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Meeting Details

Investment Review Board
13 Jun 2018 - 11:00 to 13:00
  • Documents
  • Attendance
  • Visitors
  • Declarations of Interests

Documents

Agenda

Agenda
Notification
Standard Items
Further Information

This is a meeting which is open to members of the public. 

A copy of the agenda and reports for this meeting will be available for inspection prior to the meeting at the Customer Service Centre, Renfrewshire House, Cotton Street, Paisley and online at http://renfrewshire.cmis.uk.com/renfrewshire/CouncilandBoards.aspx

For further information, please either email
democratic-services@renfrewshire.gov.uk or telephone 0141 618 7112.

Members of the Press and Public
Members of the press and public wishing to attend the meeting should report to the customer service centre where they will be met and directed to the meeting.
Present
Councillor John McIntyre, Councillor John Shaw and Councillor Iain Nicolson. 
Chair
Councillor Shaw, Convener, presided. 
In Attendance
A MacArthur, Head of Finance, L Dickie, Finance Manager and R Devine, 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). 
Items Of Business
Apologies
Apologies from members.
Councillor Alison Dowling.
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.
There were no declarations of interest intimated prior to the commencement of the meeting. 
Minute of meeting held on 22 November 2017.
1
There was submitted the Minute of the meeting of the Investment Review Board held on 22 November, 2017. 
 
DECIDED:   That the Minute be approved. 
Consider briefing by David Millar, Senior Investment Consultant, Hymans Robertson LLP regarding the Renfrewshire investment portfolios and the current economic situation. 
2
D Miller, Hymans Robertson LLP, provided a briefing on market and economic news since the last meeting.  In addition, he made reference to the performance of the markets in 2018; outlined trends encountered by investors in the equity markets during the last quarter of 2017 and first quarter of 2018; and summarised the influencing factors which had impacted on the performance of the equities market.  It was highlighted that although performance had dipped in comparison to recent quarters equity investments were viewed as a long-term activity. Performance in terms of the Bond markets was outlined, together with the reasons for the poorer performance and potential actions to alleviate the situation.  It was noted that the portfolios were well diversified and gained exposure to a wide range of countries/regions, sectors and assets.

DECIDED:   That the briefing be noted.
Report by the Director of Finance and Resources relative to the performance of the Paisley and Renfrew Common Good Funds; including a briefing from Hymans Robertson LLP regarding the key issues to be presented by David Martin. Subsequent to this Gair Brisbane and/or Mike Connor, Standard Life Wealth Limited, will deliver a presentation relative to the performance of the Paisley and Renfrew Common Good Fund.s
3
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 31 March 2018.  A performance review by Hymans Robertson LLP was attached as an appendix to the report. 
 
SEDERUNT

M Connor and G Brisbane, Portfolio Managers (both Standard Life Wealth Limited) entered the meeting.

M Connor and G Brisbane provided a presentation which advised of the performance of the world markets during the first quarter of 2018; highlighted the effect of notable events on global equities and gilts; made reference to the investment guidelines pertaining to the Funds; highlighted the performance of the Common Good Funds as at 31 March 2018 and, in particular, the asset contribution by asset class.  Mention was made of the best and worst performing stocks and equity holdings within the portfolios and a summary of factors which could impact on future prospect was provided.  Actions taken to address these factors were outlined.

DECIDED:  That the report and presentation be noted. 
Members are asked to note that the date of the next meeting of the Investment Review Board is scheduled to be held at 11am on 21 November 2018.
4
It was noted that the next meeting of the Investment Review Board would be held in Renfrewshire House on Wednesday 21 November 2018 at 11am. 
 
DECIDED:  That the information be noted.
 

Attendance

Name
No other member attendance information has been recorded for the meeting.
NameReason for Sending Apology
Councillor Alison Ann-Dowling 
NameReason for Absence
Councillor Jim Paterson 

Declarations of Interests

Member NameItem Ref.DetailsNature of DeclarationAction
No declarations of interest have been entered for this meeting.

Visitors

Visitor Information is not yet available for this meeting