Issue - meetings

With reference to Article 13 of the minute of the previous meeting, the Committee had before it a report by the Head of Finance which provided an update on the North East Scotland Pension Fund and the Aberdeen City Council Transport Fund strategies.

The Committee heard from Mr Buntain in respect of the detail outlined in the report.  Mr Buntain also gave an update on the Global Custodian move, noting that work was on track for the deadline to be met.

The report recommended:-

that Committee –

(a)       approve the commitment of £100 million investment in the Hermes Infrastructure Fund II proposal; and

(b)       note the verbal update on the HSBC Global Custody move.

The Committee resolved:-

to approve the recommendations.

The Board resolved:-

to note the decision of the Committee.

-           COUNCILLOR M.TAUQEER MALIK, Convener

With reference to Article 10 of the minute of the previous meeting, the Committee had before it a report by the Head of Finance which provided an update on the North East Scotland Pension Fund and the Aberdeen City Council Transport Fund strategies.

The Committee heard from Mr Buntain in respect of the detail outlined in the report.

The report recommended:-

that Committee –

(a)       approve the commitment of £40 million investment to the HarbourVest Co-Investment Overflow Opportunities Fund;  and

(b)       otherwise note the report.

The Committee resolved:-

to approve the recommendations.

The Board resolved:-

to note the decision of the Committee.

-           COUNCILLOR JOHN REYNOLDS, Convener