Wales Pension Partnership appoints Robeco UK as its Voting and Engagement provider.
The Wales Pension Partnership (‘WPP’) is pleased to announce the appointment of Robeco UK, a branch of Robeco Institutional Asset Management B.V (‘Robeco’) as the WPP’s Voting and Engagement provider. Robeco were appointed following the completion of a comprehensive procurement exercise. Robeco’s contract will commence on 1 April 2020 and will run for an initial period of 3 years with the potential for a 2-year extension.
Robeco will assist the WPP in formulating and maintaining a Voting Policy and Engagement Principles that are in keeping with the Welsh Constituent Authorities’ membership of the Local Authority Pension Fund Forum (‘LAPFF’)
Robeco will be tasked with helping WPP formulate its Voting Policy, this work will be carried out in collaboration with the eight Welsh Constituent Authorities over the course of the next six months. Following this, Robeco will take responsibility for implementing the Voting Policy across WPP’s £5bn active equity portfolio and reporting to WPP and the underlying Funds.
Additionally, Robeco will assist the WPP in framing its Engagement Principles and will undertake engagement activity on behalf of the WPP in accordance with the agreed principles. As part of its remit Robeco, will embrace WPP’s track record of collaborating with likeminded partners, policy makers and regulators to ensure that WPP achieves the most effective engagement outcomes. Robeco will also provide reporting and training on the WPP’s engagement activities at both a Pool and Constituent Authority level.
WPP will publish its Voting Policy and Engagement Principles on this website once they have been finalised.
The WPP believes that Responsible Investment alongside consideration and evidential management of Environmental, Social and Governance issues should result in better outcomes for WPP’s stakeholders. The appointment of Robeco evidences the WPP’s continued delivery of the commitments made in its Responsible Investment Policy and its vow to exercise its voting rights in line with the interest of its stakeholders and engaging with investee companies to enhance the long-term value of the Constituent Authorities’ investments within WPP.
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Wales Pension Partnership awards Private Markets investment contracts
The Wales Pension Partnership (WPP) today announces a series of appointments to facilitate implementation of its Pooled Infrastructure and Private Debt investment solutions.
Russell Investments will develop the WPP pooled private debt investment programme, GCM Grosvenor will implement closed-ended infrastructure investments and open-ended infrastructure will be invested through CBRE Global Infrastructure Fund, IFM Global Infrastructure Fund and Octopus Renewables Infrastructure SCSp.
The appointments follow a rigorous procurement process run by the WPP with investment consultancy firm bfinance. The development will enable efficient and effective access to illiquid asset classes that are fast becoming significant holdings for LGPS funds.
The WPP’s Joint Governance Committee was established in 2017 and is responsible for oversight of the pool’s partner organisations and the services they deliver to the LGPS funds in Wales.
Carmarthenshire County Council acts as Host Authority, liaising day to day with the Pool’s external partners, on behalf of all of the LGPS funds in Wales.
Chris Moore, Director of Corporate Services at Carmarthenshire County Council (Host Authority for the WPP):
“Alternative asset classes have historically been challenging to access in a cost-effective manner. Pooling offers the opportunity to address this challenge. The WPP’s constituent funds have increasing strategic demand for these investments, and we look forward to working with our newly appointed partners to meet this demand.”
WPP wins the Pool of the Year Award at LAPF Investments Awards 2021
We are thrilled and honoured to announce that we were successful in winning Pool of the Year at the LAPF Investment Awards 2021, which took place in London on 29 March 2022.
We would like to thank all the 8 LGPS funds in Wales and our external providers for their continued support, our stakeholders and all involved in managing and providing an exceptional service to the WPP.
Signatory to the UK Stewardship Code
We are delighted to announce that the Wales Pension Partnership (WPP) is now a signatory to the UK Stewardship Code.
The 2020 UK Stewardship Code sets a high bar for stewardship, a standard to which the WPP sought to meet through its approach to responsible investment. The WPP is therefore delighted to be recognised as a signatory to the Code.
Our report for the year ending 31 March 2021 covered the first step on WPP’s journey, a year when we put in place solid foundations through our appointment of Robeco as a stewardship provider, the establishment of our Responsible Investment Sub-Group and began the process of ensuring that our policy commitments were implemented. We also worked closely with Link Fund Solutions and Russell Investments during the year to develop and implement an innovative decarbonisation strategy for our Global Opportunities Fund, a process that we have since sought to extend to our other Sub-Funds.
We recognise that there is much more to do but we remain committed to building our understanding of responsible investment practices and evolving our approach. We learned much from the reporting process and have already taken steps to implement some of those learnings, for example, through increasing the scrutiny of our providers and the assets they manage for us. We do this recognising that the WPP has a responsibility to all eight Constituent Authorities within Wales, and the members of their pension schemes, to be effective stewards of their assets.