Decision details


Decision status: Recommendations Approved (subject to call-in)

Is Key decision?: No

Is subject to call in?: No



Neil Mason, LGPS Senior Officer

Jane Firth and Milo Kerr, Border to Coast


Key points raised during the discussion:

1.    The Committee considered a Part 2 report which gave an update of current activity being undertaken by the Border to Coast Pensions Partnership (BCPP).

2.    Border to Coast highlighted the main changes to the Responsible Investment Policy including the introduction of sections on biodiversity and real estate as well as the broadening of exclusions to include things such as controversial weapons.

3.    Steve Williams proposed an amendment to recommendation 1. -  for the Committee to ‘note’ rather than ‘support’ as he did not agree with the statement in the policy that Border to Coast would not divest from companies principally on social, ethical or environmental reasons.  This was seconded by George Potter.  Following a discussion, a vote was taken and, with the Chair using his casting vote, the motion was lost.


Actions/ further information to be provided:





1.That the revised BCPP Responsible Investment (RI) Policy 2024, Climate Policy 2024 and Corporate Governance & Voting Guidelines 2024, subject to the continuing work between the Fund and BCPP to align their approaches consistent with the Fund’s standalone RI Policy was supported.


2.That compliance with the “necessary conditions” of governance for the BCPP Global Real Estate investment proposition and that a commitment consistent with the Surrey Pension Fund target asset allocation (c£96m) to global real estate can commence was noted.


3.That the background and progress of BCPP activity, including details of the following be noted:

a)    Relevant items from the BCPP Joint Committee (JC) meeting of 28 November 2023.

b)    The schedule of activity of BCPP since the last Committee meeting of 8 September 2023 until the end of the calendar year.


Publication date: 31/01/2024

Date of decision: 15/12/2023

Decided at meeting: 15/12/2023 - Surrey Pension Fund Committee

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