Issue - meetings

Report by Director of Finance (PF6).

The report sets out how the Pension Fund plans to implement its Climate Change Policy (hereinafter referred to as ‘the Policy’). The key commitment of the Policy is to transition investment portfolios to net-zero Greenhouse Gas Emissions (GHG) by 2050, consistent with seeking to limit the temperature increase to 1.5ºC above pre-industrial levels. The actions in the implementation plan have been developed to work towards delivery of this commitment. The Policy requires the Fund to establish intermediate targets in pursuit of the commitment.

The Committee is RECOMMENDED to:

(a)           adopt the Climate Change Policy Implementation Plan; and

(b)          determine the action it wishes to take in respect of the transition of the existing UBS global equity mandate to Brunel considering the information provided under the second bullet point of paragraph 6.

Discussion on this item is set out at Minute 18/20 above.

Report by Director of Finance (PF6).

The report sets out how the Pension Fund plans to implement its Climate Change Policy (hereinafter referred to as ‘the Policy’). The key commitment of the Policy is to transition investment portfolios to net-zero Greenhouse Gas Emissions (GHG) by 2050, consistent with seeking to limit the temperature increase to 1.5ºC above pre-industrial levels. The actions in the implementation plan have been developed to work towards delivery of this commitment. The Policy requires the Fund to establish intermediate targets in pursuit of the commitment.

The Committee is RECOMMENDED to:

(a)           adopt the Climate Change Policy Implementation Plan; and

(b)          determine the action it wishes to take in respect of the transition of the existing UBS global equity mandate to Brunel considering the information provided under the second bullet point of paragraph 6.

Recommendations agreed nem con

The Committee had before it a report, which set out how the Pension Fund plans to implement its Climate Change Policy (hereinafter referred to as ‘the Policy’). The key commitment of the Policy was to transition investment portfolios to net-zero Greenhouse Gas Emissions (GHG) by 2050, consistent with seeking to limit the temperature increase to 1.5ºC above pre-industrial levels. The actions in the implementation plan had been developed to work towards delivery of this commitment. The Policy requireed the Fund to establish intermediate targets in pursuit of the commitment.  The discussion and debate on this item was taken under item 5.

RESOLVED: to

(a)           adopt the Climate Change Policy Implementation Plan; and

(b)           (on a motion by Councillor Mark Lygo, seconded by Councillor Kevin Bulmer and carried by 10 votes to 0, with 1 abstention) to determine  committing 100% of the UBS portfolio to the Sustainable Global Equities portfolio.