Pensions Sub Committee Minutes

Date:
Thursday 22 February 2018
Time:
10:30am
Place:
Council Offices, English Street, Dumfries

Attendance Details

Members:
Adam Wilson (Chairman) - Annandale North
John Campbell (Vice-Chairman) - Nith
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:
Paul Garrett - Head of Finance and Procurement
Claire Rogerson - Governance Officer
Andrew Ewart - Treasury/Insurance Officer
Ieuan Morgan - Treasury and Capital Manager
In attendance:
David McKie - Pension Board Member
David Stainthorpe - Pension Board Member
Karen Hunter - Pension Board Member
Paul Potter - Hyman Robertson
John Boyd - Grant Thornton
Moira Gorman - Columbia Threadneedle
James Allum - Columbia Threadneedle
Chris Orr - Franklin Templeton
Katherine Owen - Franklin Templeton
Dylan Ball - Franklin Templeton
Apologies:
Ian Carruthers - Annandale South
Matthew Ronnie - Mid and Upper Nithsdale
Item Number Item/Description
PUBLIC
1 SEDERUNT AND APOLOGIES

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

 

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 MEETING OF 23 NOVEMBER 2017

Decision

 

AGREED

4 MARKETS IN FINANCIAL INSTRUMENTS DIRECTIVES (MIFID) II ANNUAL TRAINING PLAN AND RECORD OF TRAINING UPDATE - REPORT BY HEAD OF FINANCE AND PROCUREMENT

Decision

 

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

 

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

 

4.3 NOTED that the Dumfries and Galloway Pension Fund has satisfied both the quantitative and qualitative tests, as required by Markets in Financial Instruments Directive (MiFID) Iegislation and has opted-up to professional client status;

 

4.4 NOTED 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-responsible-investment are now overdue for completion

 

4.5 NOTED that registers of interest in attending the Baillie Gifford Multi Asset Client Seminar on 20 March should be sent to TreasuryandCapital@dumgal.gov.uk by 1 March
 

5 EXTERNAL AUDIT PLAN FOR 2017/18 - PRESENTATION AND REPORT BY HEAD OF FINANCE & PROCUREMENT

Decision

 

NOTED the External Audit Plan; and

 

THANKED Grant Thornton for their presentation
 

6 ACTURIAL VALUATION AS AT 31 MARCH 2017: INTERIM RESULTS UPDATE - REPORT BY HEAD OF FINANCE AND PROCUREMENT

Decision

 

6.1 NOTED the draft Funding Strategy Statement attached as the appendix to this report a, and

 

6.2 NOTED that proposed employer contribution rates and the draft Funding Strategy Statement have been circulated to scheme employers for agreement prior to the Valuation being signed off by 31 March 2018, as detailed in sections 3.3 to 3.5 of report

7 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
 

8 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
9 REVIEW OF INVESTMENT MANAGER'S PERFORMANCE FOR THE FOURTH QUARTER OF 2017 - REPORT BY HEAD OF FINANCE & PROCUREMENT

Decision

 

NOTED

 

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


9.2 the Managers Performance snapshot provided at page 7 of the report.
 

10 CURRENT INVESTMENT STRATEGY - PRESENTATION AND REPORT BY HEAD OF FINANCE & PROCUREMENT

MEMBERS - Elaine Murray and Graham Nicol entered the meeting - 8 Members present
 

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

 

Decision

 

10.1 NOTED the presentation and report by Columbia Threadneedle

 

10.2 THANKED Columbia Threadneedle for their presentation
 

11 CURRENT INVESTMENT STRATEGY - PRESENTATION AND REPORT BY HEAD OF FINANCE & PROCUREMENT

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

 

Decision

 

11.1 NOTED the presentation and report by Franklin Templeton

 

11.2 THANKED Franklin Templeton for their presentation