Issue - meetings

This paper provides details of the progress made in developing the Surrey Pension Fund’s (the Fund’s) standalone Responsible Investment (RI) Policy.

Witnesses:

Neil Mason, LGPS Senior Officer

Lloyd Whitworth, Head of Investment & Stewardship

Mel Butler, Investment Strategy Manager

Amanda Jupp, Communications and Training Manager

Key points raised during the discussion:

1.    The Head of Investment & Stewardship introduced the report and provided a brief summary. Officers noted the consultation had started in the previous week and would run for six weeks and complete on 23 October 2022. Around 110,000 people were being engaged by email. Full details would be found in the supplementary agenda published on 24 September 2022.

2.    Members noted that the Responsible Investment Policy was approved at the Pension Fund Committee meeting of 17 June 2022, subject to consultation.

3.    Cllr Wlliams stated the launch of the consultation was inappropriate as it should have been brought to the Committee prior to launch. The Member further stated there were a number of points related to the process, and the questions being asked within the consultation needed to be raised, and further stressed the consultation had started without the approval of the Committee.

4.    In regard to the report’s recommendations, Cllr Potter said they believed the recommendations had been changed from when the report was previously published prior to the original meeting being postponed.

5.    A Member of the Committee said that the committee had previously approved the Responsible Investment Policy of 17 June 2022, subject to consultation, however the format of the consultation was not approved.

6.    Cllr Hughes stated they felt the consultation should be constructed by experts rather than Members of the Committee and officers had carried out the consultation as previously agreed by the Committee.

7.    Cllr Potter said it was good practice for the relevant committee to receive a copy of a consultation prior to publication.

8.    Cllr Potter sated it was inappropriate that internal email updates had been paused out of respect for the death of Her Majesty The Queen, however the consultation still continued to be published during the period of mourning. The Member suggested that the consultation be paused to allow the committee to discuss it properly. The Chairman responded there was pressure to publish the consultation and it was understood that, during the period of mourning, certain business-as-usual should continue.

9.    Cllr Williams said that the Committee had previously agreed the nature of the Responsible Investment Policy to be consulted on, not the consultation itself, and it was assumed that the consultation process would still be approved by the Committee. The Member further stated that they believed the consultation should be paused to allow for further discussion.

10.  The Chairman stated that he felt the consultation had been published in line with what was previously agreed. Officers had also consulted with and gained approval from the Chair and Vice-Chair regarding the consultation process, further to receiving expert advice from their engagement advisors, Minerva, and the Council’s internal team changed with ensuring that consultations are carried out effectively and compliantly.

11.  The LGPS Senior Officer explained that the Chairman was consulted and advice  ...  view the full minutes text for item 54

This paper provides details of the progress made in developing the Surrey Pension Fund’s (the Fund’s) standalone Responsible Investment (RI) Policy.