Responsible Investment Report
Decision Maker: Pension Fund Committee
Decision status: For Determination
Is Key decision?: No
Summary of RI for current quarter
The Committee considered an update report on responsible investment matters relating to Q2 of 2020.
Members of the Committee commented on the contents of the Dashboard set out at Appendix 'A' and it was suggested that the comments be fed back to the Head of Responsible Investment at LPP investments (LPPI) for consideration ahead of the workshop for members on the 3rd November 2020.
The Chief Executive of LPP informed the meeting that LPPI worked with Robeco on collective engagements as referred to in the report, though the company had no involvement with or influence on the investments of the Fund. He added that, as a client of Robeco, LPPI was asked for input on themes to be progressed over the coming year as part of Robeco's annual review. It was noted that the Fund was also involved in shareholder engagement through its membership of the Local Authorities Pension Fund Forum.
Divestment (particularly in relation to fossil fuels) was discussed and it was noted that the Investment Panel had considered divestment as part of the recent Strategic Review and did not recommend it at this time. However, it was suggested that the Committee should have an opportunity to consider alternative viewpoints in relation to divestment, financial advice, resolution engagement and Environmental and Social Governance to inform future decision making.
1. That the feedback of Committee members on the contents of the Dashboard set out at Appendix 'A' to the report presented be referred to the Head of Responsible Investment at LPPI for consideration and discussed further at the workshop to be held at 2.00pm on the 3rd November 2020.
2. That the Head of Fund identify suitable speakers to give presentations to the Committee on alternative viewpoints regarding divestment and Environmental and Social Governance on a date to be arranged.
Report author: Mukhtar Master
Date of decision: 18/09/2020
Decided at meeting: 18/09/2020 - Pension Fund Committee