Documents
Agenda
Standard Items
Members of the Press and Public
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Chair
Councillor Shaw, Convener, presided.
In Attendance
A MacArthur, Head of Finance, L Dickie, Finance Manager and C MacDonald, Senior Committee Services Officer (all Finance & Resources).
Also in Attendance
D Millar, Senior Investment Analyst, Hymans Robertson LLP; and M Connor and G Brisbane, Portfolio Managers (both Standard Life Wealth Limited).
Declaration of Interest
There were no declarations of interest intimated prior to the commencement of the meeting.
Items Of Business
Apologies
Apologies from members.
Councillors Alison Jean Dowling and Iain Nicolson.
Declarations of Interest
Members are asked to declare an interest in any item(s) on the agenda and to provide a brief explanation of the nature of the interest.
Minute of Previous Meeting held on 7 June 2017.
1
There was submitted the Minute of the meeting of the Investment Review Board held on 7 June 2017.
DECIDED: That the Minute be approved.
Report by the Director of Finance and Resources.
2
There was submitted a report by the Director of Finance & Resources relative to the Statement of Investment Principles in relation to the Paisley and Renfrew Common Good Funds.
The report indicated that the Council had arranged for the investments of the Paisley and Renfrew Common Good Funds to be managed by Standard Life Wealth Limited, and had agreed with the manager a number of principles which governed decisions regarding these investments. These principles covered a range of issues such as which benchmark should be employed against which to assess the manager’s performance, and restrictions which the manager required to observe when choosing sectors or classes of asset in which to invest. The Statement of Investment Principles had last been reviewed during November 2016 and was due for review. The report advised that there was one change proposed to the existing Statement which reflected the predominant objective for the investment manager to generate regular income for distribution to Local Area Committees and to fund other charitable activities, and to achieve capital growth thereafter. A copy of the Statement of Investment Principles was appended to the report.
DECIDED: That the Statement of Investment Principles, as amended, be approved.
Briefing by David Millar, Senior Investment Consultant, Hymans Robertson LLP relative to the Renfrewshire investment portfolios and the current economic position.
3
D Miller, Hymans Robertson LLP, gave a briefing on market and economic news since 30 June 2016. He provided some background to the market information; outlined the equity markets in 2017; detailed the impact of currencies on the market; gave an update on bonds for 2017; and made reference to the property market and how it was performing.
G Brisbane, Standard Life Wealth, gave a briefing on asset classes. He gave a brief description of what asset classes were; what asset classes Standard Life Wealth invested in; and why portfolios should be diversified.
DECIDED: That the briefings be noted.
Report by the Director of Finance and Resources relative to the performance of the Paisley and Renfrew Common Good Fund Investments, including a briefing note from Hymans Robertson LLP on the key issues to be presented by David Millar. Subsequest to this Mike Connor and/or Gair Brisbane, Standard Life Wealth Limited will deliver a presentation relative to the performance of the Paisley and Renfrew Common Good Funds.
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Common Good Funds Combined
- Private
4
There was submitted a report by the Director of Finance & Resources relative to the performance of the Paisley and Renfrew Common Good Funds during the six-month period ending 30 September 2017. A performance review by Hymans Robertson LLP was attached as an appendix to the report.
M Connor and G Brisbane gave a presentation which advised of the performance of the world markets since June 2016; highlighted the effect of notable events on global equities and gilts; detailed the investment guidelines; highlighted the performance of the Common Good Funds as at 30 September 2017; detailed the Common Good portfolios; indicated the stock contribution and the top 10 equity holdings for the Common Good Funds; and drew special attention to the effect of the “smart generation” and health and wellbeing.
DECIDED: That the report and presentation be noted.
5
Date of Next Meeting
Members are asked to note that the next meeting of the Investment Review Board is scheduled for Wednesday 13 June 2018 at 11.00 am.
5
It was noted that the next meeting of the Investment Review Board would be held in Renfrewshire House on Wednesday 13 June 2018 at 11.00am.
DECIDED: That the information be noted.
Attendance
Declarations of Interests
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No declarations of interest have been entered for this meeting.
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Visitors
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