Ms Miriam Adams, Interim Head of Pensions and Treasury, stated that the terms of reference had been reviewed and revised as per the request made by the Committee at its November 2020 meeting. She said the changes included the addition of the Committee’s role in ESG and risk management and its relationship with the Pensions Board. Ms Adams referred members to the terms of reference appended to the report.

In response to questions from Members the following was noted:

• The terms of reference should also include the working relationship with the London CIV and/or pooling in general.

• ACTION: The updated terms of reference should make reference to its relationship with external stakeholders and the pooling of funds and once updated, the Terms of Reference should be approved by the Chair of the Pensions Committee before being referred to Full Council.

Following the Committee’s resolution, the recommendations were amended and then approved.

The Pensions Committee RESOLVED to:

1. Note and comment on the revised Terms of reference (Appendix A);
2. Approve the revised Terms of Reference, subject to the addition of the point on pooled funding;
3. Delegate to the Investment Manager to approve the final wording of the TORS, following consultation with the Chair of the Pensions Committee and for them to be presented at the earliest possible Council meeting; and
4. Note that the relevant sections of the Council’s Constitution will be updated.