Ms Miriam Adams, Interim Head of Pensions and Treasury stated that the report provided an overview of the stewardship activity carried out by Tower Hamlets Pensions Fund’s investment managers and on its behalf by the Local Authority Pensions Forum (LAPFF) in the quarter ending March 2022.

Ms Adams drew particular attention to the paragraph 3.5 and the LAPFF’s engagement with companies as well as paragraphs 3.6 to 3.9, which outlined the collaborative engagement which had taken place. Referring to voting alert variances and the table at paragraph 3.13, Ms Adams said this showed how LCIV and LGIM had voted. She said paragraph 3.14 provided an explanation as to why the voting alerts were issued.

In response to comments and questions from members the following was noted:

·       Members of the Committee had no questions for Ms Adams relating to this report.

The Pensions Committee RESOLVED to:

1.    Note content of this report and appendices.

Ms Miriam Adams, Interim Head of Pensions and Treasury stated that the report provided an overview of the stewardship activity carried out by Tower Hamlets Pensions Fund’s investment managers and on its behalf by the Local Authority Pensions Forum (LAPFF) in the quarter ending March 2022.

Ms Adams drew particular attention to the paragraph 3.5 and the LAPFF’s engagement with companies as well as paragraphs 3.6 to 3.9, which outlined the collaborative engagement which had taken place. Referring to voting alert variances and the table at paragraph 3.13, Ms Adams said this showed how LCIV and LGIM had voted. She said paragraph 3.14 provided an explanation as to why the voting alerts were issued.

In response to comments and questions from members of the Board the following was noted:

• Ms Adams stated that there was no deadline as to when indirect investments in Russian companies would be withdrawn. She said the LGPS’s direct investments had been written down to zero however it was difficult to find and stop indirect exposure as it was hard to draw a line on this.

The Board RESOLVED to:

Note the recommendation being made to the Pensions Committee who are to consider this report at their meeting of 27th June 2022.

The Pensions Committee is recommended to:

1. Note content of this report and appendices.