Issue - meetings

To note the content of the report.

DECISION:

To accept the report and note the information

A report was submitted to explain the work of the Local Authority Pension Fund Forum (LAPFF) which did good work promoting the highest standard of corporate governance to protect the long-term value of Local Authority Pension Funds.

Councillor Stephen Churchman, a member of the Operational Board, was invited to elaborate on how the forum could support and assist the work of the Gwynedd Pension Fund.

Councillor Stephen Churchman explained that he had been a Member of the Forum for almost 8 months, and in that time, five meetings of the Forum had been held. ⁠It was noted that the meetings were split into two meetings - the first meeting was one for the Operators to discuss the content of the programme and the reports that would be submitted to the second meeting, i.e., the business meeting. It was considered that the procedure provided a good understanding of the context of the work with invitations being extended to the representatives of pension funds and pools; everyone was encouraged to participate in the discussions.

He reiterated that one matter that had been brought to their attention recently were considerations of the field of 'forever chemicals' - chemicals that are now almost invincible with millions of tonnes of them filtering into the ecosystem, creating a systemic environmental challenge, creating a risk to people's health (although the effects have not yet been proven), pollution and water contamination. ⁠He noted that LAPFF was engaging with those companies which produced materials (that included these chemicals - from clothing, to make-up, to kitchen equipment and others) and with water utility companies to discuss how they were attempting to address the problem which had the potential to lead to financial and legal risk that could ultimately affect investors. He suggested that the Committee should be awake to the issue.

To close, he noted that LAPFF was engaging on behalf of investors (very similar to the work of Robeco) and also acted as a body that trained and supported Committees - a very diverse organisation.

Thanks was expressed for the information.

Comments arising from the ensuing discussion,

·        That the use made of the Forum was a good opportunity to receive feedback, guidance and information regarding engaging in specific matters.

·        A request for the Councillor to ask the Forum about the way of engaging on the topic of forever chemicals - obviously this was an area of concern.

·        Appreciation was expressed on hearing that the body worked on behalf of the Committee by ensuring that the Committee made responsible investments and stewardship.

RESOLVED

To accept the report and note the information.