Skip to main content

tv   [untitled]    March 8, 2015 5:30am-6:01am PDT

5:30 am
llocation of the real asset allocations i don't have time to go through it i'll e-mailed e e-mail it to you. >> it basically makes sure that the use of investments are above board not only in x tlak the locations. >> time. >> the energy section didn't indicate point renewable energy has been invented so i'll come back and speak again but i urge you to set guidelines to match the san francisco values we're heard and all support thank you. >> good evening retirement board members nooemz is los scott the immediate past
5:31 am
president of i he 21 and the vice chair the retirement union members but i come today solely as an individual and i come to several of the past meetings i was a thirty year employee thank you city and county in the madam president and worked with the planning commission so some of what i feel comes from any experience in unsought them in their policies deliberations and i've been surprised that about the issues that was brought up by commissioner cohen about the information it's been resonated to the comments of mr. ryan about the decision making and will angst i think the angst came if not having the facts in
5:32 am
play i admire the fact that local 21 convened a study committee i talked with larry greven who was here earlier with the san francisco vice president of local 21 and said a staff person from the retirement board came and spoke and dlebd deliberated i declined i deliberated with them there ever half for and half against and according to larry combreven were answered they felt be comfortable in making the recommendations they have the problem is that information that was shared to you guess a small study committee didn't get out there to f i u and the retirees and didn't think it got out to
5:33 am
the broader manipulating of local 21 so definitely i think there's been a problem with information when i was with the planning commission the public testified the next time around when the committee the commission took things under add time the staff summarized the concerns and responder to them by today it was supervisor i mean commissioner paskin-jordan that had to ask the questions that people here have and have and it was commissioner driscoll who said we need to look at the pros and cons of allocations and that really seems to be missing in the written and verbal materials of staff except what
5:34 am
came out of today but your trust i would certainly hope in the future you had a workshop format and allow this to happen again, today switching to another subject i couldn't be more passionate about affordable housing but i also - .
5:35 am
>> hi, i'm kate walker i want to support what the other 3 speakers have said and that the information that coming out came out right now and the way it was you way we were understood and misunderstood you see this is not even the beginning of communication when commissioner paskin-jordan said that hedge fund were transparent we as the fossil file gentleman said we consider we're can we see the holdings not only can you see them but can we as planned members see them as if it was our own investment it is this is our money that happens in a lot of city boards you get every
5:36 am
detail or the important details and help the great depression boards or this board of supervisors make decision in this case there was nothing coming out and when we start to hear like today, we're or where you're coming from i have to come back and correct our misunderstanding and this is the only the beginning the process i like what you said commissioner cohen this is a learning curve and los mentioned the information was not given to a lot of groups i disagree with that f ic got the information and came to o a different decision the local 21 says we're uncomfortable of complexities it is as if the rest of us aren't i
5:37 am
did a lot of research and called people by this time i'm getting it and also getting that you don't get us i want to see this continued you know it is basic like what i'd like to make decisions as a member on the investments so we can really know those are mediating save and they're what we want as a community with you talk about property i felt liking i like of in market street and wanted to run out of the room i don't want to see that what's happening in san francisco continue we don't want to be hong kong or shanghai or you know paris or london we can't live there on our salaries
5:38 am
or - you know, i won't gone i could address every person keep the communication coming and maybe someday you'll understand why we come up here and make those outrage statement we don't have the same values as many of you have that's all i have to say roadway thank you. >> (clapping.) david williams it's almost good evening folks gee sidney i want to echo what the lady said you're putting the cart before the horse it is pretty objective you'll be voting for a 5 percent hedge fund allocation process what's missing, however, is i've heard questions about rfps, about what the investments will be and how you'll hire managers
5:39 am
no one can be answered with yes or no questions bus the bottom line is negotiation in a negotiation go all the negotiation i've fume with you go down with the bottom line you again in with a plan and talk about to the members and you know the values and everything else but i have the sense you'll go into the negotiations and take a piece i'll throw this. >> and thank taking place but we'll take what we get in terms of the various investments and in terms of whether it's underfunded or bridge i don't understand how you can make the allocation it's still upside down in terms of what you want to do thank you.
