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Welcome to Wiltshire Pension Fund's Stewardship pages.  These pages aim to share our activities and outcomes in this important area, and bring it to life with some examples of the types of thing we do, and why.

We are proud to have been signatories of the UK Stewardship Code 2020 since 2022, and are on a journey of continuous improvement in this important area.

UK Stewardship Code Logo

What is stewardship?

"The use of influence by institutional investors to maximise overall long-term value including the value of common economic, social and environmental assets, on which returns and clients' and beneficiaries' interests depend" (as defined by the PRI (UN supported Principles for Responsible Investment)).

What is responsible investment?

Responsible investment is the strategy to incorporate ESG (environmental, social and governance) factors into investment decisions.

What is Wiltshire Pension Fund trying to do?

ESG factors, including Climate Change, are important factors for the sustainability of investment returns over the long term.  We need to protect the Fund's assets, so that we have enough money to pay pension benefits as they fall due, and to help keep our employers' contribution rates as stable and affordable as possible.  That's why we consider these factors - we are always trying to earn strong risk-adjusted returns, and ESG factors play an important role in helping us to do that.

We have published detailed and comprehensive Stewardship Reports on our activities in this area. These reports set out our policies, activities and outcomes against the principles of the UK Stewardship Code 2020.

Responsible Investment and Stewardship Highlights of 2023/24:

2024_RI_Stewardship_Highlights_Mini_Magazine_v4 (PDF) [716KB] (opens new window)


Wiltshire Pension Fund has set an investment belief: 

We seek to invest in a way that, where possible, aligns the interests of the Fund with those of the contributing employers and the Fund membership.

Engagement Activities

Responsible Investment Surveys

Every three years we carry out a Responsible Investment Survey with our members, with the results from the latest survey shown below. We are genuinely interested in the views of our members, and the information we gain from the survey helps us to make decisions on what we do, and on what we communicate to our members. 

2,914 responses, 30% Increase from 2021. 2/3 think it is important we seek to influence the wider financial community, and companies we invest in to bring about better environmental and social outcomes.

The results can be found in the following report and will help shape future discussions on the important issue of responsible investments:

Responsible Investment Survey 2024- The Results (PDF) [454KB] (opens new window)

Previous Results

2021 Responsible Investment Survey Results (PDF) [237KB] (opens new window)

Youth Engagement Survey 2023

Wiltshire Pension Fund recognises the importance of engaging with its future pensioners to better understand their expectations, preferences, and priorities regarding their pensions and how it is invested. In addition to this Environmental, Social, and Governance (ESG) issues have gained prominence in recent years, gaining information on how younger members view the importance of these issues can form a valuable part of our decision-making process and help guide our communication efforts.

What did they say?

Youth Engagement Survey Results, infographic, 8 out of 10 Want to understand their pension benefits better, 7 out of 10 Preferred to receive information through online web posts, 100% Agreed pensions are important

Click here to view the full results

Employer survey 2021

In August 2021, fund employers were surveyed on their views on responsible investment, strategic issues and climate change. A summary of the results can be found below:

Employer survey (PDF) [285KB] (opens new window)

Employer Strategic Focus Group

The Employer Strategic Focus Group ("the group") is an informal way for the employers to engage with the Fund (via the officers and the employer representatives on the Pension Fund Committee) on strategic issues. The group has been established to facilitate a 2-way dialogue, and to enable the employer representatives to feedback employers' views to the Committee. The group discusses strategic issues which affect the employers, and allows the employer representatives and officers to take informal soundings from employers on these issues. These views may then be incorporated into draft strategies, for example, before consultation with the full employer body. Or the views may be fed back to the Committee by the employer representatives, to contribute to the decision-making process.

9 Safeguard the assets, 10 Strong risk-adjusted returns, 11 Responsible ownership and stewardship, 12 Positive impact

Looking for information on how we engage with our investments?  Our approach is set out in our Responsible Investment Policy, visit our Investment approach page to view the policy and find out more.  We also regularly publish articles featuring engagement case studies on our News pages.


What is voting?

As part of the investment portfolios, WPF owns shares in companies.  As a partial owner of a company, we have the right to vote on certain matters at company AGMs (annual general meetings).  Often these are routine business matters (such as reappointing auditors), but sometimes it can be more controversial matters, such as executive pay or climate action.

Why does it matter?

Voting is important to us - exercising our rights as owners means we can have an impact on how companies are run.  Companies that are well run are more likely to perform well, and deliver better investment returns, so it is important that we use our influence. 

Who does the voting?

Voting is a big business, with lots of meetings and resolutions to vote on every year, all across the globe.  Our investment managers vote for us, and report to us on their activity.


Safeguard the assets, strong risk adjusted returns, responsible ownership and stewardship, positive impact, transparency and information sharing




Equity Holdings

In our recent Responsible Investment Survey, our members told us they wanted more transparency in what, where and how much we invest. To demonstrate our commitment to transparency and information sharing,  we are delighted to share a quarterly insight into our equity holdings. 

On this page you can:

  • Learn which companies are in our top 10 for last quarter
  • Discover which sectors we are invested in
  • Find out where we are invested

Top Holdings

The table below shows the largest 10 holdings by value as at the end of December 2023. These represent 21.6% of the Funds total equity holdings. 

LogoCompanyMarket Value (£)
Microsoft Logo
Amazon Logo
Alphabet Google Logo
Apple Logo
Taiwan Semiconductor Manufacturing Company22,052,079 
Tesla Logo
Nvidia Logo
Novo Nordisk Logo
Novo Nordisk 13,634,031 
Visa Logo
 % of Wiltshire Pension Fund's total equity holdings21.6%


Total equities holdings by sector

The following chart show the spilt of equities holdings by sector, this shows the diversification across a wide range of sectors, with the largest exposure being to information technology, consumer discretionary (including Tesla, Amazon etc) and Financials. 

Q4 2023 Equity Holdings by Sector

All data from the table and image above, along with the full list can be viewed in the spreadsheet below: 

Q4 2023- WPF Equities Holding Data (Excel doc) [1MB] (opens new window)

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