Agenda and minutes

The minutes of the meeting held on 24 July 2015 were taken as read, confirmed and signed.

The Chief Executive reported that no questions had been received under Standing Order 35.

The Chief Executive reported that no questions had been received under Standing Order 7(3) and 7(5).

There were no urgent items for consideration.

The Chairman invited members who wished to do so to declare any interest in respect of items on the agenda for the meeting.

No declarations were made.

The Investment Subcommittee considered a presentation by the Fund’s financial advisors, Kames Capital, which provided background information on emerging market investments. A copy of the presentation is filed with these minutes marked ‘6’.

RESOLVED:

That the presentation be noted.

Members are asked to note the meeting dates below following consultation with the Chairman:

Wednesday 23 March

Wednesday 27 April

Wednesday 22 June

Wednesday 20 July

Wednesday 10 August

Wednesday 12 October

Wednesday 14 December

RESOLVED:

That meetings of the Subcommittee be held on the following dates in 2016:

Wednesday 23 March

Wednesday 27 April

Wednesday 22 June

Wednesday 20 July

Wednesday 10 August

Wednesday 12 October

Wednesday 14 December

It was noted that the next meeting would be held on 9 December 2015.

The Subcommittee received a presentation by representatives of Delaware Investments which was followed by questions from members. A copy of the presentation is filed with these minutes marked ‘9’. The presentation was not for publication by virtue of Paragraphs 3 and 10 of Part 1 of Schedule 12(A) of the Local Government Act 1972.

RESOLVED:

a)    That the presentation be noted;

b)    That it be noted that the Subcommittee continued to have concern with regards to the performance of the Delaware Emerging Market investment and that managers representing Delaware be requested to attend a meeting of the Subcommittee in Autumn 2016 to provide a further update on their investment performance.