys, Assistant Director - Investments and Finance reported on the key points from the update report on investment strategy and activity in the West Midlands Pension Fund (WMPF) and West Midlands Integrated Transport Authority Pension Fund (WMITA PF) over the last quarter; on the product development plan and launches of LGPS Central Ltd sub-funds and arrangements for the Fund to transition assets. A summary of the key features and proposed response to the recent Minister for Housing, Communities and Local Government (MHCLG) consultation on draft statutory guidance on investment pooling was shared and discussed. A deadline of 28 March 2019 had been set for responses to be received.

Members of the Committee were invited to feedback any comments. The Director of Pensions informed the Committee that the reaction to the consultation had been mixed. It was an informal consultation that it was anticipated would be developed, pending responses, into updated statutory guidance.

Resolved:

1.    That the delegation to the Director of Pensions and Assistant Director - Investments and Finance to agree the arrangements for the transition of Fund assets to LGPS Central Ltd Factor Based Low Carbon Equity sub-fund as appropriate be reconfirmed.

2.    That the delegation to the Director of Pensions and Assistant Director - Investments and Finance to agree the arrangements for participation in an LGPS Central Ltd Infrastructure sub-fund as appropriate be reconfirmed.

3.    That the update on investment strategies for the main Pension Fund and the WMITA Fund be noted.

4.    That highlights of recent activity within the Pension Fund be noted.

5.    That progress on the development of the sustainable equities mandate be noted.