GM Pensiones reviews its investment strategy twice a year, and in 2022 it adjusted the strategy to seize short-term opportunities while keeping a long-term target in mind. The fund subsequently increased its investment in fixed income and reduced its equity weighting, while reducing exposure to the US dollar and adding to yen and sterling.

In 2022, GM Pensiones employed a proxy voting adviser to oversee and report on its voting activity. In the first year of reporting, it was represented in 159 annual general meetings and 37 meetings for mutual funds. Of more than 2,200 votes cast, 12% were against management proposals – half of which were related to remuneration.

The fund’s board maintains frequent communications with members to ensure transparency about its strategy. It undertook a member survey in 2022 to assess satisfaction with its service, which showed an overall high level of satisfaction with fund operations and performance. To support those nearing retirement, the fund offers a financial planning service to give members a full overview of their financial position and aid decisions.

Pensions Caixa 30 (PC30) is compliant with Article 8 of the Sustainable Finance Disclosure Regulation (SFDR) and was the first pension fund in Spain to publicly support the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) in 2020. Since 2022, the fund has published a TCFD report annually. As of April 2023, it has accomplished 77% of TCFD recommendations.

PC30 will align its investments with the UN’s Sustainable Development Goals, incorporating them into its selection and monitoring process with a special emphasis on primary and secondary goals. It has integrated a series of ESG-related benchmarks into its processes and this year it introduced a dedicated ‘climate equities’ allocation.

PC30 joined the Net Zero Asset Owner Alliance in May 2023, allowing the fund to join forces with other investors and participate in joint efforts to encourage companies and governments adopt best practices on climate.

PC30 has also created a communications working group and a dedicated website with new content, including infographics, to improve communication with members and enhance transparency.