Gwynedd Pension Fund Investments
Dear Gwynedd Council,
I am researching the fossil fuel investments made by UK Local Government Pension Schemes (LGPS) for an upcoming report by UK Divest. On publication, the report is likely to receive substantial interest from press and the elected representatives sitting on pension fund committees across the UK. Therefore can you please ensure the investment data you provide is as accurate as possible as our analysis will be fundamentally informed by it.
To complete this research, I require data on each investment that was held by Gwynedd Pension Fund on 31 March 2022, or the nearest possible date:
1. Investment names. Please provide the names of all investments held by the pension fund. For direct investments, please provide the names of individual investments such as specific stocks, bonds, and real estate units. For indirect investments (i.e. those held via a third party), please provide the names of investment vehicles, such as specific mutual funds, exchange traded funds (ETFs) and real estate investment trusts (REITs) and anything else. Note we do not need to know what each indirect investment vehicle invests in as we will determine this in the data analysis.
2. Investment identifiers. For listed investments (i.e. those traded on public exchanges), such as bonds and equities, please provide the International Securities Identifier Number (ISIN). For any investments that do not have an ISIN number, such as some alternative assets, please provide the Legal Entity Identifier (LEI). If an investment does not have an identifier, please provide an explanation.
3. Asset types. The asset type for each investment as reported by the pension fund, such as: real estate, cash, private equity, listed equity, sovereign bonds, corporate bonds etc.
4. Investment managers. The name of the entity which is responsible for the day-to-day management of each investment. For example, this could be the name of the entity which manages a specific investment fund such as Baillie Gifford, Legal & General, UBS etc. Note we do not need to know who is responsible for the overall governance of the LGPS or any pools it might belong to.
5. Investment values. The market value of each investment in pounds sterling (£) on 31 March 2022 or the nearest possible date. And please also give the total value of the pension fund.
We have created a read-only Google Sheet as a template for how we would like the data presented when you answer this request. You can view and download it here: https://docs.google.com/spreadsheets/d/1...
If possible, please use this Google Sheet when answering. Please note there are two tabs - 'summary' and 'data'. Please fill in both tabs. Using the template would help us accurately analyse the data provided.
If you respond promptly and to a satisfactory standard, we will willingly share our analysis with you prior to publication of our report, so you have the chance to comment and benchmark your pension fund against other UK LGPS.
I would like to receive this information in unlocked excel sheets without protected cells (.xls). If you have to password protect the excel sheets, please also provide the password to them. When considering the request for this data in excel format, please refer to Innes v Information Commissioner [2014] EWCA Civ 1086 (i), which allows a requester to express a preference for communication by a particular means, specifically: "an applicant's right to choose to have information provided to him in electronic form extends to a right to choose the software format in which it is embodied." (ii)
Please note:
Many public authorities release their contracts, minutes, and other information of interactions with private vendors in line with the Freedom of Information Act. The exemption for commercial interest under the Act (section 43) is a qualified exemption, which means information can only be withheld if it is in the public's interest. The public have an interest in knowing what the Pension Fund is investing in, the terms of contracts and the minutes of meeting with public authorities, whether or not public money changes hands immediately.
If you are relying on section 41 (the exemption for legal breach of confidence) then I would like to know the following:
* When these confidentiality agreements were agreed
* All correspondence and email in which these confidentiality agreements were discussed
* The precise wording of the confidentiality agreements.
I ask these questions because guidance issued by both the Lord Chancellor (draft guidance on FOI implementation) and the Office of Government Commerce (Model terms and conditions for goods and services) specifically state that public authorities should not enter into these types of agreements; they go directly against the spirit of the laws of disclosure. I would also point to the Information Commissioner's guidance on accepting blanket commercial confidentiality agreements: 'Unless confidentiality clauses are necessary or reasonable, there is a real risk that, in the event of a complaint, the Commissioner would order disclosure in any case.' (iii)
Finally, within the law of confidence there is also a public interest test. Therefore, the information should be disclosed in full. If any parts are redacted, they must be for information that can be proven to be a legal breach of confidence in court, and only then where secrecy can be shown to be in the public interest. These are difficult positions to argue when public money is at stake or where a public authority is offering a private company a monopoly to charge its stakeholders.
