Issue - meetings

With reference to article 12 of the minute of its previous meeting, the Committee had before it a report by the Head of Finance which provided a review of the North East Scotland Pension Fund and the Aberdeen City Council Transport Fund for the three month period ending 31 December 2017.

The Committee heard from Mr Graham Buntain, Investment Manager, in respect of the detail contained in the report and Members then asked questions of Mr Buntain.  With reference to the discussion at the previous meeting about the Corporate Social Responsibility Policy and the responsibilities around good social and environmental practice, Mr Buntain advised that officers were looking to bring information before Committee during the next quarter.

The report recommended:-

that Committee note the report.

The Committee resolved:-

to approve the recommendation.

The Board resolved:-

to note the decision of the Committee.

With reference to article 9 of the minute of its previous meeting, the Committee had before it a report by the Head of Finance which provided a review of the North East Scotland Pension Fund and the Aberdeen City Council Transport Fund for the three month period ending 30 September 2017.

The Committee heard from Mr Graham Buntain, Investment Manager, in respect of the detail contained in the report and Members then asked questions of Mr Buntain.

Councillor Allard highlighted the Corporate Social Responsibility Policy in respect of the responsibilities around good social and environmental practice, and requested that officers review the assets of the Pension Fund in light of these responsibilities and report back to Committee on a strategy to incorporate those responsibilities into the future investment strategy.  Steven Whyte, Head of Finance, advised that the upcoming Mercer evaluation would mean that a new investment strategy would be brought back to Committee for approval and an evaluation and analysis of the investments would be undertaken as part of that work.

As part of a discussion on the activities of the Local Authority Pension Fund Forum it was suggested that a report on the Forum activities be taken to the next meeting of the Committee and Board for information.

The report recommended:-

that Committee note the report.

The Committee resolved:-

(i)        to note that a report in respect of an updated investment strategy would be brought to a future meeting of the Committee which would include an evaluation and analysis of the investments;

(ii)       to request that a report on the activities of the Local Authority Pension Fund Forum be brought to the next meeting of the Committee;  and

(iii)      to otherwise note the report.

The Board resolved:-

to note the decision of the Committee.