5:40 am
>> (clapping.) kari you diagonally commissioners and fell union members he want to set the record straight there were 2 of us members on staff that presented so it was more than zero. >> thank you i think that that promoted a couple of speakers. >> i'm john a four-year member of hedge funds i want to take issue i'm sure that professor when you said that was warren buffett was a hedge fund he makes most of his money from 60 korptsdz if he's doing hedge funds that will be less than the one percent and those are issues oh when we have whereon in
5:41 am
2008, was a bad market and more than seven hundred hedge funds went out of business in 2008 that's one point and not point when most hedge funds losses money you can kiss is going back when you talk about the s.p.c.a. 5 hundreds sure it goes down but it goes down every recession so that's what happened when it doubles it that's realty matt mat and 9 to buy a house was $50000 the storage was 850 and now it's pushing 18 thousand so everything is going upside down
5:42 am
based on the economy any good hedge fund man will tell you you're making a big mistake they want 25 percent, 2 and 20 of $10 billion they're to laugh at you at 5 perris you know that so what i think you want the $57 billion is because hey sometimes, i go to las vegas and the race track. >> 30 seconds (laughter). >> you'll have 5 percent of beginners luck and take commissioner paskin-jordan she didn't know. >> how do you know. >> i'll bet you a thousand dollars. >> i won't accept the bet.
5:43 am
>> because what am i saying (inaudible). >> you've seen this and (laughter). >> he won't cook for me. >> now it was the 10 minutes are up david williams stole 35 my worlds you have the cart before the hours it is hard to follow someone with a great sense of humor but you're missing a couple of things like david said you've got the horse before the cart before you decide the allocation if you don't have the guidelines why are you assigning an asset when you don't know was
5:44 am
the guidelines are looking at your george the memberships and you have an obligation to serve the 50 thousand land members you 7 people can't be make that determination with our money. >> you did no due diligence and commissioner cohen didn't want the staff to do due diligence did you? did you? commissioner paskin-jordan? the answer i've gotten out of norm >> (inaudible). >> so what's also missing where is the due diligence on your meltdown in 2008 that wasn't
5:45 am
done perhaps the other gentleman can talk about the due diligence in the 2008 meltdown how did the 7 of you and mr. cokeer be able to get so manipulative larger it's amazing that you guys are that much smarter than the two most prominent investors we'll have an obligation listening to our clients the survey revealed a - >> 30 seconds. >> the vast majority of the locals members if support that despite what of the the
5:46 am
gentleman was telling us i urge you to vote against this because overall the biscuit thing you've failed to do is look at the 8 hundred pound ignore rely of why there was no alternate proposal put before you of vvl in the prudence index fund why not go to index funds and not hedge fund i guess your smarter than warren. >> good evening, everybody i'm ali haven't spoke at our
5:47 am
meetings i didn't want to we have look good people doing a lot of good work i was so appreciative tonight to get those things out and side see i perform in come back with some sort of an answer form you you know i've been in the city over thirty years and retired for thirty years and retired for 10 thanks to my retirement board so i appreciate everything you've done he hope to pass it on to any wife, however, everything has perspectives i think the keywords here is perception this police department in san francisco if you look at how they put it all together it's the perception of how their seeing to whether they're
5:48 am
performing their jobs perception see what happens with the other statistics i states when it was per accepted they were not doing their jobs if you guys and all of us take back the perception give us something we can see and perceive and he think this union which i'm a member of s c i u i think there's a lot of knowledge there and if we work together as a team we don't have to know all the integral part but we need p that perception thank you and good night. >> seeing none no other speakers i'll close. >> i will opium i'm sorry this is not a question and answer
5:49 am
period you can speak to the commission. >> i can say which of the two, 5 percent policies are testified next and here's any comment when you vote will you make it clear which policies you're voting on tuesday (laughter). >> i would be happy. >> make that clear as far as the funds for emergencies that is (inaudible) i will clarify the motion those of you those are alternative policy hedge funds the break out is 40 percent in global equity 18 percent in private equities any public comment? 17 percent in real assets, 5
5:50 am
percent in absolute return hedge funds and 20 percent in fixed income >> i will - i don't want to open it up for editorial at this point is there my question that's pertinent to anybody's issues. >> okay all in favor, say i. >> i opposed? it is a 6 to one vote thank you everybody the commission will take a 10 minute recess. >> item number 5. >> that's a discussion item.
