At the June meeting of the Investment and Pension Fund Committee, it was agreed that a survey of fund members be undertaken to feed into the Fund’s policies on stewardship and climate change. The survey was launched at the end of June and closed on 21st August.
A total of 4,278 pension fund members responded. This equates to around 3.2% of total fund members. The results of the survey are appended below.
Breakdown of Pension Fund Members who responded to the survey
Active Members 1,477
Pensioner Members 2,059
Deferred Members 742
Investment Strategy – Your Views
Please rate each of the following, in terms of importance to you, in how the Devon Pension Fund manages its investments (1 = No importance / Don’t Know, 2 = Minor Importance, 3 = Fairly Important, 4 = Significant Importance, 5 = Very important)
Maximising investment returns at an appropriate level of risk
Average Score: 4.32
Investing in companies that are seeking to transition their business in response to climate change
Average Score: 3.77
Reducing the carbon footprint of the Fund’s investments
Average Score: 3.79
Divesting from companies with reserves of fossil fuels
Average Score: 3.47
Engaging with companies on a wide range of responsible investment issues, e.g. climate change, human rights, social impact, employment standards, diversity of company board, etc.
Average Score: 3.90
Keeping down the management fees paid to the fund management companies who manage the Devon Pension Fund’s investments
Average Score: 4.26
Maintaining a specific investment allocation in the United Kingdom as opposed to global investments
Average Score: 3.39
Please rank the above issues in order of importance to you (1= most important, 2 = next most important, etc.)
Please rank the following issues in order of importance to you in how the Fund engages with and/or selects the companies in which it invests
Are there any other issues of concern that you would like to highlight?
The following issues were highlighted by at least 10 people:
- Investment in Russia
- Animal Welfare
- Modern Slavery / Child Labour
- Gender equality
- Investment in China
- Taxation (companies paying tax appropriately)
- Political donations / impartiality
Awareness and Interest
Please rate each of the following, in terms of your awareness and interest (1 = No interest/awareness, 2 = Little interest/awareness, 3 = Some interest/awareness, 4 = Significant interest/awareness, 5 = Strong interest/awareness)
What level of interest do you have in how the Pension Fund invests the money held to pay pensions?
Are you aware of the Fund’s policies on addressing climate change through its investments?
Have you seen the Devon Pension Fund Annual Report 2020/21, including the sections on investment performance, stewardship and climate change?
Prior to this survey, were you aware of the Fund’s website – www.devonpensionfund.org.uk?
Were you aware of the Devon Pension Fund Annual Consultative Meeting for pension fund members, held in February?
Do you have any further comments you wish to make on the Devon Pension Fund’s investment policies?
448 people (around 10%) provided further comments on the survey. These ranged from those supportive of divestment from certain investments to those who wanted the fund to promote change by engagement to those who wanted the Fund to concentrate on maximising investment returns to the exclusion of all other considerations.