Hampshire County Council
Councillors:
78
Wards:
76
Committees:
49
Meetings (2026):
57
Meetings (2025):
155
Meeting
Hampshire Pension Fund Responsible Investment Sub-Committee - Hampshire
Meeting Times
Scheduled Time
Start:
Friday, 5th September 2025
11:30 AM
Friday, 5th September 2025
11:30 AM
End:
Friday, 5th September 2025
1:00 PM
Friday, 5th September 2025
1:00 PM
Meeting Status
Status:
Moved
Moved
Date:
05 Sep 2025
05 Sep 2025
Location:
Ashburton Hall, Elizabeth II Court, The Castle, Winchester
Ashburton Hall, Elizabeth II Court, The Castle, Winchester
Meeting Attendees
Committee Member
Councillor Simon Letts
Employer Representative - Southampton City Council
Present, as expected
Co-opted Deputy
Councillor Judith Smyth
Employer Representative - Portsmouth City Council
Not required
Co-opted Deputy
Simon Walker
Scheme Member Representative - Deferred
Not required
Committee Member
Phillip Reynolds
Scheme Member Representative
Present, as expected
Agenda
1
Election of a Chairman and Vice-Chairman
To appoint a Chairman of the Sub-Committee until its first meeting following the County Council AGM in 2026.
Minutes
At the commencement of the meeting, nominations were sought for the positions of Chairman and Vice-Chairman of the Sub-Committee. Councillor Mark Kemp-Gee nominated Councillor Tom Thacker as Chairman, which was seconded by Councillor Davies and agreed unanimously. Councillor Thacker then assumed the chairing of the meeting. Subsequently, Councillor Thacker nominated Councillor Mark Kemp-Gee as Vice-Chairman, which was also seconded by Councillor Davies and agreed unanimously.
2
Apologies
To receive any apologies for absence.
Minutes
Apologies were received from Councillor David Harrison and Councillor Mocatta, with Councillor Tim Davies attending as substitute.
Councillor Judith Smyth and Councillor Glen were in attendance as observers.
Councillor Judith Smyth and Councillor Glen were in attendance as observers.
3
Declarations of Interest
All Members who believe they have a Disclosable Pecuniary Interest in any matter to be considered at the meeting must declare that interest and, having regard to Part 3 Paragraph 1.5 of the County Council's Members’ Code of Conduct, leave the meeting while the matter is discussed, save for exercising any right to speak in accordance with Paragraph 1.6 of the Code. Furthermore all Members with a Personal Interest in a matter being considered at the meeting should consider, having regard to Part 5, Paragraph 4 of the Code, whether such interest should be declared, and having regard to Part 5, Paragraph 5 of the Code, consider whether it is appropriate to leave the meeting while the matter is discussed, save for exercising any right to speak in accordance with the Code.
Minutes
Members were mindful that where they believed they had a Disclosable Pecuniary Interest in any matter considered at the meeting they must declare that interest at the time of the relevant debate and, having regard to the circumstances described in Part 3, Paragraph 1.5 of the County Council's Members' Code of Conduct, leave the meeting while the matter was discussed, save for exercising any right to speak in accordance with Paragraph 1.6 of the Code. Furthermore Members were mindful that where they believed they had a Non-Pecuniary interest in a matter being considered at the meeting they considered whether such interest should be declared, and having regard to Part 5, Paragraph 2 of the Code, considered whether it was appropriate to leave the meeting whilst the matter was discussed, save for exercising any right to speak in accordance with the Code.
No declarations of interest were made.
No declarations of interest were made.
4
Minutes of the previous meeting
To confirm the minutes of the previous meeting held on 7 March 2025.
Attachments:
- Document Minutes , 07/03/2025 Hampshire Pension Fund Responsible Investment Sub-Committee 28 Aug 2025
Minutes
The minutes of the previous meeting held on 7 March 2025 were confirmed as an accurate record.
5
Deputations
To receive any deputations.
Minutes
No deputations were received for this meeting.
6
Chairman's Announcements
To receive any announcements the Chairman may wish to make.
Minutes
There were no announcements made by the Chairman on this occasion.
7
Scheme Member Communications
To receive a report from the Director of Corporate Operations updating the Sub-Committee on communication to and from scheme members since its last meeting.
Attachments:
- Document PFRIS Scheme Member Comms 28 Aug 2025
- Document 2025-09-05 Item 7a PFRIS Hampshire Pension Fund Survey - Insight Summary Report 28 Aug 2025
Minutes
The Sub-Committee received a report from the Director of Corporate Operations providing an update on communications to and from scheme members since the last meeting.
It was noted that the Fund did not hold any investments in controversial weapons, in response to correspondence received relating to the conflict in Gaza.
Members were informed that a Responsible Investment (RI) survey had been conducted and closed in June 2025, receiving over 6,000 responses which was a significant increase on previous consultations. 19 employer organisations had also contributed to the consultation. Members commended officers on the high level of response to the consultation.
