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Pension Sub-committee And Pension Board - 19/12/2000

At a MEETING of the SUPERANNUATION INVESTMENT SUB-COMMITTEE of the FINANCE COMMITTEE held at Dundee on Tuesday, 19th December 2000.

 

Present:-

 

Councillors

 

George Regan

John Letford

Fiona Grant (substituting for Councillor Julia Sturrock).

 

Councillor REGAN, Convener, in the Chair.

 

Unless marked thus * all items stand delegated.

 

The Convener, noting that Sandy Flight had succeeded Shamira Mohammed as Principal Treasury and Investment Officer, welcomed him to his first Sub-Committee meeting.

 

I LGC PUBLIC TREASURER INVESTMENT AWARDS 2000

 

The Sub-Committee noted that the Tayside Transport Superannuation Fund had won first prize in the UK Bonds sector while the Tayside Superannuation Fund had won third prize in the same category. These awards reflected performance for the three years to 30th September 2000 as measured by the WM Company.

 

The Convener and the Director of Finance had attended the prizegiving ceremony in London recently to receive the awards.

 

The Sub-Committee congratulated those involved in this achievement.

 

II COSLA TRAINING INITIATIVE FOR MEMBERS OF PENSION FUND COMMITTEES - MARCH 2001

 

The Sub-Committee noted that COSLA was to hold a training day in Edinburgh organised by CIPFA Treasury Management Forum Pension Funds Sub-Group exclusively for elected members and officers of Scottish local authorities. The event would take place on 2nd March 2001 and a programme would be issued very shortly.

 

The Sub-Committee agreed that each member of the Sub-Committee be authorised to attend - the cost would be minimal, excluding travel and subsistence. It was noted that COSLA would contact each member individually.

 

The Sub-Committee resolved under Section 50(a)(4) of the Local Government (Scotland) Act 1973 that the public and press be excluded from the meeting in order that the undernoted items of business may be considered in private on the grounds that they involved the likely disclosure of exempt information as defined in paragraphs 4, 6 and 11 of Part I of Schedule 7(a) of the Act

 

III TAYSIDE TRANSPORT SUPERANNUATION FUND

 

(a)There was submitted Report No 735-2000 by the Director of Finance relating to WM Performance summaries for both the quarter and the year to 30th September 2000.

 

(b)There was submitted Report No 722-2000 by the Director of Finance summarising the portfolio distribution along with the investment and transaction activities for the quarter 1st July to 30th September 2000.

 

The Sub-Committee noted the information contained herein with regard to the performance of the Transport Fund managed by Schroders Investment Management Limited.

 

IV TAYSIDE SUPERANNUATION FUND

 

(a)There was submitted Report No 736-2000 by the Director of Finance relating to WM Performance summaries for both the quarter and the year to 30th September 2000.

 

(b)There was submitted Report No 738-2000 by the Director of Finance relating to Schroder Property Investment Management Limited's performance for both the quarter and year to 30th September 2000.

 

(c)There was submitted Report No 721-2000 by the Director of Finance summarising the portfolio distribution along with the investment and transaction activities for the quarter 1st July to 30th September 2000.

 

The Sub-Committee noted that, whilst the overall performance for the quarter to 30th September 2000 equalled the index, the performances of all three Fund Managers had out-performed the index for the year to 30th September 2000 which was pleasing.

 

Further to Article IV of the minute of meeting of this Sub-Committee of 24th May 2000, the Corporate Finance Manager reported that the review of the Tayside Superannuation Fund would take longer to complete due to Shamira Mohammed's departure. The possible appointment of a global custodian would be considered first followed by a review of the structure involving the Council's Actuaries, Hymans Robertson, as consultants.

 

V PRESENTATION

 

Mr Michael Clarke and Mr Joe Froud of Schroder Property gave a presentation on the Schroder Exempt Property Unit Trust. They reviewed the current property market, the activities of the Unit Trust Fund and the Tayside Superannuation Fund's portfolio. The speakers expected to see sound growth in the property sector over the next few years.

 

The Convener expressed thanks on behalf of the Sub-Committee.

 

 

 

 

GEORGE REGAN, Convener.