Pensions Sub Committee Minutes

Date:
Thursday 23 November 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
Matthew Ronnie - Mid and Upper Nithsdale
Stephen Thompson - Annandale North
Officials:
Gemma Lowery - Treasury and Capital Manager
Claire Rogerson - Governance Officer
In attendance:
David McKie - Pension Board Chairman
Tom Featherstone - Pension Board Member
Sheelah Smith - Pension Board Member
David Stainthorpe - Pension Board Member
Paul Potter - Hymans Robertson
Richard Warden - Hymans Robertson
Alan Johnson - Hymans Robertson
Tamryn Reynolds - BlackRock
John Benham - BlackRock
Item Number Item/Description
PUBLIC
1 SEDERUNT AND APOLOGIES

9 Members present and one not present at the start of the meeting

2 DECLARATIONS OF INTEREST

NONE declared

3 MIFID II ANNUAL TRAINING PLAN AND RECORD OF TRAINING UPDATE - REPORT BY TREASURY AND CAPITAL MANAGER

Decision

NOTED

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

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

3.3 that the Dumfries and Galloway Pension Fund must satisfy both the quantitative and
qualitative tests (Appendix 3 of the report), as required by Markets in Financial Instruments Directive
(MiFID) II legislation in order to retain professional client status;

 

3.4 that the online Pensions Regulator Public Service Toolkit training available at
https:education.thepensionsregulator.gov.uk/my/ and the background information “What
is Responsible Investment?” available at https:www.unpri.org/about/what-is-responsibleinvestment
is now overdue for completion.
 

4 2017 VALUATION: INTERIM RESULTS - REPORT BY TREASURY AND CAPITAL MANAGER

MEMBER - Ian Carruthers entered the meeting - 10 Members present

 

Decision

 

NOTED the presentation and report from Hymans Robertson and that Final Valuation results and funding strategy statement would be reported to this sub committee by the end of March 2018.
 

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

 

Decision


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

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

Summary of Report - This report was to advise Members on the transfer of assets as agreed by Pension Sub Committee on 23 February 2017 had been completed.

Decision

 

NOTED the update that the transfer of assets as agreed by Pension Sub Committee had been completed. 

 

8 REVIEW OF INVESTMENT MANAGER'S PERFORMANCE FOR THE THIRD 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 September 2017.

 

Decision

NOTED the progress to date and the new report structure following the transfer of assets as reported at item 7.
 


 

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

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

MEMBERS - John Campbell, Elaine Murray, Ian Carruthers, Matthew Ronnie and Graham Nicol left the meeting during consideration of this item - 5 Members present


Decision
  

9.1 NOTED the presentation and report by BlackRock

 

9.2 THANKED BlackRock for their presentation