City Governance Committee - 05/01/2026
At a MEETING of the CITY GOVERNANCE COMMITTEE held at Dundee on 5th January, 2026.
Present:-
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Lord Provost Bill CAMPBELL
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Depute Lord Provost Nadia EL-NAKLA |
BAILIES
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Will DAWSON |
Kevin KEENAN |
Christina ROBERTS |
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Willie SAWERS |
Helen WRIGHT |
Derek SCOTT |
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Fraser MACPHERSON |
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COUNCILLORS
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Heather ANDERSON |
Lee MILLS |
George McIRVINE |
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Jimmy BLACK |
Steven ROME |
Wendy SCULLIN |
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Kevin CORDELL |
Lynne SHORT |
Pete SHEARS |
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Mark FLYNN |
Roisin SMITH |
Daniel COLEMAN |
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Stewart HUNTER |
Siobhan TOLLAND |
Michael CRICHTON |
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Ken LYNN |
Georgia CRUICKSHANK |
Craig DUNCAN |
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Dorothy McHUGH |
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Councillor Mark Flynn, Convener in the Chair.
The minute of meeting of this Committee of 1st December, 2025 was held as read.
Unless marked thus * all items stand delegated.
I DECLARATION OF INTEREST
There were no declarations of interest.
II MINUTE OF MEETING OF PENSION SUB-COMMITTEE AND PENSION BOARD
The minute of meeting of the Pension Sub-Committee and Pension Board held on 22nd September, 2025 was submitted for information and record purposes, a copy of which is attached to this minute as Appendix I.
III CORPORATE SERVICES SERVICE PLAN 2023/2027
There was submitted Report No 11-2026 by the Executive Director of Corporate Services, providing a progress report on the second year of the 2023/2027 Corporate Services Service Plan.
The Committee agreed to note the report and approve the recommendations within the report at section 5.5 regarding existing performance measurement arrangements for workforce planning and review of terms and conditions.
IV LEISURE AND CULTURE DUNDEE PERFORMANCE AND IMPACT REPORT FOR 2024/2025
There was submitted Joint Report No 327-2025 by the Chief Executive and the Director, Leisure and Culture Dundee, providing the annual report for financial year 2024/2025 setting out financial and performance information on Leisure & Culture Dundee (LACD) to meet the guidance on Following the Public Pound.
The Committee agreed to note the information in the report including the attendance performance across the range of services undertaken by LACD as detailed in section 6 of the report and in more detail in Appendix 1 of the report.
Mark FLYNN, Convener.
At a MEETING of the PENSION SUB-COMMITTEE of the CITY GOVERNANCE COMMITTEE AND THE PENSION BOARD held remotely on 22nd September, 2025.
APPENDIX I
Present:-
PENSION SUB-COMMITTEE
BAILIES
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Willie SAWERS |
Kevin KEENAN |
COUNCILLORS
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Ken LYNN |
Steven ROME |
Michael CRICHTON |
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Dorothy McHUGH |
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PENSION BOARD
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Bill DUFF |
Stewart DONALDSON |
Arthur NICOLL |
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Michael CHARLTON |
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Bailie Willie SAWERS, Convener in the Chair.
I APOLOGIES
The Sub-Committee and Board noted that apologies had been received from George Ramsay.
II DECLARATION OF INTEREST
No declarations of interest were made.
III MINUTE OF PREVIOUS MEETING
The minute of meeting of 23rd June, 2025 was submitted and approved.
IV TAYSIDE PENSION FUND RISK REGISTER
There was submitted Report No 253-2025 by the Executive Director of Corporate Services seeking approval for the Quarterly Risk Register for Tayside Pension Fund.
The Sub-Committee and Board:-
(i) approved the Quarterly Risk Register for Tayside Pension Fund, noting no change from the previous quarterly report.
V PENSION ADMINISTRATION PERFORMANCE - UPDATE TO 30TH JUNE 2025
There was submitted Report No 254-2025 by the Executive Director of Corporate Services providing information on the recent quarters operational performance in relation to Pension Administration and other general developments in this area over the above period.
The Sub-Committee and Board:-
(i) noted the content of the report.
VI TAYSIDE PENSION FUND 2024/2025
(a) TAYSIDE PENSION FUND 2024/2025 ACCOUNTS AND AUDIT
There was submitted Report No 255-2025 by the Executive Director of Corporate Services reporting on the outcome of the external audit of Tayside Pension Fund for the year to 31st March, 2025.
The Sub-Committee and Board:-
(i) noted the content of the External Auditor's Annual Audit Report, in particular that Audit Scotland anticipated issuing an unqualified audit opinion.
(b) DRAFT AUDITED STATEMENT OF ACCOUNTS 2024/2025
There was submitted Report No 256-2025 by the Executive Director of Corporate Services reporting on the Draft Audited Statement of Accounts for 2024/2025.
The Sub-Committee and Board:-
(i) noted the content of the report.
(c) EXTERNAL AUDITORS ANNUAL REPORT
There was submitted Report No 257-2025 by Audit Scotland reporting on the Audit of Tayside Pension Fund 2024/2025 annual report and accounts.
The Sub-Committee and Board:-
(i) noted the content of the report.
