Agenda and minutes

Minute of Meeting held on 13 June 2019 to be noted and signed by the Chairman. (Copy attached).

There had been circulated copies of the Minute of the Meeting of 13 June 2019

DECISION

NOTED for signature by the Chairman.

Following the resignation of Ms Dunthorne to the Board, to welcome Mr Everett.

To note the Pension Board membership as follows:-

            Councillor S Aitchison (Scottish Borders Council)

            Mr E Barclay (Unite)

            Mr M Drysdale (GMB)

Mr M Everett (Unison)

            Ms K M Hughes (Unison)

Ms H Robertson (Borders College)

            Ms L Ross (Admitted Body)

            Ms C Stewart (Admitted Body)

The Board noted the resignation of Ms Dunthorne, welcomed Mr Everett to the Board, and agreed the membership of the Pension Board.

DECISION

NOTED the resignation of Ms Dunthorne.

AGREED the membership of the Pension Board as follows:-

Councillor S Aitchison (Scottish Borders Council)

Mr E Barclay (Unite)

Mr M Drysdale (GMB)

Mr M Everett (Unison)

Ms K M Hughes (Unison)

Mrs H Robertson (Borders College)

Ms L Ross (Admitted Body)

Mr C Stewart (Admitted Body)

Consideration of any issues required to be raised.

The Board asked for clarification on the difference between currency hedging and hedge funds.   Mrs Robb explained that currency hedging protected against fluctuations in currency exchange rates; whereas a currency hedge fund was a managed investment aimed at generating returns.   The Pension Fund’s investment strategy no longer included currency hedging, although some of the Fund’s investment companies did invest in hedge funds.   The Board then referred to the discussion on plastics. In response to a question, Mrs Robb advised that the Fund would not cease investing in Apple, but through working with Strathclyde Pension Fund, and Sustainalytics, had supported engagement  to encourage a reduction in their plastic use.

DECISION

NOTED.