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flag of the united states of america and to the republic for which it stands, one nation under god, indivisible, with liberty and justice for all. >> welcome everyone roll call commissioner makras commissioner cohen commissioner meiberger commissioner stansbury we have quorum is present. >> great, thank you i'll open up for public comment. >> good morning commissioner i'm patrick shaw i'd like to wish you a happy first anniversary the first conflict of interest ethnics complaints against wendy commissioner paskin-jordan was filed on

april 3rd, 2014, i've wondered lastly about filing a missing persons report against board he's not investigated her conflict of interest commissioner paskin-jordan said into a video youtube she's aggregated fund with her firm to reach the $10 million threshold for her gm o investment and the ethnics complaint alleged who emotional did they aggregate funds from f is this board allowing a miss b of a commissioner to go unchecked that will be viewed as an

enforcements of misconduct truly commissioner matthew's understand this commissioner paskin-jordan landed in the san francisco examiner that if the gentleman will distribute that i'll appreciate it. >> mr. fitzgerald rogers helped to stop the article sfwiements help stop san francisco government recorded on commissioner paskin-jordan investment in the geoinvestment fund the retirement board investment that puts this board in the media where you don't belong reporting that san francisco's unique plea includes how well known paskin-jordans

appointment to this board is given her investment in the gov. >> thank you, patrick richard welcome richard. >> public institutions like pension funds have been under attack by the prioritization it was threatening the existence of our lowest price institutions including the posting the american services and we worry about this mr. cowling u cul-de-sack care has a re2r5ikd expanding caption to give away money to hedge funds from people that hate the public sector the ceo's logical the standard deviation using

thirty this model lowers the risk by 2 percent this fund has weathered any bulls and bears in the past our civil grand jury replaces the low risk investment policy why do we reject seeming prudence and conflicts we want innovative san francisco to follow the script of other plays that failed the public in secret investments based on the word of someone name who resecret i talked to a high competitive he said the suckers you go back to be the pension funds because the funds managers don't know what they're doing or they get their

pension away we're concerned about this and hope we have your full support in keeping the institution alive for future of generations. >> thank you, richard rebecca. >> rebecca someone will be collecting a pension from you i hope san franciscans since 1980 and once upon a time, there was a group of democrats their house caught fire they did a study on whether or not in their friends and commissions a review of study and decided to appoint a committee to review the study of the commission batting the house had burned down and the children

died i can use bureaucracy to it in bad faith not to acknowledge you're doing nothing or you don't give a damn or doing the opposite this is more or less the rent board has been doing since is board of supervisors unanimously voted to ask the rent board to divest from foiling stock all the news about climate is so much worse a huge number of institutions have devested universities and pension funds, etc. and the highest economic authorizes talked about the dangers and in the last several months you continue to waffle you've lost $50 million from not divesting from fossil fuel funds and gas i

want to say as someone that is watching this process for two years i find the use of bureaucracy is a use of obligation, etc. repugnant and disgraph offensive and insulting can you get on it. >> thank you, rebecca can. >> deborah. >> followed by silva thank you very much members of the board of san francisco employees retirement system it's an honor to follow rebecca she's expressed my feelings of the follows free california eloquently i'm the spokeswoman for the fossil fuel california and speaking in a much more

340erd way but feel strongly about what they said it is financially pursuant to invest in the follows fuels that are threatening our way of life i'd like to focus phenomenon two specific pieces of news that talk about present danger and how it effects the decisions you could o should be macro and a hell story from last week on april 1st the governor announced monitoring water limitation that bring climate changer in assuring a secure way for pension holder we have a safe present for the land and water we absolutely don't think no longer a future possibility

climate change threatens our life support in n this state drought happy on a sickly basis the climate technologists show that the experience greater exacerbated the current drought of winter of 2015-2016 was the long run it on record for california our water supply are especially threatened with warming temperatures when rain replaces the mountain snows we counted on second piece of news you're familiar with this april the legislation is talking up calpers for the companies that receive half the revenues from cool my wife and i the package of this will be a major step for

the divestment. >> 30 seconds. >> the vehement and the recent because of it's poor performance, in fact new income from the financial analyst without a carbon emission they're a risky investment we commend accident board for your serious consideration for the fols fuel companies but ask you today to make the strongest presence in that state. >> thanks. >> hello silva. >> hello. thank you ladies and gentlemen, i'd like to ask 3 things number one i'm requesting that you, please give me provide me any and all correspondence from bob shaw to malia cohen in

