On 6 June 2019, the UK Government published the Occupational Pension Schemes (Investment and Disclosure) (Amendment) Regulations (the “Regulations”). The Regulations require that the Trustee of the Birmingham Chamber of Commerce Pension Fund (the “Scheme”) outlines how it has ensured compliance with the policies, on the exercise of rights and undertaking of engagement activities with investment managers, as set out in the Scheme’s Statement of Investment Principles (“SIP”) dated November 2020. This was the SIP in place at the Scheme’s year-end date, 30 June 2022. This Statement has been prepared by the Trustee with the assistance of its appointed Investment Consultant (Quantum Advisory). This statement does not cover the additional voluntary contributions of the Scheme, due to the size of the holding. References herein to the actions, review work or determinations of the Trustee refer to activity that has been carried out either by the Trustee or their Investment Adviser on behalf of the Trustee.
Over, or with regards to the Scheme year, the Trustee: •
Through their Investment Adviser, reviewed the voting and engagement activity of the funds that invest in equities. The Trustee is generally content that the Scheme’s investment managers have appropriately carried out their stewardship duties.
•
Is of the opinion that they have complied with the relevant policies and procedures as identified in the SIP.
•
Has remained aware of the relevant policies and procedures as identified in the SIP and received input from their Investment Adviser to aid ongoing compliance.
It should be noted that the funds that do not hold equities have not been reviewed, as the Trustee believes that there are fewer (if any) voting opportunities. Further detail on each of these matters is presented in the pages that follow.
The SIP was last reviewed in November 2020. The Trustee confirms that: •
There have been no amendments to the SIP over the year.
•
The SIP will be reviewed in the near future should the Trustee amend the investment strategy. The investment strategy is currently being reviewed by the Trustee. This will ensure any amendments to investment policy resulting from a review of investment strategy that is ongoing are reflected. The Trustee will seek advice from their Investment Adviser on the SIP and the suitability of the investments.