Pensions Sub Committee Minutes

Date:
Thursday 23 February 2017
Time:
10.30am
Place:
Council Offices, English Street, Dumfries

Attendance Details

Members:
Tom A McAughtrie (Chairman)-Abbey
Ian Carruthers-Annandale South
Iain Dick-Stranraer and North Rhins
Patsy Gilroy-Dee
Graham Nicol-Mid Galloway
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:
Paul Potter - Hyman Robertson
Chris Lyons - Legal and General
Joanne Brown - Grant Thornton UK LLP
Richard Anderson - Grant Thornton UK LLP
David Stainthorpe - Pension Board Chairman
Sheelah Smith - Pension Board Member
Alastair Witts - Pension Board Member
Denis Male - Pension Board Member
Tom Featherstone - Pension Board Member
Karen Hunter - Pension Board Member
Apologies:
Grahame Forster - Wigtown West
Item Number Item/Description
PUBLIC
1 SEDERUNT AND APOLOGIES

7 Members present, 1 apology and 2 Members not present at the start of the meeting

2 DECLARATIONS OF INTEREST

NONE declared

3 MINUTE OF MEETING OF 24 NOVEMBER 2016

Decision

 

APPROVED

4 EXTERNAL AUDIT PLAN - PRESENTATION AND REPORT BY HEAD OF FINANCE & PROCUREMENT

 

MEMBERS - Iain Dick and Patsy Gilroy entered the meeting - 9 Members present
 

Decision

 

NOTED the External Audit Plan; and

 

THANKED Grant Thornton for their presentation

 

 


 

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

Decision


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

6 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 schedule 7a of the local government of Scotland act 1973.

EXEMPT
7 REVIEW OF INVESTMENT MANAGER'S PERFORMANCE FOR THE FOURTH QUARTER OF 2016 - REPORT BY HEAD OF FINANCE & PROCUREMENT (PARAGRAPH 9)

Summary of Report - This report provided Members with details of the recent investment manager's performance in the Local Government Pension Scheme. The report was produced by the fund's investment advisers, Hymans Robertson and the report outlined manager performance for the quarter to 31 December 2016.

 

Decision

 

 7.1 NOTED the contents of the report “Review of Investment Managers Performance for the Fourth Quarter of 2016” by Hymans Robertson

7.2 NOTED the manager performance snapshot provided on page 8 of the report.
 

8 REVIEW OF EQUITY INVESTMENT - PRESENTATION AND REPORT BY HEAD OF FINANCE & PROCUREMENT (PARAGRAPH 9)

Summary of Report - This report sought the approval of Members to a revised allocation between UK and global equities within the Fund’s overall allocation to equities, and asked for Members to consider the management of these equities.

 

Decision

 

AGREED

 

8.1 the reduction in the allocation to UK equities to 26% of total fund value and to increase the allocation to global equites to 36% of total fund value as outline in 3.3.5 of the report

 

8.2 to the termination of the mandate as outlined in 3.4.9 of the report

 

8.3 having considered the advice and support provided at the meeting, that the appointment of a passive manager be progressed to manage those assets currently managed by the mandate to be terminated

9 CURRENT INVESTMENT STRATEGY - PRESENTATION AND REPORT BY HEAD OF FINANCE & PROCUREMENT (PARAGRAPH 9)

Summary of Report - This report provided a presentation for Members on a review of the investment managed by Legal and General

 

Decision

 

9.1 NOTED the presentation and report by Legal & General; and

 

9.2 THANKED Legal and General for their presentation