Number 18 . Seeing none, we will close Public Comment. Just just the high points. Okay. Thank you, commissioners. Good evening. Before you are the proposed revisions to the sfdcp investment policy statement. We have hired cowan as our [ inaudible ] have made some changes to it. These changes have been discussed with the Deferred Compensation Committee at length, and ive provided some context on the industrys best practices and since then, the Deferred Compensation Committee then voted to forward the ips with the changes to the board with their approval, so i would like to now ask the board for your approval on the changes to the ips. [ inaudible ] to item 17 first, which is the deferred Comp Committee report. We did spend a lot of time reviewing this on the committee, and so today, its coming to you for because we felt with the revisions and being in compliance with industry best practices, our best practice guidelines, looking at changing regulations, this is the best time to bring it to the board for approval and incorporate all of those changes and based on staffs recommendations. Okay. Great. Thank you, commissioner bridges. Any questions . [ inaudible ] committee report. I was giving it to you because we didnt go back to that prior item, but to let you know that the committee did spend a lot of time reviewing it, so i would move the item based on the committee s. Theres a motion. Is there a second . Second. Is there any discussion on this item . Okay. Seeing none, can we take this item without objection . Item number 17 passes. Thank you. Item 18. Okay. Thank you. Commissioners, so item 18 is the i was just going to say. We just did 18, so it was 19. It is 19. Thank you. Item 19. Thank you, commissioner. Before you, commissioners are the proposed revisions to the sfdcps Plan Document. The Plan Document was last updated in july 2016 to reflect a revisions to the loan provisions in article five. As mepgsed earlier, we periodically review or documents to make sure they reflect industry best practices and have made the recommended changes with the Committee Last month. The Committee Also voted to forward this to the board for their approval, so were asking the board for their approval to the amended document. Based on the clerk composition committees recommendation, and weve spend exhaustive time reviewing the guidelines. I would like to move the item. Theres a motion. Is there a second . Second. Why dont we call for Public Comment. Are there any members of the public that would like to address the commission on item 19 . Seeing none, we will close Public Comment. Commissioner driscoll . Just a comment that yes, the committee did spend time on this, but the majority of work was done by the manager. Yes. Also, the attorney of the city attorneys staff helped, and im sure mr. Huish was looking over their shoulders at all times. Yes, and they also had outside counsel. And can i say, a majority of the recommended changes were over seen by city of moi, who is a member of my team. Okay. Any discussion . There was a motion, there was a second, can we take this item without objection . Great. Item number 19 passes. Can we just move onto 20 or do you want to move . We need item 15, which is the review of van berkom issue. Do you want to put 20 and 21 together or do you want to push them to another meeting. Whatever your pleasure, mr. President. I feel like number 20 is the Investment Performance for the second half of the year. Theyve prepared a quick one, greg can do a quick summary for you, if youd like, or we can also hold it. Its entirely up to you. We can accept it. We can accept it as submitted. Why dont we call items number 20 and 21 together, please. Yeah. Okay. Unless there was something you wanted to point out. No. Its a very good result. Yeah. Across the board. So were calling items 20 and 21 together. We will take the Investment Performance for the second half as submitted, and for the deferred compensation manager report, is there anything youd like to highlight for the board. Nothing that hasnt already been communicated. Okay. Great. Why dont with you open e open Public Comment. Are there any members of the public that would like to address the commission on items 20 and 21. Seeing none, well close Public Comment on items 20 and 21. Thank you very much for your presentations. Now, do you want to go to 15 . Great. Mr. Chair, while youre assembling, i think greg will be moving onto a new assignment from cal and so i wanted to acknowledge and thank him for his support in working on this sfers account. I know hes getting promoted, but hes off the account . Are you being promoted . Yeah, but im not off your account. But youre getting promoted. I have to acknowledge that. Thank you for all of your hard work. Also, paramet wick was delighted to come see us today. Theyre from minneapolis. A long way. Item number 15, please, mr. Secretary. Okay. Folks you have a copy of the vba guidelines in front of you. [ inaudible ] if you have any questions on the guidelines, were here, and we can address them. Weve had vba before as a b sub manager, basically. This was approved at another meeting. So basically. [ inaudible ] just going where were going direct. These guidelines. Approve guidelines for any of the managers [ inaudible ] hired. This is something that has to be adopted. Yeah. Just a direct relationship. Questions, commissioner driscoll . I think we approved that, 200 million. Where will the funds come for that . Theres a little over 60 million from bibian, and then well take the rest from the u. S. Investment small growth value. That leaves bibian with 16. Were taking bibian to zero. So where . To what . To zero. Zero . Zero . Thats the plan. Yes. Thats been approved, or are you doing it you dont have to ask us for that one. I think staff has the authority to take