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The Wales Pension Partnership (WPP) takes its responsibilities as an asset owner seriously. We aim to be responsible stewards, and work closely with stakeholders to make sure our investments reflect our values and legal obligations. We build environmental, social and governance (ESG) factors into our investment and stewardship work. This covers issues such as climate change, human rights and violations of international law. 

We are committed to listening to, understanding, and responding openly and responsibly to our members’ concerns, following our legal duties and the latest guidance from the LGPS Scheme Advisory Board.

We take a multi-layered approach to stewardship. Robeco is our appointed Voting and Engagement Provider, and we are also members of the Local Authority Pension Fund Forum. Both parties engage with companies on our behalf to drive improvements in practices and reporting, and to help us reduce risks in our investments. We receive regular reports on their progress, which guide our decisions. If engagement with a company that does not reflect our values and legal obligations fails, we discuss potential courses of action with our investment managers, with divestment a possible outcome.

Earlier this year, as part of our Responsible Investment Policy, we developed an exclusions policy to exclude investments in companies with material involvement in thermal coal and unconventional oil & gas, in the production of controversial weapons, and companies in persistent breach of global norms. Subject to final regulatory approval, the exclusions policy will begin to take effect in the coming months.