Issue - meetings

To receive an update on the action agreed at  the September 2025 Full Council meeting to disclose pension fund investments in companies listed by the United Nations OHCHR.

To receive an update on the action agreed at  the September 2025 Full Council meeting to disclose pension fund investments in companies listed by the United Nations OHCHR.

Amanda Healy (Deputy Director of Finance) provided a brief update on the action agreed by Full Council in September 2025 in relation to the disclosure of the Brent Pension Fund's investment exposure to companies listed under the United Nations Office of the High Commissioner for Human Rights (OHCHR) in connection with a request made by the Brent & Harrow Palestine Solidarity Campaign (PSC). The key points highlighted were as follows:

·            Officers had been working to map the reference list accurately against the Fund's portfolios. Given that a large share of the Fund was invested in pooled and passive vehicles through external managers, a granular level of detail of holdings within these funds was required. This reflected the London CIV's published position that exposure figures in pooled and passive strategies were often misunderstood and that the CIV's direct control over passive strategies was limited.

·            The dataset was not yet complete, but a full disclosure and accurate listing was anticipated in the coming months.

·            In line with the direction set by Full Council, a letter had been drafted by the Leader and Deputy Leader and sent to the London CIV in January 2026. The letter requested that the CIV strengthen its responsible investment framework so that, where appropriate, evidence-led exclusions could be available as a tool alongside stewardship in conflict and human rights contexts. The letter also asked for clear governance triggers based around international law, and for clarity on how their responsible investment matrix would accommodate stronger positions in such environments.

·            The London CIV had responded, confirming that their responsible investment matrix was in development to accommodate different preferences across different asset classes within regulatory and fiduciary duties. LCIV confirmed that any considerations on exclusions would be evidence-led, legally robust and consistently applicable, drawing on international law as recognised by bodies such as the United Nations, whilst also taking into account impacts on UK industries and national defence policy.

·            The CIV had summarised recent engagement on the responsible investment matrix with partner funds, noting that Brent had proactively engaged throughout the autumn and winter.

As a result of the update, members were advised that the next stage would involve reconciliation and disclosure of holdings against the OHCHR list with an update to be provided for the Sub-Committee once verified, and to continue engagement with the London CIV as they finalised their responsible investment matrix.

Members noted and thanked officers for the update with no further questions raised.