Ms Miriam Adams, Interim Head of Pensions and Treasury stated this was a regular report that was presented to the Board and the Committee. She referred members to page 58 and 59 of the agenda and stated paragraph 3.1 listed the recommendations of the Pensions Regulator. Ms Adams went through the report referring to paragraph 3.3 and 3.4, the risks which required close monitoring. In particular, she referred to the McCloud judgement and said much depended on the regulations that the government would issue and how this will affect the Pensions Scheme.

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

• Commenting on the risks, Mr Thompson said there were 5 red rated risks, 4 amber rated risks and 1 to Green. He said the Board needed to keep its focus on this as all the risks related to data quality.

• Mr Thompson asked for a fuller update in relation to the recruitment and retention of staff within the Pensions Team. Mr Visram responded stating the Head of Pensions and Treasury post was currently live to advert with a closing date for the end of March 2022. Ms Adams added there were currently four vacancies within the team, with some members of staff being on fixed term contracts and other posts being filled by agency staff.

• ACTION: The Chair requested a quick email be sent to Board Members on the number of vacancies outstanding which showed the number of full-time posts, how many were fixed-term posts and who was occupying the roles, in order for the Board to have a clearer and better understanding of the recruitment situation within the Team.

• Referring to investments at risk due to the Russia/Ukraine conflict in Europe, Ms Adams said a written update had been provided to the members of the Board and the Committee. She said Fund Managershad been contacted on the 23^rd February and she had spoken to LGIM who confirmed they had no investments in the low carbon fund in Russia and Ukraine. LCIV said the Ruffer and Baillie Gifford Funds had less than 0.01% of whole Fund assets invested. However, investments managers had also been asked to look at any indirect investments. Ms Adams said she would report back to the Board and Committee once this information was available.

• ACTION: Mr John Jones requested that Mr Colin Robertson, the Independent Advisor to the Pensions Committee, be invited to the next Pension Board meeting to make a presentation on asset allocation of investments and how and if investments in Russia are at greater risk than others. Councillor Ullah added that it would be sensible for Baillie Gifford to also attend the meeting to talk about their investments.
• ACTION: Ms Adams to send the Board members the Risk Management Policy, which the Board discussed at its meeting of 21^st November 2021.

The Pensions Board RESOVLED to:

Note the recommendations being made to the Pensions Committee who were to consider this report at its meeting of 10^th March 2022.

The Committee is recommended to:

1. Note and comment on the detailed Risk Register (Appendix 1)