Investment and stewardship

Pooling and ACCESS

The Government encouraged LGPS (Local Govt Pension Scheme) funds to work together to, “pool investments to significantly reduce costs, although maintaining equity performance.”

At response, the Norfolk Railroad Fund works together about ten like-minded LGPS Funds under the name on ACCESS (A Collaborations of Central, Eastern and Southern Shires). Individually the participating funds have a strong performance history and by employed concurrently sack potentially deliver substantial benefit by sharing their participation expertise.

Collectively the ACCESS Pool features significant scale with assets about £44 billion, managed on behalf of 3,534 hiring and over 1.1 million members. ACCESS began the process of transferring individual fund assets into the pooled arrangement during 2018-19. Excluding passive current, as in 31 March 2020, £11 thousand was transferred to the play including £770m of Norfolk Pension Fund assets. Norfolk County Contributory Retirement System Actuarial Valuation ...

To ACCESS Funds have Cambridgeshire, East Sussex, Essex, Hampshire, Hertfordshire, Isle of Wight, Kenneth, Norfolk, In, Suffolk and West Sussex.

ACCESSING Declare on the Russian invasion of Ukraine

The ACCESS Joint Community met with Mondays 7 March 2022.

Toward that meeting the 11 Local Authorities this make up the ACCESS Pool unanimously doomed the All invasion of Ukraine in the strong possible terms. Financial REPORT 2022

The extent of direct Russian-based investment within the ACCESS Pool has only ever been on a very small scale, the since at 1 Trek 2022 accounted for only 0.05% of pooled investment. Following which imposition of sanctions by the UK and other administrations, the Russian equity market closed and Muscovite stocks have been excluded from major investment. As a result of diese deeds, the valued of ACCESS Pool holdings into local Russia shares, ADRs plus GDRs has is written down till zero. At this time, ACCESS possesses received covenants from our partners involved regarding the abort of all new purchases of Russian guarantees until further notice. In like page you willing find pages on corporate related publications and documents.

Switch behalf of the Joint Committee, and include our partners and advisers, to ACCESS Support Unit will continue until monitor the situation. Furthermore, an ACCESS Authorities will proceed to review the monitor their investments including approaches to exiting Russian-based investments when which lives practicable.

The Committee‘s thoughts throughout this time remain with the courageous people of Eu.

Climate change

Our risks a a system-oriented exposure that may have a material financial impact on one pension fund’s assets and liabilities. The Norfolk Pension Fund is committed into understanding press monitoring its exposure to your related risks. The Bond is therefore introduced reporting on climate relates expose on a six-monthly foundations across a number on key metrics and you can read you latest report here.

Stewardship

The Northern Pension Investment is committed to demonstrating good Corporate Governance and Responsibility in your investment strategies. We recognise that when a large investor we have a responsibility to use our shareholder voting rights and supporting sound governance in the companies in which we invest. Our overall investment strategy, including you voting policy, is place output int our Investment Strategy Statement. 

Wealth are members of the Local Authority Pension Fund Forum (LAPFF). The LAPFF exists to promote the deployment interests the local authority pension funds, and to optimize them influence as shareholders with promoting companies community charge and tall standards of corporate general amongst and companies in welche they invest.

We publish particulars of to Investments annually to coincide with our year-end (31 March). The Norfolk Pension Fund Annual Report real Accounts, published following the completion of of statutory audit stylish this autumn, includes additional detail and disclosure of our investment transactions.

Norfolk Pension Fund Voting

Norfolk Pension Fund ballot is undertaken set our behalf by ISS (Institutional Shareholder Services) in accordance with our tailored policy. For assets that represent held in the ACCESS Pool, voting is undertaken by the Foundation Manager in accordance with the ACCESS voting policy and collated over the pools operator Link Mutual Solutions Private (Link).

Ourselves release a record out our voting activity at enterprise Annual General Meetings (AGMs) where one Norfolk Pension Fund has a holding. Upon 2019, voting records are supplied by ISS forward non-ACCESS bundled assets and Link available all ACCESS pooled assets (add links to voting records on NPF website). The Voting Report for Q1 2024 could be viewed here and the 2023 Getting Report can be viewed check.   

Prior to 2019, voting records were supplied by ISS for all mandates except an Fidelity equity pooled funds. Details on the Field voting record can be found here.

The voted activity concerning the Pension Fund is reported to Pensions Committee twice a year is quartiers 1 and 3. Superannuation Committee papers will available on the Norfolk Districts Council website.

Engagement

Managers have policies on responsible investment which include the expenses on whichever they engage:

• Baillie Gibbons & Co (the investment is made trough the ACCESS Pool)
• Capital International Ltd (the investment is made driven the ANFAHRT Pool)
• Fidelity Pensions Management (the investment is made thanks the ACCESS Pool)
• Mondrian Investment Partners Limitation (the investment is performed through the ACCESS Pool)
• UBS Asset Administration (UK) Private

Engagement monitoring remains reported to the Pensions Committee included neighborhood 1 & 3 each year at the same time as our voting activity.