i am concerned about and i'm hoping that we can perhaps include it now or at the full board meeting which is allowing the under rules and regs. right now it states that the cao's office is going to develop those. i would suggest that being given that responsibility is something they work on day in and day out and the cao praufs approves the final rules and regs and the advisory committee praufs approves that. right now the advisory group has very little say in policy issues. i think they should be able to hear some of these issuesch i hear all of these working groups being established and that might be the primary place where you hear these issues. the second thing is onseting guidelines for the selection panel that seem to be given the responsibility to set guidelines. not to pick the individual panel members but to certainly to establish the guidelines by which a panel should be developed. and, the last thing as i stated is the lbe. >>supervisor london breed: thank you. are there any other members of the public who would like to speak at this time. seeing none, public comment is close side. supervisor chiu? >> chiu chiu >>president david chiu: i have circulated memos related to this and in addition to that i have circulated the language around the city administrator convening a working group and architecture that would report findings to the mayor by -- september 1st. and a clerk report read to ensure the requirements for the clerk are clear. what i would like to do is to make those amendments and to pass this out with recommendation out to the full board for tomorrow as a committee report. i do want to acknowledge the tremendous amount of work and there are a number of appeals process to the panel and i'm more than happy in the next 24 hours before the resolution to get to the board for tomorrow and i know cmd will be promulgating rules and regulations and if there is any clean up required, we can get to that. we would like to get this moved and if there are any issues to get revolved resolved over the next 24 hours. >> okay, the amendment has been moved and if there is any question we'll pass this without objection. without objection this item is moved to the full board for tuesday as a committee report. madam clerk, are there any items before us today. >> no further business. >> thank you. and with that, this meeting is adjourned. [ meeting is adjourned ] >> >> order. >> i'd like to call the meeting to order welcome please join me with the pledge and to the republic for which it stands, one nation under god, indivisible, with liberty and justice for all roll call please. >> yes. commissioner bridges and commissioner driscal my burger and pass care jordan a quorum is present. >> okay. we'll up it up for general public comment i have a few speaker cards. >> i will start with this you can't mill deny. >> good afternoon board members i'm you can't mill denny work for laguna holding worked phenomenon the city for 20 years i've collected 3 hundred and 50 signatures of a petition from workers from laguna hydroand sf general they can't be here they are serving the patient and the message is we the city workers do not want to invest our pension in hedge funds whoever make that proposal needs to go and represent another institution because they does not represent our interests thank you. >> i have 3 hundred and 50. >> okay glen followed by fin is glen here? welco welcome. >> thank you, commissioners thank you, president i'm glen van lane a chapter president of the i cu for the chapter it's been four months since president is an letter of concern to the board in july we have no response i don't not understand why this has on a hang up for your folks under specific concerns of the letter is a basic concern for an open process that continues through the decades to maintain our fiduciary duties and the maintenance of our funds idea that we will take up to 0 third of the funds andes could not it into non-transparent and liquid investments that don't comprises an allocation as we've heard the term defined seems like a slap in the face after all this time i'll say that again, thank you. >> thank you welcome sid how are you. >> i'm the president an active member i want to say a last month's meeting was the first fiat h mite e meeting i attended i was disconcerted by the proceeding i think after all the members that especially the retirees that spoke against the hedge fund not one positive comment from the folks that are pushing for the investment and i also didn't here responsive to what the members are concerned about after all the retirement fund a our fund but fund for the members that retire you are as a board compared charged what administering that and it is disconcerting that the board is not responsive inform what the members are saying you know we didn't hear any of the folks that who are you're going investments i didn't see rational from the board members to tells us the board members who are here and concerned why you believe building it is a good move to invest in the hedge fund and then to put it off for three or four months and a special meeting to talk about this and we weren't informed and all of a sudden after all the e-mails it was cancelled and so to us i'm a new i haven't attend the board meeting but it spoke of a non-transparent process we come take the time to come and speak and yet seeing the behind the scenes manipulation of votes your crafting a negative image for the members who fund you're charged with administering a message vision for the members