The Director of Merseyside Pension Fund introduced the report to Members. The purpose of the report was to seek approval from Members for the establishment of an additional Working Party to consider responsible investment issues and stewardship activities. Core Members would be the Chair and the Party Spokespersons (or their deputies), but all Members would be invited to attend and participate since the main purpose of the Working Party was to spread knowledge amongst Members of the important issues raised by responsible investment so that informed decisions can be made by Members at Committee

Members requested that members of the Local Pension Board should also be included in invitations to the working party, discussed ways in which to reflect the views of the public such as those that attended the meeting with their questions, the need to keep in mind the speed in which issues are progressed, and were conscious of the difficulty in changing long term investments.

Councillor Cleary moved, seconded by Councillor Molyneux; that the Responsible Investment Working Party be established as discussed and that it consider the issue of Merseyside pension fund investments in arms companies and bring a report to  the committee within the next six months.

Councillor Ainsworth moved the following amendment, seconded by Councillor Kenny; that the Responsible Investment Working Party submit to the Pensions Committee a programme of work within the next 6 months and that those words be substituted for that part of Councillor Cleary’s motion that required it to consider and produce a report on the Fund’s investments in arms companies within that period of time. Members voted for the amendment (11:2). The amendment was passed and became the substantive motion which was passed unanimously.

Resolved – that the establishment of the Responsible Investment Working Party be approved with the membership as discussed and that it submit to the Pensions Committee a programme of work within the next six months.