Issue - meetings

To consider the report and note the information. 

DECISION:

To accept the report and note the information

The Investment Manager highlighted that the report was now a regular one presented to the Members noting the latest information on WPP's work, as well as what was decided at the March meeting of the Governance Joint Committee (a body which made decisions on behalf of the Partnership where the Chair of each fund sat). Attention was drawn to the fact that the Partnership had re-appointed Hymans Robertson as an oversight advisor and Robeco as an engagement and voting provider.

An update was also presented on the training plan, the business plan and the risk register as well as the operator's update which highlighted all the funds that the Partnership had established. Reference was made to the detail of the operator's work over the period and to any market conditions that had been monitored by them.  Attention was drawn to a performance analysis of the sub-funds, which noted that the performance of the global equity funds had been strong and the fixed income markets had lagged.

Reference was made to the 'Fit for the Future' work where Members were reminded that they had approved a requirement to create an IMCo investment company and move the project forward. It was elaborated that the Full Council had also approved it on 3 July 2025, with an expectation that the eight Partnership Councils had approved the requirement by the end of the month. The work of establishing the company would happen over the summer to reach the target date of 31 March 2026.

Thanks were given for the report.

In response to a question about what would happen to the Gwynedd property portfolio once the IMCo investment company was established, it was noted that a tendering process had been undertaken and the property investments would be part of the new Wales Pension Partnership property funds, with the United Kingdom property fund and the impact property fund.

In response to an observation regarding a request to record the training sessions so that it would be possible to refer back to them if there was a problem with attending, it was noted that the observation would be referred to the Host Authority to ensure that links to the recordings would be available to Members.

In response to an observation about the Committee's functions and responsibilities changing as a result of establishing an IMCo investment company by March 2026, it was suggested to hold a specific session to share information about the situation by the next Committee meeting.

RESOLVED

To accept the report and note the information.