of this redevelopment board and you as commissioners of this board and that's very unfortunate thank you for your time. >> (calling names). >> yes. >> oh, declined i'm sorry, i didn't kate? >> my name is kay walker a retired social working i'm a member of s c i u since 72 and an person as an officer i want to i'd like to follow-up on something that was said it is actually in terms of the city chapter there recent something called a prekraurgs principle it is really the city charters are constitution it talk about a policy or action has a suspected risk of causing harm to the public or to the environment in the absence of scientific consensus that is action or policy is not harmful the burden of proof falls on those taking on action she said she didn't hear why those funds are good for us in terms of the principle in the city and county chapter that is our responsibility i know that the city and county doesn't follow its rules but as a member of the system i'm sxhiftd i do this and also in terms of investments i was online a lot after reading that warren buffet thought it wasn't a good idea and after the reading the article cal which is like another public agency which is a huge $300 billion fund of public servants so to aspect and retirees they dumped the hedge funds and listen to air m e o had had a great presentation his comments were they were too complex the fees were too high, and the yield was low, they weren't transparent, and they couldn't follow or track them very well so they get rid of them i mean this is like a good example of something to compare i suggest if you haven't seen this manager you should listens to him anyway it is also another thing your mission statement it says that you have to or you want to protect and preservation invest the pension trust assets and promise benefits of the active and retired members of the san francisco ethics commission i don't consider them as a member the hedge funds proof of investing if somebody came to my door i don't have any money to invest i'd shut the door in their face. >> is selena followed by david. >> silva sorry. >> it's silva just for the read i'm not i i'm not it's in the minute i ask you amend the october minutes i submitted a petition signed by the members 69 retirement system opposing investing $3 billion ufo our money 0 into hedge funds on wednesday november '52 other members and myself met with jay and bill we didn't get the message it was scheduling cancels they shared their how did are the see hedge fund i was quiet and left hand and left hand it became clear their experiencing tunnel vision and not he presenting out methods of protecting our retirement fund go like high-risk hedge funds the retirement board is being present with one option that's with hedge fund they met with the mba and the local 21 and others net to the best of my knowledge they've not have they respond to s c i u letter right leg a response to their questions and answers to their suggestions no response whatsoever from this board mr. bill one of them requested a suggestion that 1021 made to you was they requested an independent consultant to prepare a report other options for retirement funds to utilize to protect our retirement fund and local 1021 who represented e.r. represents over 14th thousand members has yet to get a response that's troubling we're the under aspirins over 14 thousand members honestly it is reprehendable and now since we have 14 thousand people and you have their monies actually, it's our money you shared no responsibility you can't possibly excuse me. last minute and last word what is the rush what's the rush to do this herb has e-mailed you and bill subsequential evidence that constrictions the way that hedge funds are the only way to protect our funds i'm not an expert but hedge funds are risky if we're vfdz did state says to stay away from hedge funds and they pill out linen to all your members. >> thank you. (clapping.) >> david williams. >> good afternoon commissioners david williams retirees i want to thank all the brothers and sisters and fell members and city workers with are be standing up and so to speak out on this issue there will be many more to hear from in the not so distant future you've heard what i had to say i'm not going to reiterate i suggest i saw an article yesterday in an investment magazine suggesting portfolio managers are getting a 4 percent raise i don't know how accurate it would be nice if we get an 8 percent raise i don't think that the hedge funds investment it part of that plan i question who's really profiting from all of this likewise i question why we're going into as to how new strategy when to me the system is not broken we're talking about fixing a system that's not broken edge area of investment we think we need to be thinking much more seriously about why we're doing it we've not heard anything why we're doing this it is a hedge against the downturn in the market we come back without having to do risky things if it ain't broken do fix it (clapping.) any other member of the public would like to address the commission were welcome claire. >> i made it just in time representing the retirees of 71 we had our general membership he meeting we had a speaker who was neutral and talked about the the hedge funds and basically said recommending e recommended that if we were going to attempt any of this we consider a much smaller portion that he was greatly disturbed he studied cal and is well known in california and study unless a member of the commission, the public, or