The Director of Pensions introduced a report which provided Board Members with a copy of a report to Pensions Committee recommending the approval of a revised Investment Strategy Statement.

The report provided an overview of the legislative framework with which an Investment Strategy Statement should comply.  The Investment Strategy Statement had last been reviewed in February 2020 following a change to the Fund’s strategic asset allocation.  This revision followed the approval  of the Northern LGPS Responsible Investment policy at Pensions Committee in September and was intended to reflect changes in legislation, guidance, best practice and that it is consistent with the Northern LGPS RI Policy.

Members were also reminded that the guidance issued by the Department for Levelling Up, Housing and Communities states that in formulating and maintaining their policy on social, environmental and corporate governance factors, an administering authority should explain the extent to which the views of their local pension board and other interested parties who they consider may have an interest would be taken into account when making an investment decision based on non-financial factors.

Councillor P Cleary, Chair of Pensions Committee addressed the Board and thanked the Director of Pensions for his work in engaging with the Committee and the Board by way of organising a workshop for Members of the Committee and Board to attend.

Resolved – That the report be noted.