Pensions Sub Committee Minutes

Date:
Thursday 24 August 2017
Time:
10:30am
Place:
Council Offices, English Street, Dumfries

Attendance Details

Members:
Adam Wilson (Chairman)-Annandale North
John Campbell (Vice Chairman)-Nith
Ian Carruthers-Annandale South
Malcolm Johnstone-Nith
Henry McClelland-Annandale South
Jim McColm-Mid Galloway and Wigtown West
Elaine Murray-Nith
Graham Nicol-Mid Galloway and Wigtown West
Stephen Thompson-Annandale North
Officials:
Gemma Lowery - Treasury and Capital Manager
Andrew Ewart - Treasury/Insurance Officer
Claire Rogerson - Governance Officer
In attendance:
David McKie - Dumfries and Galloway Council (Pension Board Chairman)
Tom Featherstone - Unite (Pension Board Member)
Sheelah Smith - Unison (Pension Board Member)
Paul Potter - Hyman Robertson
Chris Murphy - Baillie Gifford
Scott Lothian - Baillie Gifford
Simon Radford - Lothbury
Apologies:
Matthew Ronnie - Mid and Upper Nithsdale
Item Number Item/Description
PUBLIC
1 SEDERUNT AND APOLOGIES

9 Members present and 1 apology

 

PROCEDURE - The Governance Officer advised that the Pension Board was inquorate. Therefore this meeting of the sub committee would not be a joint meeting with the board. The Chairman confirmed that he was content for the pension board members present to remain in this meeting as observers.

2 DECLARATIONS OF INTEREST

NONE declared

3 MINUTE OF PENSION SUB COMMITTEE ON 4 JULY 2017 AT 10:30AM

Decision

 

APPROVED

4 PENSION FUND TRAINING PLAN UPDATE - REPORT BY TREASURY AND CAPITAL MANAGER

Decision

 

NOTED

 

4.1 the additions to the Annual Training Plan (Appendix 1 of the report) following the previous meeting of this Sub Committee;

 

4.2  progress to date in the Record of Training (Appendix 2 of the report) and the process for updating the Record of Training;

 

4.3  the requirement to complete the online Pensions Regulator Public Service Toolkit training available at https:education.thepensionsregulator.gov.uk/my/ by end September 2017 and notify the team by emailing TreasuryandCapital@dumgal.gov.uk;

 

4.4  the background information ‘What is Responsible Investment?’ available at https:www.unpri.org/about/what-is-responsible-investment by end September 2017 and notify the team by emailing TreasuryandCapital@dumgal.gov.uk

 

4.5  the Hymans Robertson briefing regarding Markets in Financial Instruments Directive (MiFID II) requirements for “opting-up to professional client status” (Appendix 3 of the report) and that the Dumfries and Galloway Pension Fund meets the criteria.

 

4.6  to register interest in the LGC Investment Seminar Scotland by emailing TreasuryandCapital@dumgal.gov.uk.
 

5 LOCAL GOVERNMENT PENSION SCHEME - ADMINISTRATION ANNUAL UPDATE - REPORT BY HEAD OF ORGANISATIONAL DEVELOPMENT, HUMAN RESOURCES AND ASSETS

Decision

 

NOTED

 

5.1the annual report on Local Government Pension Scheme administration activity for financial years 2016/17; and

 

5.2  the detailed scheme activity information for financial years 2016/17 as outlined at Appendix 1 of the report

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

Decisions

 

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

7 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
8 REVIEW OF INVESTMENT MANAGER'S PERFORMANCE FOR THE SECOND QUARTER OF 2017 - REPORT BY TREASURY AND CAPITAL MANAGER (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 30 June 2017.

 

Decision

 

NOTED

 

8.1 the contents of the report “Review of Investment Managers Performance for the Second Quarter of 2017” by Hymans Robertson; and


8.2 the Managers Performance snapshot provided at page 8 of the report.
 


 

9 UPDATE ON THE REVIEW OF EQUITY INVESTMENT - REPORT BY TREASURY AND CAPITAL MANAGER (PARAGRAPH 9)

Summary of Report - At the meeting of the Pension Sub Committee on 4 July 2017 Members were advised of the progress in implementing agreed changes in the allocation of assets between UK and global equities, and the management of these assets. This report updated Members on the progress to date

 

Decision

 

Members NOTED the progress to date towards the agreed changes to the Pension Fund Structure

10 CURRENT INVESTMENT STRATEGY - PRESENTATION AND TREASURY AND CAPITAL MANAGER (PARAGRAPH 9)

Summary of Report - This report advised Members of the current investment strategy report and presentation by Baillie Gifford

 

Decision

 

10.1 NOTED the presentation and report by Baillie Gifford

10.2 THANKED Baillie Gifford for their presentation

11 CURRENT INVESTMENT STRATEGY - PRESENTATION AND REPORT BY TREASURY AND CAPITAL MANAGER (PARAGRAPH 9)

Summary of Report - This report advised Members of the current investment strategy report and presentation by  Lothbury

 

Decision

 

11.1 NOTED the presentation and report by Lothbury

11.2 THANKED Lothbury for their presentation