Ms Miriam Adams, Interim Head of Pensions and Treasury stated the report provided the Pension’s Committee members with an overview of the stewardship activity carried out by Tower Hamlets Pension Fund’s investment managers and on its behalf by the Local Authority Pension Forum (LAPFF) in quarter ending March 2021.

Ms Adams referred members to page 37 of the agenda and paragraphs 3.6 to 3.10 which set out the voting activities for the quarter. She explained how voting had occurred in relation to each fund before referring to paragraph 3.11. She said there had been no voting alert variances, where managers do not vote in line with the Forum’s suggested voting for companies and that there had been one alert issued by LAPFF relating to Rio Tinto. Ms Adams said proxy voting details had been received from LGIM.

The members of the Committee had no questions for Ms Adams in relation to this report.

The Pensions Committee RESOLVED to:

1. Note the content of the report and appendices.

Ms Miriam Adams, Interim Head of Pensions and Treasury stated the report provided the Pension’s Board and Committee members with an overview of the stewardship activity carried out by Tower Hamlets Pension Fund’s investment managers and on its behalf by the Local Authority Pension Forum (LAPFF) in quarter ending March 2021.

Ms Adams hoped Board Members had read the LAPFF business meeting papers and said these detailed the engagement that had taken place over the last few months with Fund Investment Managers. She said the issue of the Palestinian-Israeli conflict had been raised by both LAPFF and the London CIV who had lobbied companies about their position. Ms Adams said LAPFF had issued their own statement on this, as well as the London CIV.

In response to questions from members the following was noted:

• The Tower Hamlets Pensions Committee and Board had meet on the 22^nd April to review the Council’s Responsible Investment Policy, which had been updated in line with the comments received. A revised version of the policy will be presented to the Pensions Committee at their next meeting. Ms Adams said the Fund had less immediate and direct contact with investment managers now that investing in pooled funds was the norm. The LAPFF and the CIV were using their might to address the concerns relating to responsible investments and connections to the conflict.
• The Chair, Mr Jones said he had deferred the invitation to LGIM to attend this meeting until the September meeting of the Board when further discussion on the issues raised could be had.

The Pensions Board RESOLVED to:

Note the recommendations being made to the Pensions Committee who were to consider this report at their meeting of 5^th July 2021:

The Pensions Committee is recommended to:

1. Note the content of the report and appendices.