Pension Sub-committee And Pension Board - 17/05/2010
At a MEETING of the SUPERANNUATION INVESTMENT SUB-COMMITTEE OF THE POLICY AND RESOURCES COMMITTEE held at Dundee on 17th May, 2010.
APPENDIX III
Present:-
Bailie Willie SAWERS
Councillor Jimmy BLACK
Councillor Kevin KEENAN
Also Present:-
Mr Sandy RICE, Trade Union Representative.
Bailie Willie SAWERS, Convener, in the Chair.
Unless marked thus * all items stand delegated.
I APOLOGIES AND SUBSTITUTES
Apologies had been submitted by Bailies George Regan and Rod Wallace, Councillor Andy Dawson and Mr Rod McKay.
II TRADE UNION REPRESENTATION ON SUPERANNUATION SUB-COMMITTEE
Members noted that Mr Sandy Rice of Dundee Contract Services had been nominated as a Trade Union representative on the Sub-Committee.
III SOCIALLY RESPONSIBLE INVESTMENT - SIX MONTHLY REPORT
There was submitted Report No 273-2010 by the Director of Finance reviewing the progress by the Fund Managers regarding the positive engagement policy on Environmental, Social and Corporate Governance approved by the Sub-Committee on 17th November, 2008.
The Sub-Committee noted the information contained within the report with regard to the activities of the Fund Managers during the six month period ended 31st March, 2010.
IV PATHFINDER PROJECT
There was submitted Report No 263-2010 by the Director of Finance informing the Sub-Committee of a project being undertaken by Improvement Services reviewing the potential for shared services within Local Government Pension Fund Investment and Administration.
The Sub-Committee noted the information contained within the report.
The Committee resolved under Section 50(A)(4) of the Local Government (Scotland) Act 1973 that the press and public be excluded from the meeting in order that the undernoted items of business 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 7A of the Act.
V TAYSIDE SUPERANNUATION FUNDS
(a) PERFORMANCE SUMMARIES
There was submitted Report No 272-2010 by the Director of Finance relating to Performance Summaries for quarter, twelve months and three years to 31st March, 2010 reviewing the investment performance of the Main Fund's four Fund Managers (excluding Property) for the quarter to 31st March, 2010. The report also considered the performance of the Transport Fund which shared two of those managers and compared investment performances of the Funds with the Funds' specific benchmarks which consisted of various stock market indices.
The Sub-Committee noted the information contained therein with regard to 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 271-2010 by the Director of Finance relating to Schroder Property Investment Management Ltd performance for the quarter, twelve months and three years to 31st March, 2010 reviewing the investment performance of the Property Portfolio managed by Schroder Property Investment Management Ltd for the period to 31st March, 2010.
The report compared investment performances with an appropriate benchmark the HSBC/IPD Pooled Property All Balanced Funds Median.
The Sub-Committee noted the information contained therein with regard to the performance of the Property Portfolio managed by Schroder Property Investment Management Ltd.
(c) SUMMARIES OF INVESTMENTS AND TRANSACTIONS
There was submitted Report No 269-2010 by the Director of Finance summarising investments and transactions during period 1st January, 2010 to 31st March, 2010 reviewing the investment activities of the Main Fund's five Fund Managers for the quarter to 31st March, 2010. The Transport Fund shared three of these managers and their transactions were included.
The report also summarised the transactions of each Fund Manager and showed the market values of the Main and Transport Fund.
The Sub-Committee noted the information contained therein with regard to the activities of the Tayside Superannuation Fund and Tayside Transport Superannuation fund and their Fund Managers.
(d) QUARTERLY FUNDING REPORT
There was submitted Report No 277-2010 by the Director of Finance which considered report by Barnett Waddingham reviewing the current funding level of the Funds as assessed by Barnett Waddingham, the Fund Actuary.
The Sub-Committee noted the report by Barnett Waddingham.
VI GOLDMAN SACHS ASSET MANAGEMENT
There was submitted Report No 264-2010 by the Director of Finance informing the Committee of the position of Goldman Sachs Asset Management who are one of the Fund's Bond Managers relative to Goldman Sachs Group.
The Sub-Committee noted the content of the report.
VII PRESENTATION
Due to unforeseen circumstances, Frances Smyth and Graeme Griffiths of Alliance Bernstein were unable to give their presentation. However, members received a copy of the presentation and were asked to forward any queries thereon to the Director of Finance.
VIII DATE OF NEXT MEETING
Monday, 23rd August, 2010 at 12 noon.
Willie SAWERS, Convener.
