Decision details

The Committee considered a report which provided the Pension Fund Committee with its regular update on Responsible Investment (RI) related matters which included:

·  the fund's annual review of its Statement of Compliance with the UK Stewardship Code

·  the outcome of meetings with equity managers to discuss the Fund's aspiration in developing its RI approach going forward

·  the fund's investment in fossil fuels;

·  voting and engagement activities on behalf of the fund;

·  shareholder litigation;

·  active investing; and

·  an update on the action plan produced by the RI member working group.

It was agreed that the action plan should form part of the main stream work being undertaken in developing the new Lancashire and London Pensions Partnership including its detailed operating model.

It reported that the Government proposed to introduce new restrictions around RI and members noted that a further report would be presented to the Committee at its meeting on 29 January 2016.

Resolved:  That:

(i)  The report, now presented, be noted;

(ii)  The Stewardship Code Compliance Statement for 2015 set out at

Appendix 'A', now presented, be approved.