Agenda and minutes

To appoint a Chair and Vice Chair of the Pension Board

The Board considered the appointment of Chair.   Mrs L Ross, seconded by Ms C Stewart, moved that Councillor S Aitchison be appointed as Chair.

DECISION:

AGREED that Councillor Aitchison be appointed as Chair of the Pension Board.

MEMBER

Councillor S Aitchison in the Chair.

Mr M Drysdale seconded by Ms K Hughes, moved that Mr A Barclay be appointed as Vice Chair.

DECISION:

AGREED that Mr Barclay be appointed as Vice Chair.

Minute of Meeting held on 22 June 2017 to be noted and signed by the Chairman. (Copy attached).

There had been circulated copies of the Minute of the Meeting of 22 June 2017.

DECISION

NOTED for signature by the Chairman.

Consideration of any issues required to be raised.

The Board discussed the joint meeting of the Pension Fund Committee and Pension Board.  They referred to the presentations by PIRC and Baillie Gifford on corporate governance, and suggested that it would have been useful to receive information on the reasons for the presentations, prior to the joint meeting.  In response to a question by the Chairman, Mrs Robb advised that both PIRC and Baillie Gifford had agreed to be in attendance at the meeting during their respective presentations, although PIRC had left prior to the presentation by Baillie Gifford.  The Board agreed with the decision of the joint committee that it could fulfil its judiciary duties without having to analyse vast amounts of information.  Mrs Robb advised that the Board might not agree with certain investments made by the Fund managers.  However, individual preferences could not be taking into consideration when determining the investment strategy; the joint committee’s priority was to the beneficiaries of the Pension Fund.   

4.2       The Board then discussed the private report regarding the Fund’s infrastructure investment and asked for clarification as to the delegation process.  Mrs Robb reminded the Board that the joint committee had agreed to delegate authority, to the Chief Financial Officer in consultation with the Chair of the Pension Fund Committee (where appropriate having regard to the advice of the Investment Advisor) to authorise individual infrastructure investments.   This was due to the nature of such investments, and the need for decisions to be taken at short notice.

            DECISION

            NOTED.

The next meeting is scheduled to be held on Thursday, 7 December following the Pension Fund Committee and Pension Board joint meeting.

The next meeting of the Pension Board was scheduled to take place on Monday, 4 December 2017.

DECISION

NOTED.