Agenda item

To receive any questions or petitions.

Notes:

1.  The deadline for Member’s questions is 12.00pm four working days before the meeting (9 September 2024).

2.  The deadline for public questions is seven days before the meeting (6 September 2024).

3.  The deadline for petitions was 14 days before the meeting, and no petitions have been received.

a   There were no Member questions.

  b   Five public questions had been submitted, those and the responses were published in a supplementary agenda.

There were five supplementary questions:

SQ1 - Janice Baker: Asked whether a graphic such as a pie chart or explanation could be provided when Fund members are next sent letters about their pension, showing the amount of money invested in fossil fuels, animal farms, the community-built environment.

The Chairman noted that a lot of information was already published, there were summary newsletters and he noted the suggestion could be taken on board.

SQ2 - Jenifer Condit - on Jenifer’s behalf Lindsey Coeur-Belle: Asked whether the Committee was aware of the L&G Low Carbon Transition Global Equity Index Fund and the L&G Low Carbon Transition Developed Markets Equity Index Fund; which might use lower carbon than that used for the Future World Fund.

The Chairman noted that when the decision was made to enter the Future World Fund for LGIM a range of possibilities were reviewed such as the Paris aligned fund and the Low Carbon Fund was chosen. The Committee is aware of the other funds and would review alternative strategies in the annual review. A Committee member noted that some of the funds mentioned in the supplementary question might not have existed at the time the Committee made that decision. He noted that at the time the focus was on Surrey Pension Fund’s (the Fund) responsible investment policies, particularly around the Sustainable Development Goals; at the time the Paris aligned fund was climate focused. 

SQ3 - Jackie Macey: Noted that the outcomes concerning the Pension Scheme Bill were unclear, hoped that the changes would not slow the progress the Fund had made in investing in sustainable markets and divesting in fossil fuels.

The Chairman noted that the detail was awaited, the Assistant Director - LGPS Senior Officer would provide comments on the relevant agenda item.

SQ4 - Lucianna Cole - on Lucianna’s behalf Jackie Macey: Welcomed that ocean biodiversity was the next theme, asked for the names of the companies that Robeco were engaging with on the issue.

The Border to Coast (BCPP) representative explained that once the engagement theme was finalised, the target companies would be identified; and a written response could be provided.

SQ5 - Lindsey Coeur-Belle: Asked the Committee to demonstrate that its portfolio meets the Paris Agreement objectives of increasing funding for green solutions and reducing funding for polluting businesses and that fossil fuel producers in the portfolio have credible transition plans to achieve that. The Chairman noted that a written response would be provided.

A Committee member noted that BP did not have a credible transition plan and backtracked from previous plans, so the Fund voted against it but continued its investment.

  c   There were no petitions.

Actions/further information to be provided:

1.    6/24 - The suggestion to provide a graphic such as a pie chart or explanation when Fund members are next sent letters about their pension showing the amount of money invested in fossil fuels, animal farms, the community-built environment will be taken on board.