Pension Sub-committee And Pension Board - 23/08/2000
At a MEETING of the SUPERANNUATION INVESTMENT SUB-COMMITTEE of the FINANCE COMMITTEE held at Dundee on Wednesday 23rd August, 2000.
Present:-
Councillors
George Regan
Julia Sturrock
John Letford
John Corrigan
Andrew Dawson
Ian Borthwick
In attendance:-
Mr Bob McKelvie, TGWU.
Councillor Dawson substituting for Councillor Willie Sawers.
Councillor REGAN, Convener, in the Chair.
Unless marked thus * all items stand delegated.
The minute of meeting of this Sub-Committee of 24th May, 2000 was noted.
The Convener welcomed Bob McKelvie to his first Sub-Committee meeting.
The Sub-Committee noted that Shamira Mohammed was leaving after four years as Principal Treasury and Investment Officer. Members expressed appreciation of her contribution to the work of the Sub-Committee and wished her well for the future.
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, 8, 9 and 11 of Part 1 of Schedule 7(a) of the Act
I TAYSIDE PROPERTY PORTFOLIO - QUARTERLY REPORT
There was submitted a report by Schroders Properties Limited reviewing activity of the portfolio during the period 1st April to 30th June, 2000 and the performance relative to the benchmark.
The Sub-Committee noted that the portfolio for the quarter had shown a return slightly below the CAPS Pooled Pension Funds Median Property benchmark but the performance for the year to 30th June, 2000 was ahead for the benchmark.
The Director of Finance pointed out that the level of investment in property was now 5% of the total Fund.
II TAYSIDE TRANSPORT SUPERANNUATION FUND
(a)There was submitted Report No. 535-2000 by the Director of Finance relating to WM Performance summaries for both the quarter and the year to 30th June, 2000.
(b)There was submitted Report No. 540-2000 by the Director of Finance summarising the portfolio distribution along with the investment and transaction activities for the quarter 1st April to 30th June, 2000.
The Sub-Committee noted the information contained herein with regard to the performance of the Transport Fund managed by Schroders Investment Management Limited.
III TAYSIDE SUPERANNUATION FUND
(a)There was submitted Report No. 536-2000 by the Director of Finance relating to WM Performance summaries for both the quarter and the year to 30th June, 2000.
(b)There was submitted Report No. 539-2000 by the Director of Finance summarising the portfolio distribution along with the investment and transaction activities for the quarter 1st April to 30th June, 2000.
The Sub-Committee noted that whilst two of the three Fund Managers had underperformed the index in the quarter to 30th June, 2000, all three Fund Managers had outperformed the index for the year to 30th June, 2000. The performance of one Fund Manager had been exceptional both for the quarter and the year to 30th June, 2000.
IV PRESENTATION
Mr Peter Yarrow and Mr Graham Clapp of Fidelity Pensions Management gave a presentation covering Fidelity's past performance, asset allocation, stock selection and socially responsible investing. The latter was an increasingly important issue and Fidelity undertook to provide regular reports to the Director of Finance.
The speakers answered questions and were thanked by the Convener.
GEORGE REGAN, Convener.