Pension Sub-committee And Pension Board - 23/08/2010
At a MEETING of the SUPERANNUATION INVESTMENT SUB-COMMITTEE OF THE POLICY AND RESOURCES COMMITTEE held at Dundee on 23rd August, 2010.
APPENDIX II
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 Bailie Regan, Bailie Wallace and Councillor Dawson.
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 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.
II TAYSIDE SUPERANNUATION FUNDS
(i) PERFORMANCE SUMMARIES
There was submitted Report No 449-2010 by the Director of Finance relating to Performance Summaries for quarter, twelve months and three years to 30th June, 2010 which reviewed the investment performance of the Main Fund's four Fund Managers (excluding Property) for the quarter to 30th June, 2010 and also considered the performance of the Transport Fund which shares two of these managers.
The report also compared investment performances of the Funds with the Funds' specific benchmarks which consist 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.
(ii) PERFORMANCE SUMMARY (PROPERTY PORTFOLIO)
There was submitted Report No 447-2010 by the Director of Finance relating to Schroder Property Investment Management Ltd performance for the quarter, twelve months and three years to 30th June, 2010 reviewing the investment performance of the Property Portfolio.
The report also compared investment performances with an appropriate benchmark, the IPD Pooled Property All Balanced Funds Median.
The Sub-Committee noted the information contained therein with regard to the performance of the Property Portfolio.
(iii) SUMMARIES OF INVESTMENTS AND TRANSACTIONS
There was submitted Report No 408-2010 by the Director of Finance summarising investments and transactions during the period 1st April, 2010 to 30th June, 2010 reviewing the investment activities of the Main Fund's five Fund Managers for the quarter to 30th June, 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.
(iv) QUARTERLY FUNDING REPORT
There was submitted Report No 448-2010 by the Director of Finance which considers report by Barnett Waddingham.
This report reviews the current funding level of the Funds as assessed by the Fund Actuary.
The Sub-Committee noted the report.
III PRESENTATION
Tim Bird and Iain Lindsay of Goldman Sachs Asset Management gave a short presentation to members.
Firstly, they gave a brief overview of Goldman Sachs, detailing the relationship of Goldman Sachs Asset Management within the overall structure, the creation of the Business Standards Committee and the Credit Portfolio Fund Structure.
Thereafter they gave a summary of the performance of the Portfolio, noting the primary drivers of performance and comparing it against benchmark figures. They also outlined market performance over the previous three months and twelve months and considered the outlook for the future.
After they had answered questions from members, the Convener thanked Tim Bird and Iain Lindsay for their presentation.
Willie SAWERS, Convener.
APPENDIX III
Applicant |
Description of Project |
Forum Decision Amount |
Signpost International and Rosebank Primary School
|
Funding for a mural on the walls of the school. The pupils will be involved throughout the whole project with local artists. |
2,173 |
The Hilltown Gateway Project (City Development) |
Funding to re-site a local sculpture, install six benches and litter bins, plant street trees and a low beech hedge and install handrails to the lower part of the Hilltown.
|
25,000 |
McDonald St/Hilltown/ Rosebank Street Paving (City Development) |
Funding to lay paving between the named streets, providing a high quality surface. This section is in particularly poor condition at present.
|
4,000 |
Lunchtime Gymnastics Sports Development |
To fund the delivery of a pilot lunchtime gymnastics class in Craigiebarns Primary School.
|
620 |
St Vincent's Nursery Garden |
To make physical improvements to the garden within the nursery area of St Vincent's Primary School.
|
7,623 |
Holiday Italian Group |
Books and CD resources for the Language Italian Class held on a Thursday evening during term time.
|
148 |
Kirk Street Sheltered Housing |
To enable sheltered and non-sheltered tenants to attend Aromatherapy, Line Dancing, Gentle Exercise and Craft Classes.
|
840 |
Dundonald Street Streetscape (City Development) |
Making permanent the pilot on-street euro-bins, increasing on‑street car parking provision, installing new street trees and build out areas.
|
37,000 |
Athletics Lunchtime Programme Sports Development |
To provide a free lunch time athletics programme for 32 P4-P7 pupils for 21 weeks at either Clepington or Glebelands PS.
|
500 |
Lunchtime Hockey Programme Sports Development |
Provision of free lunch time hockey programme for 24 P4-P7 pupils at Whitfield Primary School for 25 weeks.
|
343 |
Community Family Support Project - North East Under 12s
|
Funding of educational trips and activities for families from the North East area during October school holidays.
|
1119 |
Longhaugh Sheltered Housing Complex |
The installation of a storage shed for materials used for activities by members of the complex.
|
250 |
Learning Around Project (Leisure and Communities) |
Delivery of a one-day 'Basic First Aid' certified training course for 15 people, with childcare provided.
|
593 |
Applicant |
Description of Project |
Forum Decision Amount |
Athletic Lunchtime Programme Sports Development |
Provision of free lunch time athletics programme for 32 P4-P7 pupils within local primary schools for 21 weeks in 2010/2011 and 10 weeks in 2011/2012.
|
500 10/11 238 11/12 |
Community Family Support Project - St Mary's Families |
Funding of educational trips and activities to complement holiday programme.
|
1,278 |
Kirkton Digital Photography Group |
To purchase photographic paper, cartridges, frames, mounts, masking tape for group.
|
656 |
Eco Garden Project - Sidlaw Primary School |
To create a garden space for children to learn and grow things whilst appreciating ecological and nature issues.
|
2,000 |
SMILE Newsletter Group |
To continue to produce a thrice yearly newsletter aiming to keep St Mary's/Brackens residents informed of local developments and activities.
|
1,200 |