APPENDIX IV
|
Applicant |
Description of Project |
Grant Award
|
|
Basic Moves Programme (Sports Development Leisure and Communities) |
Sessional Coaches will run a term-time programme of physical activities, and hold a festival for 36 primary school children.
|
1,150 |
|
Balcarres Sheltered Housing |
To enable the group to purchase a garden shed in order to store garden equipment.
|
627 |
|
Duke Of Edinburgh Awards |
To provide training for volunteers who will then support young people to access Duke of Edinburgh Award scheme within Craigie High School.
|
600 |
|
Dundee Thistle FC (Under 10's) |
To reduce social inequalities by ensuring all members and their families can attend a family orientated trip.
|
1,400 |
|
Douglas Family Support Centre (Social Work) |
To provide two outings to Active Kids for nurture group children during summer period.
|
368 |
|
Dighty Connect |
To enable the production of environmental activity packs that can be distributed (via Community Centres neighbouring the Dighty Burn) to families, groups and individuals.
|
4,260 |
|
Basic Moves Programme (Sports Development Leisure and Communities) |
Sessional coaches will run a term-time programme of physical activities, and hold a festival for 36 primary school children.
|
1,750 |
|
Menzieshill Gardening Group |
To develop a programme of visits by group members to formal gardens. Grant will pay for the visits, reference booklets and plants for the communal Menzieshill Garden.
|
355 |
|
Lochee Boys' Club - Equipment Upgrade |
The grant will pay to replace the club's training ring, competition clothing, protective equipment and training equipment.
|
5,000 |
|
St Clement's Parish Council |
Installation of disabled toilet within the church hall adjacent to the church to increase wider community use.
|
7,159 |
|
Lochee Boys' Club - Clubhouse Repairs |
The grant will pay for internal and external paintwork, clear and repair rhones and repair sections of broken fencing.
|
2,312 |
|
Football Project (Sports Development Leisure and Communities) |
The grant will pay for coach provision to provide a term-time primary school football programme catering for 52 children on a weekly basis. A total of 108 sessions will be held over 27 weeks.
|
2,423 |
|
6th/8th Boys' Brigade - Summer Camp |
A summer session (June-August) of activities in which the major event is the week long annual camp. |
5,690 for 1 year |
|
Applicant |
Description of Project |
Grant Award
|
|
6th/8th Boys' Brigade - Weekend Activities |
To provide three weekend activity outings throughout the year. The grant will pay for accommodation, food, transport and activities.
|
1,215 for 1 year |
|
6th/8th Boys' Brigade - Winter Activities |
To provide a variety of physical, educational and recreational activities for 90+ boys during the winter months.
|
6,623 for 1 year |
|
Basic Moves Programme (Sports Development Leisure and Communities) |
Sessional coaches will run a term-time programme of physical activities, and hold a festival for 36 primary school children.
|
1,850 |
|
Boomerang - Blank Space Project |
To produce and distribute 1,000 copies of four issues of the 'Blank Space' community magazine, focussing distribution towards regeneration areas.
|
1,267 |
|
Environment Arts Development (Leisure and Communities) |
Funding will engage an environment artist to deliver a total of 182 hours work across the year with local groups, agencies and community members.
|
4,345 for 1 year |
|
Stobswell Events Group |
Support for a community festival in Baxter Park that will bring together local people, agencies and organisations. Particular emphasis will be put on the involvement of people from the regeneration areas.
|
4,000 |
|
Boomerang Youth Work |
To extend current youth provision at the facility at 1 Pitkerro Road for young people of the neighbourhood. Friday, Saturday and Monday evening provision will be increased.
|
4,784 per year for 3 years |
|
Basic Moves Programme (Sports Development Leisure and Communities)
|
Sessional coaches will run a term-time programme of physical activities, and hold a festival for 24 primary school children. |
1,350 |
|
Mill O' Mains Residents' Association |
The award will be used for the annual local fun day which contributes to local community spirit. This year it coincides with the start of a local regeneration programme.
|
1,600 |
|
Fintry Safety Panel |
The award will be used to hold a gala day within Fintry to allow members of the community to come together, especially local families.
|
1,540 |
|
Ormiston and Salton Tenants' Association Children's/Youth Group |
The award will be used to provide staff to deliver activities whilst also allowing the management group and CLD workers to take a more strategic approach.
|
1,928 |
|
Basic Moves (Sports Development Leisure and Communities) |
Sessional coaches will run a term-time programme of physical activities, and hold a festival for 48 primary school children. |
2,050 |
|
Applicant |
Description of Project |
Grant Award
|
|
Quality Contact |
The award will be used for a professional film maker to work with nine S1 Pupils at Braeview and produce a film on the transition from P7 to S1 with a particular focus on safety issues. The film will then be used with 120 P7 pupils this year.
|
2,500 |
|
St Mary's Fun Day |
The grant will cover costs for the core attractions at the St Mary's fun day 2010.
|
1,447 |
|
St Mary's Over 55's Group |
Coach trip to the Highland Folk Museum, Newtownmore for 33 members of the Over 55's Group.
|
200 |
|
St Paul's RC Academy Lunchtime Multi-Sports (Sports Development Leisure and Communities)
|
The grant is to provide activities during lunchtimes for S1-S4 pupils that will help keep pupils fit and active. |
5,455 |
|
Basic Moves Programme (Sports Development Leisure and Communities) |
Sessional coaches will run a term-time programme of physical activities, and hold a festival for 84 primary school children. In addition, a research pilot for 20 P3 pupils will be delivered in conjunction with the SFA, Education and Edinburgh University. |
7,750 |