Implementation Statement for the F.Hinds Pension Fund

Introduction

This statement describes the voting and engagement policies of the Trustees of the F Hinds Pension Fund (‘the Trustees’) along with a summary of voting and engagement behaviour related to the Fund’s investments over the 12-month period to 31 March 2024.

This Implementation Statement is to provide evidence that the Fund continues to follow and act on the principles outlined in the Statement of Investment Principles (‘the SIP’). This report details:

- Actions the Trustees have taken to manage financially material risks and implement the key policies in its SIP;
- The current policy and approach with regards to Environmental, Social and Governance (ESG) factors and the actions taken with managers on managing ESG risks; and
- The extent to which the Trustees have followed policies on engagement, covering engagement actions with its fund managers and in turn the engagement activity of the fund managers with the companies in which they invest.

Further significant derisking took place over the year to 31 March 2024 as the funding level improvements continued.

The BlackRock Dynamic DGF was sold in Q2 2023 and proceeds invested into LGIM Gilts and Index-Linked Gilts.

At the end of the period the growth allocation had been reduced to 13%.

This report demonstrates that the Fund has adhered to its investment principles and its policies for managing financially material considerations including ESG factors and climate change.

As at the end of March 2024, the pension fund invested in the following funds:

• LGIM Global Equity Fixed Weights (50:50) Index Fund • LGIM AAA-AA-A Corporate Bond Over 15 Year Index Fund • LGIM Over 5 Year Index-Linked Gilts Index Fund • LGIM Over 15 Year Gilt Index Fund (added in) • BNY Mellon Global Dynamic Bond Fund

The following funds had been removed from the portfolio during the year:

• BlackRock BIJF Dynamic Diversified Growth Fund

For the purpose of this report, focus is given to the managers retained in the portfolio.

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