Decision details

The Board considered a report which provided updates on the following stewardship matters.

1.  Annual reporting against the Principles of Responsible Investment (PRI)

It was reported that as a signatory to the RPI the Lancashire County Pension Fund (LCPF) was required to publicly report progress in implementing the Principles annually before the 31^st March deadline and produce a "Transparency Report" detailing the responses to all completed indicators other than those set as private on the basis of confidentiality. LCPF had worked with LPP to produce a report on the Fund's overall approach and specific efforts/activities during the 12 months to 31st December, 2016, particularly in relation to the Fund's relationship with LPP.

It was noted that the "Transparency Report" was expected to be made publicly available in June 2017 and a detailed report would be presented to the next meeting of the Pension Fund Committee to draw out specific learning points from the experience of working through the reporting framework.

2.  Statement of Compliance with the UK Stewardship Code.

The Board discussed the requirement to revise the Statement and noted that the Chair of the Pension Fund Committee in December 2016 had approved the LCPF being temporarily delisted as a signatory to the UK Stewardship Code for a period of 6 months pending the Fund's development of an Investment Strategy Statement.

It was noted that once finalised the revised Statement of Compliance would be circulated to the Chair of the Pension Fund Committee and Board members for comment and approval before being submitted to the Financial Reporting Council for assessment.

Resolved:

1.  That the updates set out in the report are noted.

2.  That a copy of the "Transparency Report" in relation to the Funds compliance with the Principles of Responsible Investment be circulated to the members of the Board for information once it is publicly available.

3.  That once it has been finalised a copy of the revised Statement of Compliance with the UK Stewardship Code be circulated to the Board members for comment and approval before it is submitted to the Financial Reporting Council for assessment.