Issue - meetings

This report updates the Committee on recent developments regarding Brent Pension Fund investments held within the London CIV (LCIV).

This report updates the Committee on recent developments regarding Brent Pension Fund investments held within the London CIV (LCIV).

Sawan Shah (Head of Finance) introduced a report from the Corporate Director Finance & Resources providing an update on recent developments regarding Brent Pension Fund investments held within the London CIV (LCIV) alongside the progress in finalisation of the Investment Management Agreement (IMA), in response to the requirement for all local authority pension fund assets to be managed by a pooling arrangement by March 31^st, 2026, with the IMA being a single contract to allow LCIV to manage the investments on behalf of the Brent Pension Fund, and Buckinghamshire Pension Fund becoming a member of the London CIV

As part of the update, members welcomed Stephanie Aymes (Client Relations Manager) and James Beaumont (Head of Public Markets) from the London CIV who had been invited to provide a brief presentation on progress with LCIV assuming responsibility for implementing the Fund’s investment strategy from April 2026 including an outline of the new working arrangements under implementation of the Fit for Future requirements.  The presentation included details relating to the standards and approach towards the provision of Investment Strategy advice and implementation, asset transition and local investment alongside governance arrangements.  In addition, details were provided on development and application of the London CIV Responsible Investment Matrix.

Issues raised in response to the presentation included the arrangements being established to enable the Sub Committee to monitor the provision of investment strategy advice and approach towards implementation, resources required to support the transition process and management of the relationship with Pension Boards and LAPFF in terms of stewardship and ongoing engagement of the pooled Fund assets to advance corporate responsibility and responsible investment as well as the approach being developed towards local investment.

Other issues highlighted arising from the update included:

·            The value of assets invested directly through the LCIV.

·            The update on the LCIV Fund Manager Monitoring Framework and progress in the development and launch of new Funds, with members keen to ensure a focus (in recognising the Funds fiduciary duty) in maintaining a broad and diversified approach toward the Fund’s Investment Strategy.

The Chair thanked Stephanie Aymes and James Beaumont from the London CIV for attending the meeting and in welcoming the update provided, the Sub Committee RESOLVED to note the progress report