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<p>The government does not prescribe centrally where local government pension funds
should invest their assets. Funds are responsible and accountable for their own decisions,
provided that they act reasonably and follow the Local Government Pension Scheme Investment
Regulations 2016 and associated guidance. <br> <br> Local government pension funds
should make the pursuit of a financial return their predominant concern but they may
also take into account purely non-financial considerations provided that doing so
would not involve a significant risk of financial detriment and they have good reason
to believe that scheme members would support their decision. <br> <br> Funds are required
to set out their policy on how environmental, social or corporate governance concerns
are taken into account in their Investment Strategy Statement. The Regulations also
require this statement to be published and kept under review.</p>
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