march 9, 2016 open council meeting

80 Pages·2016·2.54 MB·English

by  Dale Bates

Sally Ann Flood, Reporting Standards Council Chair
MARCH 9, 2016 OPEN COUNCIL MEETING
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Agenda
Topic Presenter(s)
Welcome and introductions Sally Ann Flood, Deloitte & Touche
Council Chair
2016 Strategic Plan review Sally Ann Flood, Deloitte & Touche
Council Chair
Board update Mike Morrell, NYSTRS
Board Chair
Global Workgroup: Global standards update John Caruso, TIAA-CREF
and progress on fees and expenses Chair of Global Workgroup & Standards Steering
convergence Committee
Barbara Flusk, Clarion Partners
Project task force co-chair

Gross/Net IRR Sarah Cachat, Townsend Group
Project task force chair
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Agenda
Topic Presenter(s)
Relevance and applicability of TWR and Maritza Matlosz, MetLife Real Estate Investors
annual external appraisals for closed-end Project task force chair
funds Jane Delfendahl, CalPERS
co-chair

Education Workgroup: Introduction to Bob Hess
Reporting Standards video Project task force chair
Debt Valuation: Updated guidance, project John Kjelstrom, Chatham Financial
status Project task force chair
Other projects updates Workgroup chairs/project task force leaders
Conclude Sally Ann Flood, Deloitte & Touche
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2016 Strategic Plan
• Focusing on relevance and applicability of Reporting Standards for closed-
end funds
• Converging reporting standards globally
• Increasing utility and improving dissemination of RS information
• Increasing Compliance
• Developing plan to promote Reporting Standards

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Mike Morrell, Reporting Standards Board Chair
BOARD UPDATE
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Board Members
Mike Morrell Nathan Zinn
Board Chair (PREA) Board Vice Chair (NCREIF)
Manager, Global Real Estate Investments & Commercial Managing Director, CBRE Global Investors
Lending, NY State Teachers’ Retirement System
Neal Armstrong (NCREIF) Cathy Marcus (PREA)
Director, Alternative Investment Services, Bank of New Chief Operating Officer, Prudential Real Estate Investors
York Mellon
Jim O’Keefe (NCREIF) Devon Olson (NCREIF)
(retired) Managing Director and Global Head of Real Director, Real Estate, Utah Retirement System
Estate, UBS Global Asset Management
Jamie Shen (PREA) Jerry Silvey (PREA)
Senior VP and Practice Leader of Alternative Investments, Executive VP and CFO, Starwood Capital Group
Callan Associates
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John Caruso, Task force chair
Barbara Flusk, Fee & Expense Metrics Task force chair
GLOBAL WORKGROUP & STANDARDS
STEERING COMMITTEE
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GLOBAL REPORTING STANDARDS INITIATIVE
UPDATE TO THE REPORTING STANDARDS COUNCIL – OPEN SESSION
NCREIF WINTER CONFERENCE
WEDNESDAY, MARCH 9, 2016
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Global Reporting Standards Initiative
Aberdeen AM
M&G
Genesta
LaSalle
Deloitte, US
E-ON
MetLife MSCI PGGM PwC
Deloitte, NL
Townsend BlackRock Ernst & Young KPMG
CalSTRS
TIAA Prudential REI
CBRE, Hong Kong
Abraaj Group
CBRE Clarion Partners
USAA
CapitaLand Limited
Florida State Bd
CalPERS
GIC Real Estate
Heitman Ascendas-Singbridge
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RS/INREV/ANREV
Global Reporting Standards Initiative
Joint Guideline or Global
Reconciliation published
Investors
jointly by all three Boards
Board Level Review
and Approval
RS/INREV/ANREV
Direction and Joint Global Workgroup Joint Guideline or Reconciliation
Oversight of Project Steering Committee reviewed and sent to Board level for
Task Forces approval
Topic A
Topic B Topic C
Joint Guideline or
Project Task Project Task Project Task
Force Force Force Reconciliation sent to
Steering Committee
for review
Discussion and crafting of Joint Guidelines, Definitions or Reconciliations
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