Agenda and decisions

RESOLVED to:

1.  Set a decarbonisation target on the fund’s carbon footprint:

? 50% reduction in carbon footprint (scope 1&2) by 2030

compared to 2023 carbon footprint as the baseline.

2. Adopt implied temperature rise as a forward looking metric that contributes to real world decarbonisation:

? Target a 2C portfolio by 2030 with a 1.5C goal for 2040.

3.  Set a climate solutions allocation target as follows:

? Allocate no less than 10% of Fund assets to climate solutions over the next 5 years in line with the Strategic Asset Allocation (SAA) changes subject to fiduciary duties.

RESOLVED: Consider the proposals set out in the discussion paper, in particular the recommended revised strategic asset allocation presented in Appendix 1 (“Strawman 1”, Page 16).

RESOLVED:

To approve the Business Plan for 2023/24 to 2024/25 including the 2023/24

budget.

RESOLVED to:

1.  Approve the 2022 Valuation Report.

2.  Approve the post-consultation Funding Strategy Statement.

RESOLVED:

To note the report.

Proposed resolution:

THAT the press and public be excluded from the proceedings of the Pensions Committee meeting during consideration of Exempt Items 5 (Exempt Appendices) & 6 (Exempt Appendices) & 12 on the agenda on the grounds that it is likely, in the view of the nature of the business to be transacted, that were members of the public to be present, there would be disclosure of exempt information as defined in paragraph 3 of Part 1 of Schedule 12A of the Local Government Act 1972.