There were three items to be discussed
· AGM. This had not happened due to Covid but had been discussed at the last PPIC how this could be achieved virtually. Board members were invited to give their view or suggestions. Members felt that virtual meetings may actually increase attendance and communications about what is to be presented can be undertaken by email as the board does not meet again until December the 2nd.
· Procurement of investment consultants. There were 3 bids received and delays were experienced again due to Covid 19. Presentations have been made virtually to the PPIC and the appointment of investment consultants is being finalised at present. The independent advisor tendering exercise will also be undertaken virtually and further updates on this will be provided to the board. The actuarial tendering process has not yet started and is expected to start in the new year.
1) Carbon footprint, gender diversity statistics, living wages
2) Engagement with management (also via LAPFF)
3) Voting (PIRC)
Karen Shackleton took the Committee through the UNIPRI’s 7 steps of implementing a sustainable investment approach and also the blueprint to achieve a better and more sustainable future by introducing the 17 UN SDGs (United Nation Sustainable Development Goals). The goals addressed the global challenges we face. The goals are interconnecting, and the aim is to achieve each goal and target by 2030.
The PPIC agreed SDGs to be prioritise in the Enfield Pension Fund’s Investment strategy, the agreed SDGs are:
1) SDG 7 – Affordable and Clean Energy
2) SDG 9 – Industry, Innovation and Infrastructure
3) SDG 11 - Sustainable Cities and Communities
4) SDG 12 - Responsible Consumption and Production
5) SDG 13 – Climate Action / Change
It was concluded that the Fund should explore ways in which to support progress towards a low carbon economy through positive investment in renewable energy, clean energy and associated technologies.
The Committee expects its managers to exercise the voting right fully and reserves the right to direct votes where appropriate.
And in all the Fund main objective is to get the maximum risk adjusted return on each portfolio.
At the last meeting of the PPIC they looked at the kinds of investments. Officers An investment strategy review is about to be undertaken. It was agreed that these slides would be circulated to board members by Bola Tobun and offered to have a further meeting outside of the board meetings in October to go through the presentation again. The board confirmed that this would be useful.