Issue - meetings
Quarterly LAPFF Voting and Engagement Update for December 2018
Meeting: 19/09/2019 - Pension Board (Item 5)
5 QUARTERLY LAPFF VOTING AND ENGAGEMENT UPDATE PDF 279 KB
Additional documents:
- Agenda Item Appendix 1 - LAPFF QTRLY Engagement report Q2 2019, item 5 PDF 2 MB
- Agenda Item Appendix 2, item 5 PDF 1 MB
- Agenda Item Appendix 3 LCIV - RARF Q2 2019, item 5 PDF 382 KB
- Agenda iTem - Appendix 4 LGIM ESG_Impact_Report_Q2_2019, item 5 PDF 4 MB
- Webcast for QUARTERLY LAPFF VOTING AND ENGAGEMENT UPDATE
Minutes:
The Board received and noted an update on voting activities cast by its investment managers as well as Local Authority Pension Fund Forum (LAPFF) recommendations on the voting and engagement. The main points of the discussion are summarised as follows:
The Board:
· Noted that the exercise of voting rights and engagement with investee companies are a key part of the Fund’s role as a long term steward of assets; · Noted that the Fund a member of the Local Authority Pension Fund Forum (LAPFF), which exists to promote the investment interests of local authority pension funds, and in particular to maximise their influence as shareholders to promote corporate social responsibility and high standards of corporate governance amongst the companies in which they invest; · Noted that as member of the LAPFF the Fund casts its votes at investor meetings in line with LAPFF voting recommendations; · Noted there is a strong appetite for a “green fund” within the London Collective Investment Vehicle (LCIV) for London Local Authorities (LLA). · Was informed that the Fund currently delegates the exercise of its voting rights to its external equity managers, who are asked to comply as far as possible with the Fund’s voting policies. However, with the move to a pooled structure continues to impact this arrangement as voting rights are exercised at pool level rather than fund level; and · Noted that the Fund is working with other London funds as well as the pool itself to ensure that in the future it is able to effectively express its views through the exercise of voting rights through the LCIV.
As a result of discussions on the report the Board RESOLVED to:
|
1. Note the contents of this report; 2. Request more information from the London Collective Investment Vehicle (LCIV) on their approach at a future meeting; and 3. That it only required the LAPFF quarterly engagement report in future without the associated back ground information. |