Agenda and draft minutes

Minute of Meeting held on 22 June 2020 to be noted and signed by the Chairman. (Copy attached).

There had been circulated copies of the Minute of the Meeting of 22 June 2020.

DECISION

NOTED for signature by the Chairman.

With reference to paragraph 2 of the Minute of 22 June it was noted that following advice and agreement by the Chairman, the proposed letter to the Scheme Advisory Board was not issued.

DECISION

NOTED.

Consideration of any issues required to be raised.

The Board discussed the uncertainty over Covid-19 and welcomed the Fund’s positive performance as reported by Isio.   Mr Robertson explained that the Pension Fund was a well-managed and diversified Fund, designed to protect investments against a range of adverse circumstances.   The ongoing pandemic was reflected in the Risk Register and managers were continually striving to protect the Fund from uncertainty.  The second quarter had seen a bounce back in terms of investment funds and a strong performance across a range of managers.  One area of concern remained the impact of Covid-19 on the property portfolio and this has been reflected in the independent auditors’ report.  Mr Robertson reassured the Board that officers and advisors would continue to monitor the situation closely and that capacity issues would continue to be addressed.

DECISION

NOTED:

(a)   Audit Scotland’s report which reflected positively on the management of the Fund; and

(b)   capacity issues would continue to be addressed.

The next meeting of the Pension Board is scheduled to be held on Friday, 11 December 2020.

The next meeting was scheduled to be held on 11 November 2020, following the Pension Fund Committee and Pension Board joint meeting.

DECISION

NOTED.