Issue - meetings

The Committee had before it a report by the Chief Officer – Finance which presented the Audited Annual Report and Accounts for the North East Scotland

Pension Fund (NESPF) for consideration and signing.

Members heard from Mr Belford in respect of the report, who also noted his thanks to the team for their work in preparing the accounts.

The report recommended:-

that the Committee –

(a)      consider and approve the Audited Annual Report and Accounts for the North East Scotland Pension Fund; and

(b)      instruct the Chief Officer – Finance, as the Local Government (Scotland) Act 1973 – Section 95 Officer, to sign the accounts on behalf of the Fund.

The Committee resolved:-

(i)       in relation to page 68, to note that officers would look to provide clarity around the management expenses in future reports;

(ii)       in relation to the query from Members around benchmarking of the Fund performance with other Funds, to note that officers could provide data on this outwith the meeting, but with the caveat that the figures were not necessarily comparing like for like due to different investment strategies;

(iii)      in relation to the query highlighting the significantly higher figures for private equity management fees, to note that officers would look into this further with the Accounting team and provide clarity to Members outwith the meeting via service update; and

(iv)      to approve the recommendations.