one nation under god, indivisible, with liberty and justice for all roll call please commissioner makras commissioner cohen commissioner bridges commissioner driscoll commissioner meiberger commissioner paskin-jordan commissioner stansbury is out of town we have quorum great, thank you i will continue item number 3 the minutes of march 11 4r7d i'd like them to come back and spell all the amendments at that time rfp for the hedge fund more clearly than they were presented and i will continue item number 8 to the june meeting next item is open important public comment important any item not open the agenda thank you did i understand you categorical parklets your postponing this again. >> i'm arthur during public comment an e s board i'm patrick march 11 videotape shows at 4 hours and 55 minutes commissioner meiberger suggests under the code of conduct to consider complaints 200 under mroeshgs a minute later commissioner makras incorrectly stated it is up to dr s executive director he commissioner makras will let even though ethics commission to do your job, your rules require this board to

. >> thank you welcome back jed thank you commissioner makras and commissioners jed fossil fuel san francisco so over the last year plus we've not as a matter of habit come to talk about the proxy votes we don't know or think this is how we are going to achieve your collective goal anyway, we think that the boards motions and actions and statements need to be counted they need to count once we leave this room and in period of time up to the time and i think has mr. pollack said if the goal in the level one and two action to e meal rates to the system and acting in concert with the climate problemistic we've heard a lot of talk about over the last few meetings i think the new instructions needs to be issued to you f f we were here a couple of months ago they are great their position on carbon is ahead of what where you guys have been we that that you have gone farther it that needs to be made clear new instructions issued made clear hey, we issued level 2 it is is big deal we'll only that downey date of birth that is african it is a big deal with the specific goals that were behind that i thin

. >> thank you commissioner makras by you've answered my questions i was wanting to ask we voted open the level two therefore it was premature with them coming back will satisfy satisfy they'll take the direction within the guidelines having met with them so he's correct in that. >> thank you. i wanted to just talk about level 2 divestment i'll call it constructive i know in the minutes it says divestment is not so we need a letter lead time as jed mentioned 3 were in the future 13 items but 3 in the future we have a bearing on we need a better lead time and number two it should be advanced so perhaps we can work with level 2 in constructive engagement with 9 fund maybe tweak it i mentioned before the rules have changed in terms of the power and the strength of fund that help this year and constitute a percentage 5 years and 5 percent yeah 5 years and 5 percent of the shares then it is a stronger position so that the spirit of level 2 for the social engagement i think we should number one give lead time before the votes are taken and two actively work with the pensions and that's the

one nation under god, indivisible, with liberty and justice for all roll call please commissioner makras commissioner cohen commissioner bridges commissioner driscoll commissioner meiberger commissioner paskin-jordan commissioner stansbury is out of town we have quorum great, thank you i will continue item number 3 the minutes of march 11 4r7d i'd like them to come back and spell all the amendments at that time rfp for the hedge fund

. >> thank you commissioner makras i'm president of the united states of pacific shaw it was refreshing hearing his team talk the word transparency 20 years is a long time between changing general investment community and something didn't smell right when the e r s fiduciaries failed to put that concepts in the quarterly watch force between 2013 after the hedge fund e r s invested and lost key clients instead of angeles received a greater allocation 5 months later it was bankrupt it was failure of monitoring effects concepts it didn't smell respected right when the e r s staff didn't monitor it it explicit smell right when news broke the angeles investment apparently offered hedge fund i'm glad to hear we don't have a hedge fund and definitely didn't smell right when the news surfaced in 2008, jack rice the candidate and the city attorney received political contributions from keypads that provided investment products to our plan 20 years is a long time the smell test is mall fixed up so badly let's hope the next 20 years in a new general consultant had smell better his team sound like t

there's a lot of great real estate and there're a lot of distress i'm thinking what commissioner makras said we didn't have leverage in the portfolio we were low on leverage and in the highest quality that was good and bad not a lot of return so i think that is just value and leverage we have to be cognizant of. >> if the first deal is it more of an ad value investment and they want to put more leverage i'd hate to restrict them by be artificially saying hey close to a million dollars commitment but we want to give them the flexibility to execute their strategies under all circumstances. >> i'd like to entertain a motion of staff's recommendation and i'll make the motion. >> i'll open up for. any questions or comments by the commission seeing none > all in favor, say i. > i. > passes unanimously thank you very much again back and call item number 6 our minded certain item for 2 o'clock. >> thank you, norman and bob and eunice is going to join me as well a couple of things that is a recommendation to make a change and to hire an mp c as our investment consultant is on page 2 n pc is hund

. >> thank you commissioner makras. >> four matters of inquires discretionary money go management and e s g and cultural can you tell me was it standards for it was originally england we went to the acronym. >> first, the fiduciary is important from our discussion i'll assume you'll stand as fiduciaries to this plan. >> absolutely. >> i said we are engaged in what is called outsource c i o till it's it is there's a consultant he looks at the same things and makes recognized i have to come to you, you to get permission where there are discretions we'll make decisions and advise with the regulatory activity where you get conflicts who has access to the limited capacity of the manager that's where we have allocatn processes particularly for capacity everyone finds out will the activities whether their discretionary or not so clients have equal access to the information. >> so where we'll be in 5 years there's more money to be made in discretionary management do you see changes in the

i mean, i can't speak to that provision that provision of commissioner makras report was in the report for us but nevertheless, the department recommended that aspect of the legislation that would require a register number the commission voted not in favor of that recommendation. >> one question for you, mr. ram if you're not requiring that the booking data be priority and you're not enforcing fines on platforms h that lists inregistered unit how are you going to enforce the law. >> is it fair to say we've been enforcing many lay in 1 or 2 one form or another up until february it novelists lawful to do a short-term rental whether talking to neighbors or unit or residents and tenants we can do this this tack more time clearly and it is more doesn't even effort but the hard pat of number of days that's a significant system of making that work. >> you know that talking to neighbors and resident that's how you plan to enforce it. >> that sort of research i'm asking the zoning administrator to talk about that. >> can you tell me how that will work i'm trying to said what enforcement looks l

in the money street and background this is inside of the plaza we've walked inside of commissioner makrasyour landmarked the because of building so along a-3 and richard have been working hard to successfully sgraktd the element and the office building co-existing together that was important that we define the retail as its own element having it's own signage and presence and the way that the office building floats above that it magical you'll see the two languages side by side it is an interesting edge inside the plaza itself is flexibility we want this space to be an active part of the city's fabric it is an ice skating rink in the winter and pung pumpkin patch in the fall it is much more that is an outdoor room to the city again renee and others have done a great job to respond to the program of that space through flexibility this is the front door of the eastern the main glass if so the main intrarnls the elevators with enter the arena and other buildings. >> i would i'll give a glimpse of the main lobby we've walked through the glass wall i'm proud to say that is hard to do we've car