Mr Paul Audu, Interim Head of Pensions and Treasury stated the report provided the Committee with an update on the activity and performance of the Pension Fund for the quarter to 30^th June 2024.

The Pensions Committee RESOLVED to:

1.    Note the content of this report;

2.    Note the attached Monitoring report – Quarter to 30 June 2024 from Mercer (Appendix 1);

3.    Agree the updated ISS. ;

4.    Note the Update from the Independent Adviser, Colin Robertson for Quarter to 30 June 2024 (Appendix 3); and

5.    Note the LCIV approach to improving carbon metrics data quality.

6.    Note that LCIV representatives could not attend this Committee to give a presentation.

7.    Note the CMA assessment report from Mercer (Appendix 4),including Mercer’s self-assessment against the objectives set by the Committee in January 2023.

8.    Ask Mr Paul Audu to arrange for the Committee to review the CMA objectives, consider Mercer’s self-assessment against each objective, and determine Mercer’s performance and rating against each objective in the balanced scorecard.

9.    Note that the Fund is required to report compliance with the CMA Order annually in January, and a review of the CMA objectives will be carried out by the Committee in December 2025 or following any major change to the Fund’s investment strategy.

This report did not make the Pension Board agenda and therefore was not considered.