Pension Sub-committee And Pension Board - 16/08/2006
At a MEETING of the SUPERANNUATION INVESTMENT SUB-COMMITTEE OF THE FINANCE COMMITTEE held at Dundee on 16th August, 2006.
Present:-
BAILIE
Neil I C POWRIE
COUNCILLORS
Fraser MACPHERSON
Helen DICK (substitute for Bailie Charles D P Farquhar)
George REGAN (substitute for Councillor Joe Morrow)
Nigel DON
Willie SAWERS
In attendance:-
Mr Steven GEEKIE (substitute for Mr Willie Gowans)
Councillor Fraser MACPHERSON, Convener, in the Chair.
The minute of meeting of this Sub-Committee of 7th June, 2006 was noted.
Unless marked thus * all items stand delegated.
The Sub-Committee resolved under Section 50(A)(4) of the Local Government (Scotland) Act 1973 that the press and public be excluded from the meeting for the undernoted items of business 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 7A of the Act.
I REVIEW OF THE FUND
The Head of Finance informed the Sub-Committee that meetings had been held with all fund managers regarding decisions taken at the meeting of the Sub-Committee held on 7th June, 2006.
Two areas would be reported back on to the Sub-Committee in November:-
(i) Balance between United Kingdom and Overseas split in investments; and
(ii) Risk and return.
It was noted that a new structure would be implemented during November/December 2006.
II TAYSIDE SUPERANNUATION FUND
(a) PERFORMANCE SUMMARIES
There was submitted Report No 479-2006 by the Head of Finance reviewing the investment performance of the Main Fund's four fund managers (excluding Property) for the quarter to 30th June, 2006.
The Sub-Committee noted the information regarding the performance of the Tayside Superannuation Fund and Tayside Transport Superannuation Fund and their Fund Managers.
(b) PERFORMANCE SUMMARY (PROPERTY PORTFOLIO)
There was submitted Report No 480-2006 by the Head of Finance reviewing the investment performance of the Property Portfolio for the quarter to 30th June, 2006 and for the twelve month period to the same date.
The Sub-Committee noted the information with regard to the performance of the Property Portfolio.
(c) SUMMARIES OF INVESTMENTS AND TRANSACTIONS
There was submitted Report No 452-2006 by the Head of Finance summarising the investment activities of the various fund managers.
The Sub-Committee noted the contents of the report.
III PRESENTATION AND TRAINING
Mr J Ross and Mr D Stuart of Alliance Bernstein were welcomed to the meeting and gave a presentation to members outlining the case for investing in equities given their returns over the long term, and there were invests in Global shares and not just UK markets. A short portfolio review was given at the end of the presentation and, after a question and answer session, the Convener expressed his thanks for their informative presentation.
Fraser MACPHERSON, Convener.