VII THE PENSIONS REGULATOR - GENERAL CODE REVIEW
There was submitted Report No 258-2025 by the Executive Director of Corporate Services informing members of the outcome of the review undertaken by Isio of the code requirements, following recommendation by Audit Scotland.
The Sub-Committee and Board:-
(i) noted the content of the report.
VIII REVISED PENSION ADMINISTRATION STRATEGY
There was submitted Report No 259-2025 by the Executive Director of Corporate Services setting out the Funds policy in respect of the standards required of both the Fund and the participating employers to ensure that statutory obligations were met and to demonstrate effective and efficient service delivery. The strategy contained a variety of performance measures against which the Fund and participating employers were assessed, with performance reported to the Committee.
The Sub-Committee and Board:-
(i) approved the revised strategy contained within, noting the inclusion of record keeping and data improvement in sections 5 and 6 of the Pension Administration Strategy.
IX AMENDED TREASURY POLICY STATEMENT 2025/2026
There was submitted Report No 260-2025 by the Executive Director of Corporate Services revising the Funds Treasury Policy Statement following Isios review of compliance with the Pension Regulators Revised Code.
The Sub-Committee and Board:-
(i) approved the policies and procedures laid out in the amended Treasury Policy Statement 2025/2026, noting the inclusion of Fund rebalancing to the policy in section 6 of the policy.
X BREACHES OF LAW POLICY
There was submitted Report No 261-2025 by the Executive Director of Corporate Services setting out the Funds policy in respect of reporting breaches of the law to The Pensions Regulator.
The Sub-Committee and Board:-
(i) approved the policy contained within the report.
XI ANNUAL TREASURY MANAGEMENT ACTIVITY 2024/2025
There was submitted Report No 262-2025 by the Executive Director of Corporate Services reviewing the Treasury Management activities for the period 1st April, 2024 to 31st March, 2025.
The Sub-Committee and Board:-
(i) noted the information contained within the report.
XII VALEDICTORY - TRACEY RUSSELL
The Convener, on behalf of the Sub-Committee and Board, paid tribute to Tracey Russell, Senior Manager, Corporate Services, upon her retiral later in the year and wished her well for the future.
The Sub-Committee and Board associated themselves with the Conveners remarks.
The Sub-Committee and Board resolved under Section 50(A)(4) of the Local Government (Scotland) Act 1973 that the press and public be excluded from the meeting for the undernoted items of business on the grounds that they involved the likely disclosure of exempt information as defined in paragraphs 4, 6 and 11 of Part I of Schedule 7A of the Act.
XIII TAYSIDE PENSION FUND
(a) TAYSIDE PENSION FUND PERFORMANCE SUMMARY
There was submitted Report No 263-2025 by the Executive Director of Corporate Services reviewing investment performance of the Funds investment managers for the quarter to 30th June, 2025. The report compared investment performance of the Fund with the Funds specific benchmarks which consist of various stock and security market indices.
The Sub-Committee and Board:-
(i) noted the information contained therein with regard to the performance of the Tayside Main Fund and their Fund Managers.
(b) SUMMARIES OF INVESTMENTS AND TRANSACTIONS 1ST APRIL 2025 30TH JUNE 2025
There was submitted Report No 264-2025 by the Executive Director of Corporate Services reviewing the investment activities of Tayside Pension Funds five Fund Managers for the quarter to 30th June, 2025 and summarising the transactions of each Fund Manager and showing the market values of the Pension Fund.
The Sub-Committee and Board:-
(i) noted the information contained therein with regard to the performance of the Tayside Main Fund and their Fund Managers.
(c) SECURITIES LENDING SIX MONTH ACTIVITY TO 30TH JUNE 2025
There was submitted Report No 265-2025 by the Executive Director of Corporate Services presenting an update on Securities Lending activity for the period ended 30th June 2025.
The Sub-Committee and Board:-
(i) noted the content of the report.
(d) QUARTERLY FUNDING UPDATE AS AT 30TH JUNE 2025
There was submitted Report No 266-2025 by the Executive Director of Corporate Services reviewing the current funding level of the Fund as assessed by the Fund Actuary.
The Sub-Committee and Board:-
(i) noted the report by the Fund Actuary.
XIV TAYSIDE PENSION FUND PROCUREMENT ACTIVITY UPDATE
There was submitted Report No 298-2025 by the Executive Director of Corporate Services providing an update of general procurement activities currently being undertaken by Fund Officers.
The Sub-Committee and Board:-
(i) noted the content of the report.
XV OPPORTUNISTIC MANDATE TIMELINE
There was submitted Report No 299-2025 by the Executive Director of Corporate Services, providing members with a timeline of the procurement exercise to appoint an investment manager to manage the opportunistic asset allocation (5% value of the fund).
The Sub-Committee and Board:-
(i) noted the content of the report.
XVI PRESENTATION
Lucinda Liss, Kieran Farrelly and Olivia Docker of Schroders gave a short presentation to the Sub-Committee and Board.
After Ms Liss, Mr Farrelly and Ms Docker had given their presentation and answered questions from members, the Chair thanked the presenters on behalf of members of the Sub-Committee and Board.
Willie SAWERS, Chair.