Local Authority Pension Fund Forum (LAPPF) SIG - annual report to LGA Board 2025

• Lead Member: LAPFF Executive Committee
• Lead Officer: Cllr Doug McMurdo, LAPFF Chair
• Email: [email protected]
• Address: C/O PIRC Ltd, Exchange Tower, 8th Floor, Suite 8.02, 2 Harbour Exchange Square, London E14 9GE
• Telephone: N/A
• Website: https://lapfforum.org/

Funds

• Avon Pension Fund
• Barking and Dagenham Pension Fund
• Barnet Pension Fund
• Bedfordshire Pension Fund
• Berkshire Pension Fund
• Bexley (London Borough of)
• Brent (London Borough of)
• Cambridgeshire Pension Fund
• Camden Pension Fund
• Cardiff & Glamorgan Pension Fund
• Cheshire Pension Fund
• City of London Corporation Pension Fund
• Clwyd Pension Fund (Flintshire CC)
• Cornwall Pension Fund
• Croydon Pension Fund
• Cumbria Pension Fund
• Derbyshire Pension Fund
• Devon Pension Fund
• Dorset Pension Fund
• Durham Pension Fund
• Dyfed Pension Fund
• Ealing Pension Fund
• East Riding Pension Fund
• East Sussex Pension Fund
• Enfield Pension Fund
• Environment Agency Pension Fund
• Essex Pension Fund
• Falkirk Pension Fund
• Gloucestershire Pension Fund
• Greater Gwent Pension Fund
• Greater Manchester Pension Fund
• Greenwich Pension Fund
• Gwynedd Pension Fund
• Hackney Pension Fund
• Hammersmith and Fulham Pension Fund
• Haringey Pension Fund
• Harrow Pension Fund
• Havering Pension Fund
• Hertfordshire Pension Fund
• Hillingdon Pension Fund
• Hounslow Pension Fund
• Isle of Wight Pension Fund
• Islington Pension Fund
• Kensington and Chelsea (Royal Borough of)
• Kent Pension Fund
• Kingston upon Thames Pension Fund
• Lambeth Pension Fund
• Lancashire County Pension Fund
• Leicestershire Pension Fund
• Lewisham Pension Fund
• Lincolnshire Pension Fund
• London Pension Fund Authority
• Lothian Pension Fund
• Merseyside Pension Fund
• Merton Pension Fund
• Newham Pension Fund
• Norfolk Pension Fund
• North East Scotland Pension Fund
• North Yorkshire Pension Fund
• Northamptonshire Pension Fund
• Nottinghamshire Pension Fund
• Oxfordshire Pension Fund
• Powys Pension Fund
• Redbridge Pension Fund
• Rhondda Cynon Taf Pension Fund
• Scottish Borders Pension Fund
• Shropshire Pension Fund
• Somerset Pension Fund
• South Yorkshire Pension Authority
• Southwark Pension Fund
• Staffordshire Pension Fund
• Strathclyde Pension Fund
• Suffolk Pension Fund
• Surrey Pension Fund
• Sutton Pension Fund
• Swansea Pension Fund
• Teesside Pension Fund
• Tower Hamlets Pension Fund
• Tyne and Wear Pension Fund
• Waltham Forest Pension Fund
• Wandsworth Borough Council Pension

Fund

• Warwickshire Pension Fund
• West Midlands Pension Fund
• West Yorkshire Pension Fund
• Westminster Pension Fund
• Wiltshire Pension Fund
• Worcestershire Pension Fund

Pool Company Members

• ACCESS Pool
• Border to Coast Pensions Partnership
• LGPS Central
• Local Pensions Partnership
• London CIV
• Northern LGPS
• Wales Pension Partnership

The Local Authority Pension Fund Forum (LAPFF) is the UK’s leading collaborative shareholder engagement group. Formed in 1990, LAPFF brings together 87 public sector pension funds and seven pools from across the UK with combined assets under management of over £425 billion, representing a majority of funds under management by local authorities.

LAPFF exists to promote the investment interests of local authority pension funds in the UK, and to maximise their influence as shareholders to promote corporate responsibility and high standards of corporate governance amongst the companies in which they invest.

LAPFF members meet quarterly to discuss and debate a broad range of investment issues concerned with shareholder responsibilities and engagement activities. During the year, members discuss reports on a wide range of topics, with meetings being serviced by PIRC Limited, as the appointed research and engagement partner to the Forum. Keith Bray, formerly County Treasurer at South Glamorgan County Council and Director of Finance at the City of Cardiff Council, is the LAPFF officer with the role of promoting the work of LAPFF generally and amongst existing and prospective members. Cllr Doug McMurdo of Bedfordshire Pension Fund is the Forum Chair.

LAPFF provides a platform for discussion of investment issues and shareholder engagement for LGPS funds and pool companies. Member investment activities have important implications for beneficiaries, local communities, and the wider economy. The collective influence gained by members collaborating on common concerns has an impact in relation to the companies in which they invest.

From October 2023 to September 2024, LAPFF held 91 engagement meetings across a wide range of sectors. LAPFF also attended six company AGMs, and issued 57 voting alerts advocating for improved corporate governance and social responsibility.

Climate & Strategic Resilience: LAPFF achieved meaningful progress in climate engagement, notably influencing Barclays’ updated climate finance policy and supporting National Grid’s £60bn green investment plan, alongside its revised Climate Transition Plan. Continued engagement with Shell and BP challenged weakening decarbonisation commitments, while engagement with high-emission sectors, including cement, steel, aviation, and housebuilders, highlighted both the opportunities and constraints in low-carbon transitions.

Nature & Biodiversity: Recognising systemic risks associated with biodiversity loss, LAPFF joined Nature Action 100, engaging companies like Johnson & Johnson and Procter & Gamble on nature-related impacts. LAPFF also held dialogues on regenerative agriculture with Nestlé and deforestation risks with TJX Companies. Water stewardship remained a core focus through the Valuing Water Finance Initiative, where LAPFF led engagements with Chipotle and Constellation Brands, and continued to press UK water utilities on pollution and infrastructure resilience.

Social Factors & Human Rights: LAPFF maintained a strong focus on human rights, particularly in Conflict-Affected and High-Risk Areas (CAHRAs). LAPFF participated in an Investor Alliance for Human Rights initiative. LAPFF also engaged companies such as BAE Systems, Maersk, and Mercedes-Benz on supply chain due diligence and conflict-zone operations. Further engagement with electric vehicle manufacturers and mining companies sought greater transparency on mineral sourcing and labour practices.

Corporate Governance & Policy: LAPFF raised concerns about weakening governance standards in the UK, including through challenges to the Capital Markets Industry Taskforce. The Forum advocated for investor rights via “Say on Climate” votes, securing commitments from companies to put climate plans to shareholder votes. LAPFF also participated in the DWP-backed Taskforce on Social Factors and remained active across UK and EU policy dialogues.