money down from our managers. Okay. Great. Thank you. Okay. Are there anymore comments or questions on item 15 . Seeing none, did i already call for Public Comment. Any members of the public like to address the commission on this item . Seeing none, well close Public Comment. Is there a motion . Motion. Is there a second . Second. Is there any discussion on item 15 . We take this item without objection . Yeah, please. Does that mean were still employing bibian in our portfolio to make collections for us. Not calendared, but yeah. Okay, but it hasnt been done yet, we havent voted on it, right . Its not within the growth of this yes. Its just the specific yes. And thats going to be another calendared item. I think thats going to be a separate calendar item. So well take item number 15 without objection . Okay. Seeing no objection, item number 5 passe15 passes. I think we only have a couple other items. We made up some lost ground. Item 16, please, mr. Secretary. [ inaudible ] very good, commissioners. Ill be three minutes. Another great month in january , up almost 2. 5 . It was driven by pretty much one asset club. Public asset was up for the month. The market was down about 10 , peak to trough. The market has recaptured more than half of that decline in the last three days. Fiscal date, at the end of january , we were up 10. 5 on the year. As of yesterday, were still up about 8 on a fiscal year basis. We do have a couple of things, hows keepi housekeeping things that we have to go through just thin terms of requirement. On page 3, ventures, we asked for and were granted approval for two strategies totaling 75 billion. We actually got a total of 45 billion between the two. Broad river, which is a private creditor strategy. We asked for 50 million, and we got 50 million. Orby, we asked for 50 million, and we did get all of that, so i was plaechbly surprised by that. Patrium, 50 million in a buyout strategy, and we got all 50 million. In this safari strategy, the absolutely return strategy, we asked for 100 million to perceptive. We actually got 75 million. Sycamore, which you recall is a consumer buyout strategy, we asked for 75 million, and we got 50 million. You see the returns on item item number nine for absolute return and inception to date, were running at 8 annualized. I do want to introduce if hes still here, is alistair. Hes joining us from came brbr, so we have one liability on our books from cambridge, and an asset for ourselves. Welcome to San Francisco, and hes assisting han on the public strategy. We do have three open recruitments right now, one for a senior Portfolio Manager for private equity. We actually have good news on that. Somebody has accepted our offer of recruitment. I dont think i have a start date. I think this was just accepted yesterday, so well be announcing that here shortly. Did you bring him from hong kong . He is coming from asia. So can i just [ inaudible ] there was a manager we approved. It was kind of a focused [ inaudible ] but was that an individual owned the firm himself . Yeah, same one. What was the name of that again. Perceptive, founder, joe edelman. Yeah. And we have gun recruitment for a director of social responsibility investing as well. Weve already talked to three people, i believe on that. We do have an Investment Committee meeting on march 21st, its a big agenda item, talking about the Strategic Plan for the portfolio as a whole, including presentations by each asset class head, so the whole pretty much the whole staff will be on stage. With that, ill turn it over to the board. Can i ask for next months report. Can you get us a daily analysis of narcotic returns as compared to our absolute return portfolio so we can see how that responded . Oh, certainly, for february. You want to see how it performed daily or just ago regate. No id like to see it one by fun, just out of curiousity. Is that too hard . Well, its a portfolio. Okay. You dont see each fund on its own. Well, we dont think of it as a portfolio. I know. I know. Im just curious to see how they performed during that week. Okay. Just to see if anything was really not what we thought it would be or understood the volatility a little more. Okay. I think that issues a really interesting moment in time for us to understand what that portfolio did when the market went down. Thank you. Other questions, comments from the board . Seeing none, well open it to Public Comment. Is there anyone from the public whod like to address the commission . Mr. Furland . [ inaudible ] 30 seconds. [ inaudible ] time. Thank you, mr. Furland. Are there any members of the public that would like to address the commission . Seeing none, we will close Public Comment. Why dont we go to item number 22, and why dont we take item 22 as submitted, and well call for Public Comment. Seeing none, we will close Public Comment on item number 22. Discussion only item, and where would you like to go from here . Executive directors report, item 28 . The only thing id like to highlight is to remind you that form 700 season is here. I provided you the link to file online. If most of you recall, you need to file online as commissioners, and youre able to. If youve forgotten your password, theres a way for you to reset your password, but the deadline is monday, april 2nd, for all of you to have filed your form 700. Just as an aside, we provided a copy of the senate bill, and we had a discussion with the city attorney, and its the city attorneys opinion that should this become law, we are exempt. San francisco employees retirement system is exempt from the coverage of this this this bill, but well watch it and continue to track it because it is a trend, obviously, that we automatically keep track of here in california as to whats going to be impacting us as well as other plan. And that change as it applies