5:51 am
>> to the commission do they have questions for staff of this item this is self-explanatory i will on it up for questions. >> no questions staff anything you'd like to share more than what you've submitted. >> you have our report we're available for questions. >> i'll open up for public comment for number 5 annual report and sorry. >> thank you jed for city of chicago around. >> thank you all this is officially takes the cake for autograph us i think i was very excited to see that rep systemic the approximate i
5:52 am
didn't voting was on the agenda the first level one activation of the level one approximate i didn't voting since 1992 was activated a year ago this month and involved taking active proxy votes at the board level for the top two gas companies that are listed on the carbon tractor list i don't see any mention that existed so i actually am not sure that level one oh, say can you see by the dawn's early light was kwacht as this board implement one year ago if it was there was certainly no indication in the republican
5:53 am
systemic report that is concerning to us despite what we've heard from the board we need to go through the steps and let level one take it's course it didn't seem like staff or the board has taken the social investment procures very seriously or if so perhaps staff didn't communicate to index s f they have include the approximate i didn't action i'll say this is the only fear in the last year that the board specifically called out proxy action so the fact it is a discrepancy ricci so make sure make sure? included in the next
5:54 am
item. >> speakers sielgd and we brought you monthly report under the proxy assault weapon that included the engagement it was a separate project we brought to you and report each month at the end the proximate i didn't we provided you with the result of our holdings and how we voted button proximate i didn't see for the incentive we have those separated out and but we have also considered it not part of the annual report but as a special report i believe the last report had been
5:55 am
in june or july we'll provide the level of details for o cooker 2 hundred companies. >> great, thank you call item 67. >> item 6 action item review and look at the proxy voting procedures did 2015. >> this is the second of two reports you've received from staff each february the action item once in a while we'll address the recommended changes to the proxy voting policy and belief radiation on up for staff for questions. >> questions by commissioners? okay commissioner driscoll
5:56 am
>> okay. then the chair will entertain the motion of adoption. >> is there a second. >> open up for public comment on item 6 welcome back jed. >> thank you for your repeated indulgence turn to page 8 of the staff report for this item you'll see that the 7th restriction to the proxy restriction is related to adaptation of green house gas emissions point out on page 23rd the environmental issue that you would have a voting policy on
5:57 am
i guess i would make to point one of them is the first reference i gave you number 7 kind of shows you that i ss as a major proxy voting contractor has moved pretty much beyond your level one vote of a year ago with their default plan to when we say your level one is weak i think this move by i ss leads cede as an that the basic fundamental report is beyond the level one you specifically activated a year ago we'll agree our social policies are blovldabove and beyond the second point on
5:58 am
the number 22 is to draw out when you look at this list how many of these are a case by case basis the vast majority are a case by case and i'll note that you'll level one because of a motion by a board member instead of it being across the board hike a anti climate change it is a case by case vote it looks like making a case by case vote on those issues actually was not a new approximately unbeknownst to us we've not seen your i ss school district it looks like you had some kind of case by case by case by case voting with respect to fossil fuels proceeding this report i don't know if that is accurate but
5:59 am
from this report is it my point relating to the last agenda item this stapling step was meant to be the first step the board intoxicate for inform cooker and at risk information which we bloomberg and at&t's others brought you to and what this report is exposing is that the last year is kind of been wasted that the kind of default plan, which example ss will be recommending to its similar institutional investors to take a predictable reasonable approach we'll urge that this report that you use this report to judge the level one has been tried and not succeeded in
6:00 am
changing the social investment conditions and now is the time that i ss has taken our level one and made it your baseline to move to level 2 thank you very much. >> welcome back claire. >> thank you. this time i'm speaking sole for myself again on page 19 item 21 the self-analyst testing and someone pates a great advocate for conservation for animals and domestic animals i had expend conversations with a number of research veterinarians including those atic davis with issue with my own dog i've leader beyond the lab rates there's no