Pensions Sub Committee Minutes

Date:
Thursday 18 February 2016
Time:
10:30am
Place:
Council Offices, English Street, Dumfries

Attendance Details

Members:
Tom A McAughtrie (Chairman)-Abbey
Iain Dick-Stranraer and North Rhins
Grahame Forster-Wigtown West
Patsy Gilroy-Dee
Ronnie E Ogilvie-Annandale South
George N Prentice-Castle Douglas and Glenkens
Stephen Thompson-Annandale North
Ted Thompson-Lochar
Officials:
Paul Garrett - Head of Finance and Procurement
Andrew Ewart - Treasury/Insurance Officer
Claire Rogerson - Governance Officer
In attendance:
David J McKie - Pension Board Chairman
Tom Featherstone - Pension Board Member
Denis R Male - Pension Board Member
Alastair Witts - Pension Board Member
Allison Galbraith - Hymans Robertson
Chris Lyons - Legal and General
Paul Potter - Hymans Robertson
Apologies:
Ian Carruthers - Annandale South
Jim H Dempster - Mid and Upper Nithsdale
Graham Nicol - Mid Galloway
Item Number Item/Description
PUBLIC
1 SEDERUNT AND APOLOGIES

6 Members present, 3 apologies, 2 Members not present at the start of the meeting

2 DECLARATIONS OF INTEREST

NONE declared

3 MINUTE OF MEETING OF 26 NOVEMBER 2015

Decision

 

APPROVED

4 ANY OTHER BUSINESS DEEMED URGENT BY THE CHAIRMAN DUE TO THE NEED FOR A DECISION

Decision

 

NOTED that there was no business deemed urgent by the Chairman due to the need for a decision.

5 LOCAL GOVERNMENT (SCOTLAND) ACT 1973

Decision

 

AGREED to adopt a resolution to exclude the public from the meeting in terms of Section 50A(4) and paragraph 9 of Part 1 of Scheduled 7A of the Local Government Scotland Act 1973.

 

MEMBERS - Stephen Thompson and Iain Dick entered the meeting - 8 Members present

EXEMPT
6 REVIEW OF INVESTMENT MANAGER'S PERFORMANCE FOR THE FOURTH QUARTER OF 2015 - REPORT BY HEAD OF FINANCE & PROCUREMENT (PARAGRAPH 9)

WELCOMED Paul Potter, who would be taking over as Hymans Robertson's adviser to the Committee from Allison Galbraith.

 

Decision

 

NOTED

 

6.1      the contents of the report "Review of Investment Managers Performance for the Fourth Quarter of 2015" by Hymans Robertson;

 

6.2      the manager performance snapshot provided at page 8 of the report;

 

AGREED

 

6.3      to receive a report on the historical context of  RREEF performance at the next meeting of the Committee in May 2016; and

 

6.4      to record the Committee’s thanks and appreciation to Allison Galbraith for her assistance and support to the Committee in her role as adviser.

7 CURRENT INVESTMENT STRATEGY - PRESENTATION AND REPORT BY LEGAL & GENERAL (PARAGRAPH 9)

WELCOMED Chris Lyon, Client Relationship Manager, Legal & General to the Committee.

 

Decision

 

NOTED the presentation and report.