Apologies for inability to attend the meeting were received from Councillors Dilip Patel and Philip Ruck.

Members are invited to disclose any interest in any of the items on the agenda at this point of the meeting.

Members may still disclose any interest in any item at any time prior to the consideration of the matter.

There were no disclosures of interest.

To approve as correct the minutes of the meeting held on 26 July 2022 and authorise the Chairman to sign them.

The minutes from 26 July 2022 were agreed as a correct record.

The Committee were presented with a report that set out the progress made in developing the Fund’s Plan for addressing climate risk within the Fund’s investment portfolio.

Hymans joined the meeting and discussed the progress made so far in assessing the Funds current position against a series of climate related metrics as at 31 March 2022. The aim was to set a baseline position for monitoring and addressing the ongoing risk reporting requirement.

The Committee considered and agreed the next steps in developing the Fund’s plans for addressing climate risk as set out in Hymans Report in Appendix A.

The Committee were provided with an overview of how the fund’s investments were performing, how the individual Investment Managers were also performing against their set targets and any relevant Local Government Pension Scheme (LGPS) updates for the quarter ending 30 June 2022.

It was explained that significant events had occurred after production of the report would be addressed verbally at the meeting and that the Fund had reduced in value by 5.98% over this quarter, it underperformed the tactical benchmark by -2.43% but outperformed the strategic benchmark by 10.98%.

The general position of the Fund was considered plus other matters including any current issues as advised by Hymans whereby they discussed the fund’s performance and answered questions from Members.

The Committee agreed the recommendations.

To receive the minutes of the Local Pension Board.

The Committee noted the Local Pension Board minutes.