Tim Manuel, Head of Responsible Investment at Border to Coast introduced and summarised the Annual Review of Border to Coast’s Responsible Investment Policies.

Mr Manuel added that until now these policies have been reviewed annually, but that now the development of these policies has reached a level of maturity, the Board has agreed to move to a three yearly review cycle. This would provide a more stable policy environment which would be conducive to implementing the policy intent.

It was noted that should there be a reason to review the policies in the interim, this would happen and that the voting guidelines would continue to be set every year.

A question was asked in relation to paragraph 5.4 (ii) regarding portfolio managers having the final decision on whether to reduce or exit the position, and whether this meant that a portfolio manager could effectively over-ride a decision of the Board.

Tim Manuel responded that the Board approves the overall suite of policies in which this sits and are involved at this level, not at the individual stock level, which would be the decision of portfolio managers, clarifying that the reason for this separation is to ensure clear accountability about who is making decisions at what level.

Cllr Dimond welcomed the addition in respect of biodiversity but raised a concern around his view on the accuracy of the climate section and that this should be revised to reflect current projections of global temperature rises.

Tim Manuel responded that the Net Zero Roadmap will be revisited next year, and there’ll be an opportunity for all Partner Funds to input into this.

RESOLVED: Members endorsed the updated policies attached at Appendices A to C.

Cllr Dimond requested that his dissent be noted for the record.