Finance

Director of Finance: John Turnbull CPA

WalthamForestTown Hall, Forest Road, Walthamstow, E17 4JF

Benjamin Joel / Ask for: / Debbie Drew
Our Ref:
Your Ref: / FOIX226433
Email: /
Direct line: / 020 8496 8165
Direct fax:
Date: / 28thNovember 2016

Dear Mr Joel,

Freedom of Information Request

Thank you for your request for information. You requested the following informationbelow; our responses are after each request:

1) Please provide the two most recent versions of the Statement of Investment Principles (SIP):

Please see below for links to our pension fund annual reports for the financial years 2013/4 (appendix 2) and 2014/15 (appendix 2). The annual report for 2015/16 will be available on the website on 1st December 2016.

(2) Will the fund be reviewing its SIP documents to pursue best practice and review carbon risk management and investment mandates in advance of LGPS pooling? If so when?

In line with regulation we will be issuing an investment strategy statement by the 31st March 2017 to cover this.

(3) Please provide current contract and procurement documents for the Investment Adviser(s) to the Pension Fund Committee.

These documents will be provided shortly.

(4) Please provide current procurement and contract documentation for the external fund manager(s) as set out in investment management agreements.

These documents will be provided shortly subject to legal requirements.

(5) Please provide a list of compliance breaches identified by the Head of Finance/ s.151 officer and brought to the attention of the Pension Fund Committee, during the last three (3) financial years.

None identified

(6) What steps have the Pension Fund Committee and Board taken to address the financial risks posed by climate change?

Please see attached questions and answers in relation to this issue and link to minutes of the pension fund committee regarding the decision.

(7) Since the December 2015 Paris COP agreement, Peabody bankruptcy, and Exxon Mobil downgrade, has the pension fund changed its approach to climate change risks and investment in carbon stocks?

See 6

(8) Please provide Pension Fund Committee and Board meeting minutes where climate change, and carbon bubble investment risk was discussed, and minuted 2014 - 2016.

(9) Have you surveyed or formally consulted with your individual members or employers for their views on your ESG policies or practices in the last 10 years? –No

(10) How much does the fund spend on ESG engagement services and can you give any examples of engagement activities relating to climate change/carbon risk from the last 10 years?

LB of Waltham Forest Pension fund is a member of the Local Authority Pension Fund Forum (LAPFF), a collaborative body of 71 LGPS funds with assets under management of £175 billion. LAPFF operates to protect the long-term investment interests of beneficiaries by promoting the highest standards of corporate governance and corporate responsibility amongst investee companies. On behalf of its members, LAPFF runs a diverse work plan providing comprehensive engagement over a range of different work streams including LGPS reform, the promotion of good governance, reliable accounting and various aspects of responsible investment. Publications released in 2016 include ‘Engaging for a Low Carbon Transition’, ‘The Corporate Tax Transparency Initiative Report’ and a ‘Mergers and Acquisitions Trustee Guide’ (see The total spend budgeted for the LAPFF work plan in 2016/2017 is in excess of £400,000.LB of Waltham Forest Pension fund pays an annual subscription of £8,460.

I trust that the above satisfies your enquiry. If you have any queries about this letter, please contact me.

Under the Freedom of Information Act 2000, you have the right to complain about the Council’s response to your request for information. If you wish to pursue such a complaint, please do so within 28 days from the date of this letter and ask for a review of the Council’s decision. Please write to: The Information Officer, Learning from Complaints Team, Room 104, Waltham Forest Town Hall, Walthamstow E17 4JF, or email . Please mark your request clearly as “Request for Review”.

If after receiving a response to the review, you remain dissatisfied with the Council’s response, you have the right to complain to the Information Commissioner. Further information can be obtained via the Information Commissioner’s helpline 0303 123 1113 or their website at:

Yours sincerely

Debbie Drew

Pensions and Treasury Manager