Agenda and minutes

Apologies were received from Roger Chadwick and Wendy Hyde.

There were no declarations.

a)    Resolution of the Investment Committee of 14 May 2014;

b)    Note of the Town Clerk setting out the composition, quorum and terms of reference of the Board; and

c)    Membership of the Social Investment Board 2014/15.

Members received the composition, quorum, Membership and terms of reference for the Board. In response to a Members query, the Town Clerk advised that Court Appointments to the Board lasted for one year.

Members noted that, at their meeting on 22 May 2014, the Financial Investment Board discussed the possibility of the Social Investment Board extending their membership. Members agreed that a skills audit should be carried out to assess whether additional Members needed to be co-opted.

RESOLVED – That:

(a)   A skills audit of the Board be carried out; and

(b)  The composition, quorum, Membership and terms of reference be noted.

To elect a Chairman pursuant to Standing Order No. 29.

Members were invited to elect a Chairman in accordance with Standing Order 29. A list of Members eligible to stand was read out and Alderman Peter Hewitt, being the only Member indicating his willingness to serve, was declared to have been elected for the ensuing year.

To elect a Deputy Chairman pursuant to Standing Order No. 30.

Members were invited to elect a Deputy Chairman in accordance with Standing Order 30. A list of Members eligible to stand was read out and Deputy Robert Howard, being the only Member indicating his willingness to serve, was declared to have been elected for the ensuing year.

The Chairman welcomed new Members of the Board Jeremy Mayhew and Wendy Hyde (in her absence), and thanked outgoing Member Deputy Ken Ayers.

To agree the public minutes and summary of the meeting held on 7 April 2014.

RESOLVED – That the public minutes and non-public summary of the meeting held on 7 April 2014 be approved as a correct record.

Record of events and meetings attended for the periodMarch – June 2014.

RESOLVED – That the record of events and meetings attended for the period 31 March to 25 June 2014 be noted.

Report of the Chief Grants Officer.

The Chief Grants Officer introduced a progress report on social investment activity within the Corporation and reported that, as officers were unable to agree terms with the preferred candidate, alternate options for the Investment Analyst role were being explored. With regard to the ‘Transition Fund’, Members noted that this would not materially affect how the Social Investment Board operated, but could impact the flow of the investment pipeline. Members agreed that regular reports be presented to future Board meetings on the progress of the Transition Fund.

Officers reported that an induction would be arranged shortly for new Members of the Board and undertook to revise the handbooks in response to Members’ questions over whether Board member’s had trustee status and some financial terms used in the glossary. It was agreed that the handbook would be circulated electronically once these amendments had been made.

RESOLVED – That:

(a)  Regular reports be presented to Social Investment Board meetings on the progress of the ‘Transition Fund’;

(b)  The Social Investment Board handbook be revised in light of Members’ comments and circulated electronically; and

(c)  The report be noted.

Report of the Director of Economic Development.

The Board received a report of the Social Investment Advisor updating Members on work since the previous meeting.

The Board noted that the Advisor’s work had included:

·         Feeding into the high profile G8 summit on investment into dementia care;

·         Working with the Research Department in the editing of two reports on potential sources of supply of social investment and on the role of the Financial Promotions regulations on social investment (both now published);

·         Representing the City Corporation at the plenary session of the global G8 taskforce in London in June;

·         Developing the details of the ‘Transition Fund’ with City Bridge Trust to create a high impact support programme for social sector organisations (name still to be decided on);

·         Co-ordinating City Corporation response to the Law Commission on the engagement of charities in social investment;

·         Continued work with H M Treasury on the social investment tax relief, particularly on the application to the EU on State Aid; and

·         Helping to organise a follow-on event for a selected gathering of Independent Financial Advisors to engage them in social investment.

In response to a Member’s query regarding dementia investment, officers confirmed that this would be outside the remit of the Board but could be explored by the Transition Fund.

RESOLVED – That the report be noted.

There were no questions.

There was no other business.

MOTION – that under Section 100A(4) of the Local Government Act 1972, the public be excluded from the meeting for the following items of business on the grounds that they involve the likely disclosure of exempt information as defined in Part I of Schedule 12A of the Local Government Act.

RESOLVED – That under Section 100(A) of the Local Government Act 1972, the public be excluded from the meeting for the following items of business on the grounds that they involve the likely disclosure of exempt information as defined in Part 1 of Schedule 12A of the Local Government Act.

Item No.                                                                     Exempt Paragraphs

13-16                                                                                      3

17-18                                                                                      -

To agree the non-public minutes of the meeting held on 7 April 2014.

RESOLVED – That the non-public minutes of the meeting held on 7 April 2014 be approved as a correct record.

Report of the Chief Grants Officer.

Members considered a report of the Chief Grants Officer.  

Members received a presentation by Oxfam.

Report of the Chief Grants Officer.

Members considered a report of the Chief Grants Officer.

There were no questions.

There was no other business.