Decision details

The Committee considered a report on an updated Statement of Investment Principles.

It was reported that the changes brought about by the creation of the Local Pensions Partnership were treated, under regulations, as a material change which necessitated an update to the document.

The main changes which had been made were as follows:

-  Changes to the Governance Policy Statement approved by the Committee on 10 June 2016;

-  Changes to the investment management of the Fund;

-  The strategic asset allocations as approved by the Investment Panel.

It was noted that, once the new Pensions Regulations had been enacted, the Statement of Investment Principles would be replaced by an Investment Strategy Statement which the Committee would be asked to consider and approve in 2017.

A query was raised as to why the approach to investing in the Statement of Investment Principles did not include active investing which was included under the Responsible Investment approach. It was noted that this was an omission and would be updated for the new Investment Strategy Statement.

Resolved: - That the updated Statement of Investment Principles, as set out at Appendix 'A' to the report, now presented, be approved.