Cumbria Pension Fund has been shortlisted for the prestigious national LGC Investment Awards 2024 in the ‘ESG innovation’ category.
The Fund is delighted to receive this acknowledgement, especially following the recent transition to Westmorland and Furness Council as the new administering authority.
The LGC Investment Awards, organised by the Local Government Chronicle (LGC), celebrate excellence and innovation within the local government sector.
This shortlisting recognises Cumbria Pension Fund’s pioneering approach to developing its Responsible Investment Policy, demonstrating leadership in integrating Environmental, Social and Governance (ESG) principles into this.
The Fund's entry into the ‘ESG innovation’ category was distinguished by its collaborative and inclusive approach to policy development, focusing on stakeholder engagement to achieve a shared vision for responsible investment.
A central element of this was the Fund’s innovative engagement strategy, which included surveying 43,000 fund members (with over 3,300 responses); seeking views from employers; and hosting an independently chaired round table event that brought together key stakeholders including Cumbria Divest, facilitating a balanced and constructive dialogue on ESG issues.
The Fund's approach can be adopted by other pension funds, enhancing stakeholder ownership while fulfilling the Fund's primary responsibility of ensuring the payment of current and future pensions.
Cllr Doug Rathbone, Chair of the Cumbria Pensions Committee, said:
"We are immensely proud to be recognised for our work in ESG innovation. Our engagement-focused approach has enabled us to create a Responsible Investment Policy that truly reflects the views of our members, employers and stakeholders.
“This is a testament to the hard work and commitment of our team and our partners, and we are honoured to be considered for the LGC Investment Awards 2024."
The winners will be announced at a ceremony taking place on Friday 29 November in London.
For more information about Cumbria Pension Fund and its Responsible Investment Policy, please visit www.cumbriapensionfund.org.
About Cumbria Pension Fund
The Cumbria Local Government Pension Scheme (“Cumbria Pension Fund”) is a contributory defined benefit scheme to provide pensions and other benefits for all members of the Fund.
At 31 March 2024, there were 120 employer bodies in the Cumbria Pension Fund, nearly 66,000 members, and assets invested with a value of over £3.4bn.
Cumbria Pension Fund was administered by Cumbria County Council until 31 March 2023. As a result of Local Government Reorganisation, from 1 April 2023, Cumbria County Council and the six district councils within the geographical boundary of Cumbria ceased and were replaced by two unitary councils: Cumberland Council and Westmorland & Furness Council. As part of this reorganisation, the administering authority for Cumbria Pension Fund vested from Cumbria County Council to Westmorland and Furness Council in statutory legislation.
About LGC Investment Awards
The LGC Investment Awards recognise and celebrate the achievements of local government pension funds and their managers. The awards showcase innovation, excellence and leadership in investment management, with a particular focus on sustainability, governance and responsible investment.