to existing retirees, thats the intent . It would be for any any cost of living adjustment that would become payable after january 2019. It would forbid a public plan from paying that adjustment unless they were at least 80 funded. I mean were 89 funded, according to the formula, so we would still be paying, but what theyre saying is you must be at least 80 you cant have unfunded liability of greater than 20 , so really, theyre saying 80 funded. Going forward, any kbraer that youre below 80 funded, even though they were promises or payable, that it would prevent you from a public plan from paying those. Sounds very similar to another recent proposition that was in the courts. Yeah. Okay. All right. Anything else . No. All right. Thank you very much. Why dont we call for Public Comment. Seeing none, we will close Public Comment. That was item 28. Do we really only have items 29 and 30 . Yes. Okay. Item number 29, does anyone have anything for good of the order . Okay. Public comment on item number 29. Seeing none, well close Public Comment. Item 30, board member reports and comments, why dont we take those as submitted. Public comment . Seeing none, we will close Public Comment on item 30. Can i just adjourn the meeting in. Ill make a motion. Meeting adjourned, thank you. Transportation agency. Director brinkman. On agency. Present. Borden. Hsu. Present. Ramos. Present. Rubke. Present. Torres . Here. Torres present. Director pleasing advised director heinicke will not be with you today. Please, also note we have a new sound system here but you still do need to speak into the end of yuck microphone so you be heard, recorded for all times. Item 3 announcement of prohibition of soundproducing devices during the meeting. The ringing of a cellphone, pagers and soundproducing Electronic Devices are prohibited. Any person responsible for one going off may be asked to leave the room. Cellphone cause microphone interference and the board requests they be placed in the off position. Approval of the minutes of the regular meeting. Do i have any Public Comment . No, madam chair. Do i have a motion to approve . Second. All in favor. Aye. Aye. Any opposed . Hearing none, minutes are approved. Item 5 communications i have none for you for this meeting. Item 6, introduction of new or Unfinished Business by board members. Thank you. I would like to im sure you are all aware we lost a fellow commissioner, i believe it was last week. Shirley brier black passed away. And malcolm vicechair heinicke was the only one that served on this board with ms. Black. She was an inaugural member of the San Francisco m. T. A. Board. She was appointed by mayor brown in 2000. She served as a member of the board for 10 years retiring in 2010. The native San Francisco, she always used public transportation. She worked for sieu1021 for many years and president from 1988 to 1991. Having reached her centennial just last month she was known for her commitment to workers rights. Shirley always stood up for what was right so we will adjourn our meeting in her memory today. She will be missed by a lot of people in the agency and the city. Directors, do i have any new or Unfinished Business . No. All right. Seeing none. Thank you. Item 7. Districdirector report. Good afternoon, members of the board, members of the public and staff. Start by wishing everyone a happy lunar new year. Wore a little red to bring good luck to this board meeting. I do have a number of things to update you on. I will start with vision zero. Just one item of note. Last week the San FranciscoPolice Conducted a special enforcement operation that was focused on bike and Pedestrian Safety. And im told our very own chair brinkman was present during the operation, not issuing citations but just observing. Nor were there reports of her arrest. [laughter] there were 16 citations issued to drivers at the event. Which was the third in the series of seven targeting distracted driving. The police have issued 95 citations for people texting and driving at the three events held to date. Vision zero outreach staff were on site at the event and distributed materials highlighting the risks associated texting while driving. To drivers who receive the citations as well as the people walking through the area. This is an on going part of the education and enforcement aspect with vision zero. Funded by the National Safety council and will be continuing these efforts is and the goal is not to Issue Citations but to raise awareness and change behavior such that people are not letting themselves be distracted when theyre out on the streets, no matter how theyre traveling. Glad to see that work moving forward and thank you for being there to support it. That same day, muni riders, particularly those who use uni metro had a difficult time throughout the day getting in and around the city. I just wanted to give the board and the public an update on what happened. We had the Subway Service had four different incidents that impacted the service. First, we had a train control failure at west portal station, which impacted the opening of the rail service. This happened early in the morning. There was a cross over track near castro station that failed twice during the day for two different reasons. Which prevented us from being able to make Service Adjustments in the subway or send empty trains to crowded platforms. We often use that castro cross over to adjust service. And then the switch failed and the switch that allows the js and ms to branch off the main line to get up and out of the subway and back into the subway. So four different incidents all on the same day, all impacting the subway, which which know created a lot of inconvenience to our riders. So on the plus side looking at the incident, our field managers and transit supervisors worked to manage the