The City of London has welcomed James Graham as its new Director of Investment and Strategy, a role that will see a shift in leadership for the Pensions Committee under new government reforms.

Mr. Graham was introduced to the Pensions Committee at their meeting on Wednesday, September 23, 2026, where he expressed his delight at joining the organisation. He replaces Kate Limna, who is retiring after a tenure marked by significant contributions to the City Corporation's financial management.

Yes, I'm delighted to be here. I am the Director of Investments at Treasury, newly appointed, Mr. Graham stated during the meeting. My predecessor would have had a very direct involvement in the work of the committee and in supporting you going forward.

Kate Limna, who served as Corporate Treasurer, was attending her final Pensions Committee meeting. The committee expressed sincere thanks and appreciation for her dedicated service, commitment, and valued contribution. Members lauded her professionalism, expertise, and sound advice in supporting the committee, along with her strategic leadership across financial investments, treasury management, pensions, banking, insurance, and VAT. Her instrumental role in guiding the City Corporation through significant changes to the Local Government Pension Scheme (LGPS) and advancing the Pension Fund's work on behalf of its beneficiaries was also specifically recognized.

Mr. Graham acknowledged that under the government's 'Fit for the Future' reforms, the structure of the committee's leadership will evolve. These reforms are designed to strengthen LGPS regulatory frameworks, introducing enhanced requirements for asset pooling, investment strategy, and governance. A key change is the appointment of an LGPS Senior Officer who will serve as the committee's lead officer. This means Mr. Graham's role as Director of Investment and Strategy will be less direct than that of his predecessor.

The 'Fit for the Future' reforms also encompass new statutory requirements for knowledge and understanding, the implementation of a Training Strategy, the appointment of an LGPS Senior Officer and Independent Person, and preparation for the first Independent Governance Review (IGR) by March 31, 2028.

While Mr. Graham expressed his eagerness to collaborate with the team and emphasized that they are all part of the same organisation, a specific timeline for the full transition of responsibilities from Kate Limna to Mr. Graham and the new LGPS senior officer was not detailed in the meeting notes. However, it is clear that the 'Fit for the Future' reforms are driving a new operational model for the committee's leadership.

Further details on the committee's proceedings and reports can be found in the Public reports pack for the meeting on September 23, 2026.