We’d like to extend our thanks to everyone who engaged with our recent consultation.
The purpose of the consultation
We consulted with our stakeholders on our:
- Investment Strategy Statement
- Responsible Investment Framework
- Climate Strategy
Investment Strategy Statement
Our Investment Strategy Statement sets out our long term investment strategy and includes the fund’s:
- investment objectives
- strategic asset allocation benchmark
- descriptions of the asset classes the fund invests in
- approach to managing risk
- approach to pooling the management of investments with other LGPS funds
Responsible Investment Framework
Our Responsible Investment Framework sets out the fund’s approach to responsible investment, which includes:
- the integration of environmental, social and governance considerations into the investment process
- fund stewardship and governance activities
Our Climate Strategy sets out the fund’s support for the ambitions of the Paris Agreement and the fund’s approach to addressing the risks and opportunities related to climate change. It includes:
- the introduction of targets to reduce the carbon emissions of the fund’s investment portfolio and
- the introduction of targets to increase investment in low carbon and sustainable investments
- the aim of achieving a portfolio of assets with net zero carbon emissions by 2050
How we consulted with our stakeholders
We asked our stakeholders for comments on our Investment Strategy Statement, Climate Strategy and Responsible Investment Framework. To highlight the consultation, we sent:
- letters to over 82,000 scheme members
- emails to over 300 scheme employers
- emails to members of our Derbyshire Pension Board
The consultation opened on 23 September 2020 and closed on 21 October 2020. We developed a set of Frequently Asked Questions to help stakeholders consider the documents.
The responses received
We received 49 responses to the consultation. You can view the full details on the 'October 2020 Consultation Number of Responses and Comments' document attached to this page.
The comments from our stakeholders
We’ve set out a summary of the comments received on the 'October 2020 Consultation Number of Responses and Comments' document attached to this page.
The consultation outcome
The Pensions and Investments Committee considered the responses to the consultation at its meeting on 4 November 2020. The paper considered by the Committee can be found on the Derbyshire Democracy website. The committee approved the proposed Investment Strategy Statement, the Responsible Investment Framework and the Climate Strategy. In response to concerns raised in the consultation, the final Climate Strategy included a commitment to review the carbon footprint and low carbon and sustainable investment targets in three years’ time, rather than the five years proposed in the consultation.
We wrote to over 82,000 members of the fund, but only received 49 responses. This represents an improvement on the 3 responses received in response to our previous consultation, but it remains a low response rate. Although frequently asked questions were developed to help stakeholders to consider the documents, the weight of information included in the consultation remained significant.
We'll reflect on the comments received on the consultation process and consider alternative methods of consulting in the future.
Links to useful documents