her role as member of the board of supervisors representative to this board number 2 i'd like to ask from the director from the president any and all correspondence to any and all members of this board from the mayor's office the mayor's office of housing and for any money from the retirement board to provide and fund baurt housing and low income housing or any project in the city the reason when asked the mayor's office of housing was asked for a report as to how much each developer kicked in according to the agreement with the city to build baurt housing unfortunately, the mayor nor his mayor's office of housing could provide any information that is

accurate or in any format number 2 i z did not hear we don't need affordable housing god, only knows the senior needs housing many this city unfortunately i've been hearing both in february and mission delores meeting organized by the chronicle was my objection to the deputy one of the assists is planning to utilize $100 million to build affordable and baurt u below market rate housing i asked him if this is something he's considering he said, "yes, i told him number one that is not a profit making move for the retirement board and number two

it is disbursementy it only builds houses for the seniors and number 3 i feel that if the mayor's office and the mayor is not able to produce the developers money that is kicked into build this housing how can the retirement board even consider giving this effort to the mayor who is up for re-election one hundred hundred million dollars of our funds it's our funds we're having enough trouble living in the city much lessening about funding someone else's ability to live in the city and number 3 mr. vice president and mr. matthew's can you provide the. >> 30 seconds. >> endeavors to find a very well experienced hedge fund

manager thank you. >> thank you silva. >> any other speakers? seeing i'll >> sure. >> welcome. >> hi thank you. i'm kay walker i am very much against what i know of the download fund as an investment it didn't seem like it will be yielding much although there are things discussed not on the mayors housing web page that has to do with it is a second also takes thirty years before the person that gets the loan pays it off and doesn't seem like there's an interest this is limited to a certain amount of profit and

fourth it's a loiter and chances are most think won't win the lottery i've been in the programs a couple of times and it is he will on who's also for the consumer you go to turn in your application and half the time there's nobody there this is like really hard one side people you know that are on public transportation like a myself that are seniors and takes an hour to get there or the person like doing the showing says their supposed to be there to closings we have too many applications and 6 people are standing there i think this is a terrible program to be investing in i too am for affordable housing this is not 2350b8 with i look at the whose k34u9d now up to 190650

percent of ami and for the person applying and our members there's a 3rd of them almost still earn 50 thousand or below when it comes to their income versus the price they're not necessarily going to meet the qualifications even though they may get into the program based on the percentage to apply so i've been through this it is a process you go through training to a seminary how to buy a house only use certain people that the city delegates their caseload it over lowest yo remind it to anybody i want to see someone suggested a building

for the retirement board per say not the board but the system including the health system that is a good alternative or someone else to come up my feeling the mayor. >> 30 seconds. >> people keep away from the mayor's office of housing do something else. >> thank you. any other speakers. >> hi claire. >> welcome. >> thank you very much good afternoon commissioners and i apologize. i that i'm hoping i have icebergs too issues that come up this morning one that retirees oh, for the record claire r.c. sf our members are concerned about hedge fund and the rfp process and hopefully, the board will interview the highest scoring applicant for

the advisory committee position there's a way to interview them on a number of issues they're concerned whoever the advisors will be has some censures experience with the public funds, and, secondly, the prop c lawsuit resulted in favor a split decision but thought supplemental cola so the members are curious when the system any calculations i think there are is a waiting period for the determination of whether or not the city will appeal any of the decision but members are curious and also the fact they're concerned about the pre1996 members that were not included in the decision and if there is any comment available i think we understand what the issue is but there are a number of people in the room that are pre1996 and

concerned about the reconciliation because they were resolute against at the appellant court those are the issues and look forward to receiving the checks for whatever we've earned in the supplemental cola i appreciate the fact the staff will have a lot of work it is calculating and recalculating and appreciate the work for the rfp and hopefully, we'll be able to hear from some of the top bidders so we can understand better what their qualifications are and how our funds are managed we are concerned we don't want follows fuels but we want you to exemplary high yielding alternative investments fols fuels are down but generally speaking we want to

