Decision details

(a)  Approved;

(b)  Following discussion at the pre-meeting with the Chairman, Deputy - Chairman and Opposition Spokesperson Officers were asked to draft an amended recommendation (b) in respect of the Investment Strategy Statement.  The subsequent decisions made at Committee were as follows:

To approve the revised Investment Strategy Statement as set out in Annex 2, noting the changes as discussed in the report and

(i)            endorse the current approach and direction of travel as set out in the Addressing Climate Change Position Statement, including:

·         the integration of consideration of environmental and social risks, as well as good governance and stewardship into all decision-making processes

·         contributing to a more sustainable and resilient financial system in alignment with the UN Sustainable Development Goals

·         ensuring all portfolios across all asset classes are carbon and climate aware

·         decarbonising the listed portfolios, and developing measurable objectives and targets

·         accessing positive climate impact investment opportunities. such as the 35% investment in renewable energy funds within the infrastructure portfolio 

·         active engagement with the underlying companies through asset managers, engagement and voting specialists and collaborative forums with other investors

·         improving the transparency of reporting including carbon footprinting and fossil fuel exposure and the impacts of our engagements

(ii)          ask Officers to set up a Climate Change Workshop in the Autumn to define timescales, milestones and reporting mechanisms for the above approach and to contribute to the Climate Change Policy being developed by Brunel, seeking participation from a wide range of stakeholders to ensure a balanced discussion; and

(iii)         note the view of Brunel that in light of the above approach, they do not consider a top down approach to divestment to be an appropriate strategy for its clients.

(c)  to refer these changes to the next meeting of Committee in September following further work;

(d)  agreed; and

(e)  noted.