I reserve the right to appeal your decision to withhold any information or to charge excessive fees, and understand that under the act, I am entitled to a response within 20 working days. I would be grateful if you could confirm in writing that you have received this request.
Yours faithfully,
Edward Jones
(i) Innes v Information Commissioner [2014] EWCA Civ 1086 http://www.bailii.org/ew/cases/EWCA/Civ/...
(ii) Section 11 FOIA and the Form of a Request
https://panopticonblog.com/2014/08/01/se...
(iii) 'Freedom of Information Awareness Guidance 5: Commercial Interests' Office of the Information Commissioner, Page 10 https://www.humanrightsinitiative.org/pr...
Rhyddid Gwybodaeth / Freedom of Information
Dear Edward Jones,
Freedom of Information (ref 821)
Thank you for your recent request under the Freedom of Information Act
2000.
Your request has been passed to me to process and I can confirm that it
has been logged under the reference number 821.
The Council may take up to 20 working days, from the date of receipt, to
respond to your request. You should therefore receive the information you
have requested, subject to the application of any exemptions permitted
under the Act, by 19/04/2023. If you require further information please
contact me by phone on 01286 679468 or by emailing [1][email
address].cymru by quoting the reference number above.
Yours sincerely,
Rhian Jones
-------------------------------------------------------------
Mae'r e-bost hwn ac unrhyw atodiad iddo yn gyfrinachol ac fe'i bwriedir ar
gyfer y sawl a enwir arno yn unig. Gall gynnwys gwybodaeth freintiedig. Os
yw wedi eich cyrraedd trwy gamgymeriad ni ellwch ei gopio, ei ddosbarthu
na'i ddangos i unrhyw un arall a dylech gysylltu â'r anfonwr ar unwaith.
Mae unrhyw gynnwys nad yw'n ymwneud â busnes swyddogol y corff sy'n anfon
yr e-bost yn bersonol i'r awdur.
Gall cynnwys yr e-bost hwn gael ei ddatgelu yn unol â gofynion
deddfwriaeth mewn perthynas â prosesu a rheoli data, sydd yn cynnwys y
GDPR, Deddf Diogelu Data 2018 a Deddf Rhyddid Gwybodaeth 2000.
Arbedwch bapur, ynni ac arian - Peidiwch argraffu'r neges yma oni bai ei
bod yn hollol angenrheidiol.
Save paper, energy and money - Do not print this message unless it is
absolutely necessary.
References
Visible links
1. mailto:[email%20address].cymru
Dear Edward Jones,
Freedom of Information (Ref 821)
Thank you for your recent request. Please see attached for the information requested:
The disclosed information may contain copyright material, and notwithstanding Gwynedd Council’s disclosure the document may still be copyright protected. It is important for you to respect any copyright status that may attach to a particular document. Fair dealing provisions allow information to be used in certain ways without infringing copyright. This allows the contents to be debated publicly. Fair dealing allows disclosure to serve the public interest of increasing accountability and transparency. Of particular importance is the provision which allows the criticism, review or news reporting of copyright information.
A detailed account of the provisions may be found in the Guidance Note 20201023 “Intellectual property rights and disclosures under the FOIA” on the Information Commissioner’s website
Complaints
If you are unhappy with the way the Council has handled your request, you may ask for an internal review. Please contact me if you require an internal review of your case. An internal review will be conducted by the Monitoring Officer or Head of Service and we will aim to respond within 20 working days. However, if we are unable to complete the review by this date, we will advise you accordingly.
