The Chairwelcomed everyoneto themeeting including members of the public.Apologies werenoted asabove.

Members declaredno furtherinterests inaddition tothose includedin therelevant register.

George Jabour declared a non-pecuniary interest in relation to the nature of his campaigning work, including the way public sector pension funds manage their funds.

The minuteswere received,and membersasked toapprove.

RESOLVED– The minutesof themeeting held on28 September 2023be agreedas a truerecord.

A question had been received from Mr Sean Ashton, which the Chair had agreed should be responded to.

The Chair provided a response in terms of the Joint Committee’s position and the approach taken by the Border to Coast company on the issues raised was explained. A full copy of the question and the response is appended to the minutes.

Members requested that the Secretariat develop a formal protocol for dealing with questions from members of the public.

A report was presented updating the Joint Committee on the current position of the agreed budget confirming that the expenditure to date was £30,395.

It was noted that the budget may be slightly overspent by the end of the financial year however it was recognised that his was not an issue in terms of overall funds. It was also noted that the budget may need to be increased at the 2024/25 review in line with inflation.

RESOLVED– To notethe budget position for 2023/24.

George Graham presented a report outlining the proposal that the Joint Committee carry out a review of its effectiveness.

It was noted that an appropriate timescale for this to take place would be prior to the end of the municipal year to ensure that members involved have benefited from at least just short of 12 months membership.

Discussions took place around the procurement of the external facilitator, and it was noted that the intention would be to undertake this through an existing framework agreement.

RESOLVED– Toapprove an undertaking of an effectiveness review before the end of the current municipal year.

Jane Firth presented a report providing the Committee with an overview of the annual review process for the three Responsible Investment policies, highlighting the key changes for each policy.

Particular attention was drawn to  the review of exclusions within the Responsible Investment Policy and the reduction in revenue thresholds resulting in an increased number of companies being excluded from the investment universe.

The review of the Voting Guidelines resulted in minor changes, as set out in the report, and the majority of the changes to the Climate Change Policy are a restructure of wording that reflects the work carried out to support Net Zero commitments.

It was noted that all three policies have been evaluated by Robeco using the International Corporate Governance Network Global Governance Principles.

Following discussions around voting and engagement, monitoring COP28 outcomes and private markets it was:             

RESOLVED:  To note the report and support taking the revised policies to Pensions Committees for comment and for them to consider adoption of the principles in their own RI policies in line with industry best practice.

Jane Firth presented a report providing the Committee with an update on the Responsible Investment activity undertaken by the Company on behalf of Partner Funds over the period since the last meeting.

Members attention was drawn to the engagement activity supporting priority themes as well as engagement undertaken by Robeco.

It was noted that the peak voting season has come to an end and that quarterly stewardship and voting reports produced by Border to Coast and Robeco for the quarter ended 30th September 2023 can be found on the Border to Coast website.

RESOLVED – Tonote thecontents ofthe report.

Joe McDonnell presented a report to update members on the quarter 3 market environment and fund performance. The report also included commentary on the medium-term investment outlook.

It was noted that in future reports, given the impact that China has on the economy, it would be differentiated from the rest of emerging markets.

Following discussion it was:

RESOLVED – Tonote thecontents ofthe report.

Exclusionof the Public andPress

RESOLVED – That under Section 100(A) of the Local Government Act 1972, thepublic be excluded from the meeting for the following items of business on thegrounds that they involve the likely disclosure of exempt information as defined inparagraph 3 of Part 1 of Schedule 12A of the Act and the public interest not todisclose informationoutweighs thepublic interest indisclosing it.

Milo Kerr presented a report to update members on the progress in the last quarter, highlighting the launch of a number of new investment propositions and setting out the progress in asset pooling.

It was however noted that further work was required to complete the original commitment to pool and the report set out potential options for transitioning un-pooled listed assets.

Following discussion it was:

RESOLVED

1.    To recommend the plan to Shareholders for approval.

2.    To note the quarterly management information used to track pooling progress as set out in Appendix 3

MarkLyon introduceda reportpresenting the proposed Alternative offerings to be launched in April 2024.

It was noted that existing and planned resources are considered sufficient to cover the launch of the new capabilities and that a full review of legal documentation has been carried out to ensure that it remains fit for purpose.

Members were informed that it is not anticipated that there will be any material operating model, capital, regulatory or procurement implications but this will be confirmed prior to implementation. It was also noted that the timeline is considered to be achievable and the importance of meeting the target date of 1 April 2024 was set out.

Followingdiscussion, itwas:

RESOLVED–

1. To note the contents of the report.

2. To note the overview of the UK Opportunities offering and comment on the proposition.

3. To delegate to Officers the authority to review the contractual documentation required to support the Alternatives 2024 launch.

The Company’sCEO submitteda reportupdating theCommittee onactivity acrossthe whole rangeof theCompany’s activity.

Members were updated on the following key areas:

·         Partner Fund collaboration.

·         An update on progress in relation to corporate functions including the expected outturn for the Operating Budget.

·         The key business risks to the organisation, noting that Political risk continues to be significant.

Following discussion it was:

RESOLVED: To note the contents of the report.

Graham Longand MarkLyon introduceda review ofthe performance and activity of the Border to Coast Investment Funds over Q3 2023 which set out detail in the following key areas:

·         Market Value.

·         Performance.

·         Market Background.

Following discussion it was:

RESOLVED – Tonote thecontents ofthe report.

There were no matters to report that had not already been dealt with elsewhere on the agenda.

CHAIR