alternatives. >> thank you claire. >> hello michael. >> commissioners michael san francisco police officers association we're very concerned about the recent lawsuit protect our benefits versus the city and county of san francisco police officers association has 4 specific questions we would like to leave with the gentleman this is on his closing arguments but i'm sure those questions are perhaps not been answered we realize e realize there's an appeal period the city may appeal to the california supreme court that appeal period is not over the association is respectfully requesting answers important the following 4 questions how many fiscal years

following package of prop c e paukz were there excess elsewhere to pay for coal and second how much owed to employees after 1996 how many employees were due money and 3 what would be the impact on contribution rates for the city and county of san francisco and actually employees in fiscal year 20152016 and moving ladder and four since the decision didn't doesn't effect the completed retired before one slash 6 slash 96 what's the impact on their when will it be reasonably this is one of jay's favorite questions what he when

will be reasonably be expected the trust fund will fund the supplemental colas be fully funded open a market rate basis so i'll be giving those questions to the executive order and once the time is past for the public to be reviewed bit the california interpretation we hole e hope those are at to the questions for the interests of the employees and the groups you such appealing thank you. >> thank you. any other speakers? good morning >> good afternoon and thank you my name is is a taxpayer and member of 350 san francisco it's from the divestment captions and the c ucs i'm excited about agenda items four

and five considering the reinvestment fund and setting up a committee and want to encourage you to let you know we have the members are excited to have san francisco as to the forefront and we're pay attention and really behind you on this so please, be follows free thank you. >> seeing no other speakers i'll close public and question to the executive director when the public asks for information or questions is that alp or do you want it in writing what they share at the meeting good enough to act on it particularly the free speech of information. >> the 4 requests are requests we're working on and have information regarding the answers to those questions later

in the meeting and the fourth question i knew when we would be fully funded we have the actuary wider to return osgood returns we're one hundred percent funded in a relatively short period of time modeling it out 7 and a half 5 percentage but modeling those projectss and question that's impossible to answer knowing what the plan is we're at 24 percent level as of july 2014 that is extremely you know strong fund for a public plan and we have 5 year smoothly so that means we get the benefit of adding in 20 percent of all

our earnings over the last 4 years and the result of this year i believe we're on a track that we will you know have a good shot i can't tell you when or the fiscal year but we're all doing the best we can to make sure and we achieve the 94 percent level and we've recovered to 94 percent as of july 2014 but long answer i'm sorry those questions the first questions that the gentleman asked are included in the number of folks and constituencies are requesting from us. >> thank you. i'll leave it at that call item number 2. >> item number 2 approval the minutes i'll continue it to the

next meeting the public commissioners had some edits to it so i'm going to allow the idiots a clean print for the commission to review and call item 3 please. i'm continuing the item. >> could you call item number 3 please. a motion on the consent calendar i'll move we do you want the consent calendar. >> i'll second that. >> i'll open up for public comment on the consent calendar seeing i'll close public comment all in favor, say i. passes unanimously call item 4 please. item 4 an action possible action to authorize the staff for due diligence in the fols foul and have felt up to one million dollars in one or more fols fuel

funds. >> good afternoon mr. burk. >> i'll ask bob to make a brief introduction and perhaps comments as well. >> thanks we had a fairly thoroughly discussion at the request of commissioner meiberger and another additional information and extended the horizon with regards to returned on calibers and look at the caliber kip and the s&p 500 the energy prices are a available in the 40s the ability to get data to do expensive analysis was pretty much limited into the 1980 analysis on this going back with that, i believe we can open it up for questions. >> great commissioners questions of

staff? one or two 3 >> how many will you let me have a couple - first in terms of your columbian's i'm in favor of going forward if you could address let's talk about fund if we're going to investing one hundred million dollars where will the proceeds go to fund. >> you mean where they'll come from sure we are over public equities this enters into the discussion i believe of the 6 items that will related to arrow street it will definitely come from public equities but where we're balance in time we're over from the public equities commissioners

can you angered in your due diligence or idea if it's coming from public equities for the securities for sake of discussion selling one hundred million dollars in one account recent commissions do you have a favor what dollar amount round numbers. >> without knowing exactly what shares since in the public equities run 1 to $0.02 per share it will be inexpensive but if you sill low priced share where you'll sell a lot of shares more money involved. >> just estimate please. i can't since i don't know how many shares. >> in terms of the first of all, the analysis i like very much the analysis was good in terms of going through the