If you are not content with the outcome of the internal review, you have the right to apply directly to the Information Commissioner for a decision. Please see below for the contact details:
Information Commissioner’s Office
2nd Floor
Churchill House
Churchill Way
Cardiff
CF102HH
Telephone: 02920 678400
Email: [email address]
Fax: 02920 678399
Yours sincerely,
Lisa Marie Williams
Cymhorthydd Cefnogol/Support Assistant
Cefnogaeth Gorfforaethol/Corporate Support
-------------------------------------------------------------
Mae'r e-bost hwn ac unrhyw atodiad iddo yn gyfrinachol ac fe'i bwriedir ar gyfer y sawl a enwir arno yn unig. Gall gynnwys gwybodaeth freintiedig. Os yw wedi eich cyrraedd trwy gamgymeriad ni ellwch ei gopio, ei ddosbarthu na'i ddangos i unrhyw un arall a dylech gysylltu â'r anfonwr ar unwaith.
Mae unrhyw gynnwys nad yw'n ymwneud â busnes swyddogol y corff sy'n anfon yr e-bost yn bersonol i'r awdur.
Gall cynnwys yr e-bost hwn gael ei ddatgelu yn unol â gofynion deddfwriaeth mewn perthynas â prosesu a rheoli data, sydd yn cynnwys y GDPR, Deddf Diogelu Data 2018 a Deddf Rhyddid Gwybodaeth 2000.
Arbedwch bapur, ynni ac arian - Peidiwch argraffu'r neges yma oni bai ei bod yn hollol angenrheidiol.
Save paper, energy and money - Do not print this message unless it is absolutely necessary.
Dear Lisa Marie Williams ,
FOI Ref 821
Many thanks for your response and help with this. Also many thanks for trying to provide all the data and using the Google template we provided - much appreciated.
I am hoping that this can be dealt with as a clarification, and not a internal review, to ensure a quicker response. Please let me know if an internal review is necessary.
There are two issues with the data you have provided:
1) Investment identifiers - no LEIs. In your response you provide ISINs (and SEDOL) identifiers for some of the investments. However, for investments managed by Partners and Threadneedle, you do not provide ISIN or LEI identifiers. Can you please provide LEI identifiers for these investments if no ISIN numbers are available? If necessary, can you ask the investment managers for the LEIs? As stated in the original request: "For any investments that do not have an ISIN number, such as some alternative assets, please provide the Legal Entity Identifier (LEI). If an investment does not have an identifier, please provide an explanation."
2) Investment identifiers - providing SEDOL identifiers. For some of the investments you provide SEDOL identifiers rather than ISINs. Can you please instead provide the ISIN identifier for those investments. And if there is not an ISIN identifier for any of the investments which you give SEDOL identifiers for, please provide the LEI identifier for it.
Yours sincerely,
Edward Jones
Good afternoon,
I have passed your request to the relevant officer and I am awaiting a reply.
Kind regards
Lisa Marie Williams
Cymhorthydd Cefnogol/Support Assistant
Cefnogaeth Gorfforaethol/Corporate Support
-----Neges Wreiddiol/Original Message-----
Oddi wrth: Edward Jones <[FOI #962129 email]>
Anfonwyd: Dydd Iau, 30 Mawrth 2023 15:43
At: Rhyddid Gwybodaeth <[Gwynedd Council request email]>
Pwnc: Re: Freedom of information request T821
Rhybudd / Caution: Mae’r neges hon yn tarddu o du allan i’r sefydliad. Cymerwch bwyll wrth glicio unrhyw ddolen neu atodiad. This message originated outside your organisation. Exercise caution when clicking links or opening attachments.
Dear Lisa Marie Williams ,
FOI Ref 821
Many thanks for your response and help with this. Also many thanks for trying to provide all the data and using the Google template we provided - much appreciated.
I am hoping that this can be dealt with as a clarification, and not a internal review, to ensure a quicker response. Please let me know if an internal review is necessary.
There are two issues with the data you have provided:
1) Investment identifiers - no LEIs. In your response you provide ISINs (and SEDOL) identifiers for some of the investments. However, for investments managed by Partners and Threadneedle, you do not provide ISIN or LEI identifiers. Can you please provide LEI identifiers for these investments if no ISIN numbers are available? If necessary, can you ask the investment managers for the LEIs? As stated in the original request: "For any investments that do not have an ISIN number, such as some alternative assets, please provide the Legal Entity Identifier (LEI). If an investment does not have an identifier, please provide an explanation."
