Responsible Investment Report
Decision Maker: Pension Fund Committee
Decision status: For Determination
Is Key decision?: No
Quarterly update on RI
The Chair presented a detailed report on responsible investment activity during Q3 of 2020 and highlighted the action taken by Local Pensions Partnership Investments to liquidate shares in British American Tobacco.
Mr Rule, Chief Executive of the Local Pensions Partnership informed the meeting that Frances Deakin, the Head of Responsible Investment, was joint winner of the Investment Manager of the Year at the Professional Pensions - Women in Pensions Awards 2020. He also updated the Committee on the Fund's current brown/green exposures and highlighted that 95% (by value) of holdings were rated highly when measured against the Transition Pathway Initiative, demonstrating integration of climate change into their operation planning and/or strategic planning. Energy/tobacco accounted for less than 1% of the portfolio and LPPI was working with investor groups and partnerships to increase engagement (and in some cases take the lead) in areas such as diversity and workforce management.
It was also reported that after the 19th November 2020 presentation on divestment the Interim Head of Fund had arranged a meeting including one of the speakers, an Independent Adviser to the Fund, LPPI's Chief Investment Officer and the Head of Responsible Investment amongst others, to discuss the 7 principles of sustainable development and how they may relate to the investments of the Fund.
1. That the updates
on responsible investment activity, as set out in the
Appendix to the report presented, and given at the meeting are noted.
2. That the Committee
congratulate Frances Deakin, the Head of
Responsible Investment, on winning Investment Manager of the Year at the Professional Pensions - Women in Pensions Awards 2020.
3. That a report be presented to the next meeting of the Committee on the outcome of the officer meeting in December 2020 to discuss the 7 principles of sustainable development and how they may be applied to the investments of the Fund.
Report author: Mukhtar Master
Date of decision: 27/11/2020
Decided at meeting: 27/11/2020 - Pension Fund Committee