Key areas of interest identified by respondents included environmental impacts and the risk that investments have links to slave and child labour in their supply chains. Officers confirmed that a review would be undertaken of the Fund’s investments to assess risks within supply chains and report back to the Sub-Committee. Engagement with scheme members on the Fund’s RI work would also be increased.
In response to questions regarding a piece of legal correspondence regarding investment in Israel, it was noted that this had been circulated nationally and was being addressed by the Scheme Advisory Board. A response from the Secretary of State was hoped for.
RESOLVED:
That the RI sub-committee notes the report, including the significant response to the 2025 RI survey and next steps including providing feedback to scheme members, and recognising their interest in the risk of slavery and child labour as a priority ESG risk for the Pension Fund.
It was noted that the Fund did not hold any investments in controversial weapons, in response to correspondence received relating to the conflict in Gaza.
Members were informed that a Responsible Investment (RI) survey had been conducted and closed in June 2025, receiving over 6,000 responses which was a significant increase on previous consultations. 19 employer organisations had also contributed to the consultation. Members commended officers on the high level of response to the consultation.
Key areas of interest identified by respondents included environmental impacts and the risk that investments have links to slave and child labour in their supply chains. Officers confirmed that a review would be undertaken of the Fund’s investments to assess risks within supply chains and report back to the Sub-Committee. Engagement with scheme members on the Fund’s RI work would also be increased.
In response to questions regarding a piece of legal correspondence regarding investment in Israel, it was noted that this had been circulated nationally and was being addressed by the Scheme Advisory Board. A response from the Secretary of State was hoped for.
RESOLVED:
That the RI sub-committee notes the report, including the significant response to the 2025 RI survey and next steps including providing feedback to scheme members, and recognising their interest in the risk of slavery and child labour as a priority ESG risk for the Pension Fund.
8
Stewardship Highlight Report
To receive a report from the Director of Corporate Operations providing information regarding the Pension Fund’s investment managers’ stewardship of the Pension Fund’s assets.
Attachments:
- Document PFRIS Stewardship Report 28 Aug 2025
Minutes
The Sub-Committee received a report from the Director of Corporate Operations detailing the stewardship activities of the Pension Fund’s investment managers. It was confirmed that the Fund had successfully retained its UK Stewardship Code signatory status.
The report highlighted an error by a third party, employed by one of the Fund’s investment managers, interpreting the Fund’s policy, resulting in voting decisions that did not align with the Fund’s preferences. Officers confirmed that this had not caused reputational damage and that discussions were ongoing with the fund manager to address the issue.
Members were informed that the Financial Reporting Council recommends the retendering of audit contracts every 10 years Fund managers were expected to vote in accordance with this guidance following the ACCESS voting policy.
It was noted that as pooling arrangements develop, conflicts in voting between fund managers were expected to be removed. Officers explained that where votes diverge from Fund policy, follow-up discussions are held with the relevant managers to understand and influence future decisions.
In response to member questions, officers confirmed that certain company names were omitted from the public report at the request of investment managers to preserve relationships for the benefit of future engagement. Councillor Tim Davies requested that his objection to this approach be formally noted. Officers agreed to consider whether future discussions on such matters should be held in exempt session, weighed against the preference for the proceedings of the sub-committee to be open and transparent.
RESOLVED:
That the Pension Fund Responsible Investment Sub-Committee note the report, including
· The Pension Fund’s retention of its UK Stewardship Code signatory status.
· How the Pension Fund’s investment managers have voted in the Fund’s portfolios and engaged with the management of these companies as highlighted in this report, and the progress that has been made in respect of excluding controversial weapons from the portfolio.
The report highlighted an error by a third party, employed by one of the Fund’s investment managers, interpreting the Fund’s policy, resulting in voting decisions that did not align with the Fund’s preferences. Officers confirmed that this had not caused reputational damage and that discussions were ongoing with the fund manager to address the issue.
Members were informed that the Financial Reporting Council recommends the retendering of audit contracts every 10 years Fund managers were expected to vote in accordance with this guidance following the ACCESS voting policy.
It was noted that as pooling arrangements develop, conflicts in voting between fund managers were expected to be removed. Officers explained that where votes diverge from Fund policy, follow-up discussions are held with the relevant managers to understand and influence future decisions.
In response to member questions, officers confirmed that certain company names were omitted from the public report at the request of investment managers to preserve relationships for the benefit of future engagement. Councillor Tim Davies requested that his objection to this approach be formally noted. Officers agreed to consider whether future discussions on such matters should be held in exempt session, weighed against the preference for the proceedings of the sub-committee to be open and transparent.
RESOLVED:
That the Pension Fund Responsible Investment Sub-Committee note the report, including
· The Pension Fund’s retention of its UK Stewardship Code signatory status.
· How the Pension Fund’s investment managers have voted in the Fund’s portfolios and engaged with the management of these companies as highlighted in this report, and the progress that has been made in respect of excluding controversial weapons from the portfolio.
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