2) Investment identifiers - providing SEDOL identifiers. For some of the investments you provide SEDOL identifiers rather than ISINs. Can you please instead provide the ISIN identifier for those investments. And if there is not an ISIN identifier for any of the investments which you give SEDOL identifiers for, please provide the LEI identifier for it.
Yours sincerely,
Edward Jones
Dear Edward Jones,
Please find attached the updated Information.
Kind regards
Lisa Marie Williams
Cymhorthydd Cefnogol/Support Assistant
Cefnogaeth Gorfforaethol/Corporate Support
-----Neges Wreiddiol/Original Message----- Oddi wrth: Edward Jones <[FOI #962129 email]>
Anfonwyd: Dydd Iau, 30 Mawrth 2023 15:43
At: Rhyddid Gwybodaeth <[Gwynedd Council request email]>
Pwnc: Re: Freedom of information request T821
Rhybudd / Caution: Mae’r neges hon yn tarddu o du allan i’r sefydliad. Cymerwch bwyll wrth glicio unrhyw ddolen neu atodiad. This message originated outside your organisation. Exercise caution when clicking links or opening attachments.
Dear Lisa Marie Williams ,
FOI Ref 821
Many thanks for your response and help with this. Also many thanks for trying to provide all the data and using the Google template we provided - much appreciated.
I am hoping that this can be dealt with as a clarification, and not a internal review, to ensure a quicker response. Please let me know if an internal review is necessary.
There are two issues with the data you have provided:
1) Investment identifiers - no LEIs. In your response you provide ISINs (and SEDOL) identifiers for some of the investments. However, for investments managed by Partners and Threadneedle, you do not provide ISIN or LEI identifiers. Can you please provide LEI identifiers for these investments if no ISIN numbers are available? If necessary, can you ask the investment managers for the LEIs? As stated in the original request: "For any investments that do not have an ISIN number, such as some alternative assets, please provide the Legal Entity Identifier (LEI). If an investment does not have an identifier, please provide an explanation."
2) Investment identifiers - providing SEDOL identifiers. For some of the investments you provide SEDOL identifiers rather than ISINs. Can you please instead provide the ISIN identifier for those investments. And if there is not an ISIN identifier for any of the investments which you give SEDOL identifiers for, please provide the LEI identifier for it.
Yours sincerely,
Edward Jones
Dear Lisa Marie Williams ,
FOI Ref 821
Many thanks again for your response and help with this.
I am hoping that this can be dealt with as a clarification, and not a internal review, to ensure a quicker response. Please let me know if an internal review is necessary.
There is now just one issue I've noticed with the data you provided.
For the Reporting date (DD/MM/YYYY) you give it as: 31/12/2022. (in the summary tab of the spreadsheet)
In the original FOI request we asked for investment data for "31 March 2022, or the nearest possible date."
Is it possible to send the spreadsheet again, but with investment data for 31 March 2022?
Many thanks for your help.
Yours sincerely,
Edward Jones
Good afternoon,
I have passed your request to the relevant officer and I am awaiting a reply.
Kind regards
Lisa Marie Williams
Cymhorthydd Cefnogol/Support Assistant
Cefnogaeth Gorfforaethol/Corporate Support
-----Neges Wreiddiol/Original Message-----
Oddi wrth: Edward Jones <[FOI #962129 email]>
Anfonwyd: Dydd Mercher, 19 Ebrill 2023 12:20
At: Rhyddid Gwybodaeth <[Gwynedd Council request email]>
Pwnc: Re: Freedom of information request T821
Rhybudd / Caution: Mae’r neges hon yn tarddu o du allan i’r sefydliad. Cymerwch bwyll wrth glicio unrhyw ddolen neu atodiad. This message originated outside your organisation. Exercise caution when clicking links or opening attachments.
Dear Lisa Marie Williams ,
FOI Ref 821
Many thanks again for your response and help with this.
I am hoping that this can be dealt with as a clarification, and not a internal review, to ensure a quicker response. Please let me know if an internal review is necessary.
There is now just one issue I've noticed with the data you provided.