staff so requests extensive and said if we do something take a little bit and try to out and see how it goes no invest 15 percent that's dangerous and suggested that some very extinct consultants be hired several back east no one out here there was interesting to our mini yet when the petitions were circulating i want you to know i circulated both a yes and no there are was an overwhelming response that you have this item on our agenda so you can see that its members who are puc out and i'm getting e-mails from members green across the west coast so it's not just the few of us that appear before you but our members that pushing on us and asking us to be their advocates here in front of you and to tell you we're representing thousands of members that are very, very concerned and i think you you'll know and if you don't this is the first time that members have become so actively involved and adamant about business before this board this should grab our attendance and help you understand we've not woke up because none of us are finance and investment exerts but it is impacting our lives and has us worried david said 8 percent we hope for one and a half percent so we're not being greedy thank you very much. >> thank you any other member of the public then first on my list is congratulate supervisor cohen in her re-election for 4 more years in representing san francisco congratulation (clapping.) i like the commission to know that our executive director is preparing a rely to the s c i u letter hopefully distributed by december one being that the special meeting is december 3rd i would like to continue a few items today, the first one will be the minutes commissioner my beggar has in addition and the number of signatures to the petition and the minutes more dlabtd on item 4, 5 and 6 i'd like the minutes to expand on angeles investments comments in item number 6 and there was a statement presentation by commissioner driscal that was not included in the minutes i want that uploaded and continue item 5 to the december 14th meeting and item 14015 to the call of the chair. >> number 5 is continued. >> until the december meeting 13 and 14 to the call of the chair could you please a call item 2. >> there's any items anyone wants to pull outdo that now. >> i move we adapt the consent calendar is there a second. >> quick i will now opening it up for public comment for the consent calendar seeing none, i'll close public comment all in favor it passes unanimously call the next item, please. >> item are there others who wish to speak. >> okay. the chair will accept it as presented until the commissioner wants to add thifrg anything fantastic opening it up for public comment on item 3 seeing none, i'll close public comment could you please call the next item. >> (inaudible) thank you. >> thank you good afternoon board menus mentions a minor change and recommendation in the guidelines and i'll ask mr. shaw and the lady to briefly explain the rationally. >> we're asking for an increase in the range of 035 to 45 to 60 this is the expansion of the names of names their target go range is the market range over $25 billion sense we've hired them it is has moved in 5 hundred and 40 names fear asking for bandwidth to better take advantage of the opportunities thank you. >> i have nothing to add. >> i will open up for public comment on item 4 sierra club i'll close. and >> i'll move the adaptation of recommendation and any discussion. >> can we ask questions. >> sure. >> this is in age let me see reporting on the bottom of the page regarding china no addition for the market to have a more placement roll in china can you expand on that it is constructive expand. >> november 17th monday it was posted it was mid october i think this is in the memo that the shanghai correct with the 3 hundred only available to u.s. investors if you have a x c license they'll be trading in hong kong and available in our portfolio very good. >> for monday. >> i'm looking for mortgage our saying up to 60 names would you like additional flexibility beyond 60. >> we expected 50 if they want to go higher as proposed not guidelines they're seeking to get for diversification. >> they're allowed in you take a look at the guidelines they're allowed to own up to 15 percent they have flexibility. >> any other questions or comments seeing none, all in favor, say i. passes unanimously call item 6 please. >> thank you, mr. nick evens and board members turning to the staff research the initiatives a couple of things updates on previous items that were in closed session in september at the september board meeting the board approved a multiply venture capital it closed on october 15th at the october board meeting it did close i should note somewhat a smaller amount than we asked for up to $35 million to close at 36 meeting and the october meeting it approved an obligation a special situation strategy this accident close subsequentially severalty weeks ago and it closed i believe our investment is $2025 million and hon company in september the board approvals up to $50 million in an asian backed beauty strategy closed on october 4th are there any questions on the 3? yeah. 5 up, 50. >> board members i am particularly delighted to announce the postponement of ms. u.s. ma question as the senior portfolio manager she's served as an analyst on our team as spurs for the last 2 years 9 years total and other years anothers morgan stanley this was a vigorous and competitive process th

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