Documents
Agenda
Standard Items
Apologies
Apologies from members.
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.
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 www.renfrewshire.gov.uk/agendas.
For further information, contact
democratic-services@renfrewshire.gov.uk.
Present
Councillors Bibby, Grady, Holmes and J MacLaren.
Chair
Councillor Holmes, Convener, presided.
In Attendance
A MacArthur, Acting Head of Corporate Finance, and P Shiach, Committee Services Officer (both Finance & Resources).
Also in Attendance
A Galbraith, Investment Consultant, Hymans Robertson LLP, and M Connor, Senior Portfolio Manager, Standard Life Wealth Limited.
Items Of Business
Muinute of meeting held on 26 November, 2014
1
There was submitted the Minute of the meeting of the Investment Review Board held on 26 November, 2014.
DECIDED: That the Minute be noted.
Report by A Galbraith, Investment Consultant, Hymans Robertson LLP
2
There was submitted a report by A Galbraith, Hymans Robertson LLP, which made reference to UK and Overseas equities during the period 1 July 2010 to 18 May, 2015; equities versus bonds; UK, US, Eurozone and Japan’s gross domestic product between quarter one 2008 to quarter two 2014; Global Equities, value versus growth for the period quarter two 2006 to quarter two 2014; and Headline CPI inflation and Core CPI inflation during the period December 2012 to March 2015.
The Investment Consultant commented on economic and market conditions relative to economic growth, in terms of the global perspective; economic growth in the United Kingdom, quantitative easing in the Eurozone, short term negative inflation and its influence on economic policy, and the performance of different asset classes over the period to the end of May 2015.
She indicated that the fall in inflation had been primarily the result of falling oil and energy prices however oil prices had begun to recover. In addition she intimated that equity and bond markets remained positive.
There followed a question and answer session during which information on quarterly GDP and economic growth relative to the US, Europe, Japan and the UK was provided.
DECIDED: That the information be noted.
Report by the Director of Finance & Resources and briefing by A Galbraith, Investment Consultant, Hymans Robertson LLP
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 quarter to 31 March, 2015. A performance review report by Hymans Robertson LLP was appended thereto.
M Connor presented a report in relation to the performance of the Paisley and Renfrew Common Good Funds to 31 March, 2015. The report provided information on world markets; investment guidelines; asset attribution; inflation and deflation and currency divergence.
There followed a question and answer session during which Mr Connor indicated that the income estimates for the Renfrew and Paisley Common Good Funds were presented as net figures after tax, and not gross pre-tax figures. The income targets were also discussed, and it was agreed that the targets remained appropriate.
DECIDED: That the reports be noted.
Presentation by M Connor, Standard Life Wealth Limited
5
Date of Next Meeting
Members are asked to note that the next meeting of the Investment Review Board will he held on Wednesday 25 November, 2015.
4
It was noted that the next meeting of the Investment Review Board would be held in Renfrewshire House on Wednesday, 25 November, 2015.
Attendance
Declarations of Interests
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No declarations of interest have been entered for this meeting.
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