For the Reporting date (DD/MM/YYYY) you give it as: 31/12/2022. (in the summary tab of the spreadsheet)
In the original FOI request we asked for investment data for "31 March 2022, or the nearest possible date."
Is it possible to send the spreadsheet again, but with investment data for 31 March 2022?
Many thanks for your help.
Yours sincerely,
Edward Jones
Good afternoon,
Please find attached updated information relating to your FOI request number T821.
Regards,
Rhian Jones
Adran Cefnogaeth Gorfforaethol/Corporate Support Department
-------------------------------------------------------------
Mae'r e-bost hwn ac unrhyw atodiad iddo yn gyfrinachol ac fe'i bwriedir ar gyfer y sawl a enwir arno yn unig. Gall gynnwys gwybodaeth freintiedig. Os yw wedi eich cyrraedd trwy gamgymeriad ni ellwch ei gopio, ei ddosbarthu na'i ddangos i unrhyw un arall a dylech gysylltu â'r anfonwr ar unwaith.
Mae unrhyw gynnwys nad yw'n ymwneud â busnes swyddogol y corff sy'n anfon yr e-bost yn bersonol i'r awdur.
Gall cynnwys yr e-bost hwn gael ei ddatgelu yn unol â gofynion deddfwriaeth mewn perthynas â prosesu a rheoli data, sydd yn cynnwys y GDPR, Deddf Diogelu Data 2018 a Deddf Rhyddid Gwybodaeth 2000.
Arbedwch bapur, ynni ac arian - Peidiwch argraffu'r neges yma oni bai ei bod yn hollol angenrheidiol.
Save paper, energy and money - Do not print this message unless it is absolutely necessary.
Dear Rhian Jones / Lisa Marie Williams,
FOI request number T821.
Many thanks for your response and help with this.
I am hoping that this can be dealt with as a clarification, and not a internal review, to ensure a quicker response. Please let me know if an internal review is necessary.
You sent another spreadsheet on the 21 April with investments on 31 March 2022.
However, that spreadsheet did not include all of the ISINs/LEIs for all of the pension funds investments. It also does not include the investment managers for all of the investments. Or the Asset type for all investments.
You provided this, upon request, for the last spreadsheet you sent on 5 April, which unfortunately was for the wrong date (see full correspondence here: https://www.whatdotheyknow.com/request/g... the spreadsheet: https://www.whatdotheyknow.com/request/9... )
Can you resend the last spreadsheet you sent on 21 April for investments on 31 March 2022, but this time filling in all the fields like you did in the previous version you sent on 5 April. Basically, using the template we sent with the FOI originally, making sure all fields are filled in? The template can be found here: https://docs.google.com/spreadsheets/d/1...
Many thanks again for your help.
Yours sincerely,
Edward Jones
Dear Edward Jones,
Please find attached the updated spreadsheet.
Kind regards
Lisa Marie Williams
Cefnogaeth Gorfforaethol/Corporate Support
-------------------------------------------------------------
Mae'r e-bost hwn ac unrhyw atodiad iddo yn gyfrinachol ac fe'i bwriedir ar gyfer y sawl a enwir arno yn unig. Gall gynnwys gwybodaeth freintiedig. Os yw wedi eich cyrraedd trwy gamgymeriad ni ellwch ei gopio, ei ddosbarthu na'i ddangos i unrhyw un arall a dylech gysylltu â'r anfonwr ar unwaith.
Mae unrhyw gynnwys nad yw'n ymwneud â busnes swyddogol y corff sy'n anfon yr e-bost yn bersonol i'r awdur.
Gall cynnwys yr e-bost hwn gael ei ddatgelu yn unol â gofynion deddfwriaeth mewn perthynas â prosesu a rheoli data, sydd yn cynnwys y GDPR, Deddf Diogelu Data 2018 a Deddf Rhyddid Gwybodaeth 2000.
Arbedwch bapur, ynni ac arian - Peidiwch argraffu'r neges yma oni bai ei bod yn hollol angenrheidiol.
Save paper, energy and money - Do not print this message unless it is absolutely necessary.
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