Agenda and minutes

Apologies were received from Revd Dr Martin Dudley and Jeremy Mayhew.

The Chairman declared a non-pecuniary interest in item 12, by virtue of a client going through, and subsequently withdrawing from, the investment process with Apposite Capital, and 14, by virtue of Threadneedle being voters in his ward of Aldgate.

Andrew McMurtie declared a non-pecuniary interest in item 13, by virtue of being a Director of City YMCA.

To agree the public minutes and summary of the meeting held on 4 July 2014.

RESOLVED – That the public minutes and non-public summary of the meeting held on 4 July 2014 be approved as a correct record.

The Chief Grants Officer informed Members of an induction session arranged as part of the Member Development Programme. This was scheduled for Monday 3^rd November at 8.30am, but private briefings were also available.

Report of the Chief Grants Officer.

RESOLVED – That the record of events and meetings attended for the period 26^th June to 19^th September 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 Members noted that the Social Investment Advisor would be reducing her hours in order to undertake a new role with the Market Development Foundation. With regard to expanding the Membership of the Board, a skills matrix was attached for Members’ comments, and the Town Clerk undertook to circulate the co-option protocol for the Financial, Property and Social Investment Boards.

With regard to the ‘Transition Fund’, the Chief Grants Officer reported that the £1m per annum programme had been approved by the City Bridge Trust Committee in July, to be launched later in 2014. Officers were currently working on detailed assessment criteria and it was hoped that some of the organisations funded through the programme would become investment opportunities for the Social Investment Fund in the future. Members noted that knowledge sharing was a key aspect of the programme, and closer work on the continuum and transition between organisations in receipt of grant funding and those suitable for social investment was pioneering in the market.

RESOLVED – That:

(a)  The report be noted;

(b)  The proposed skills audit be approved;

(c)  The number of Board meetings in 2015 be reduced from 6 to 4; and

(d)  The co-option protocol for Social Investment Board be circulated.

Presentation from Kieron Boyle.

The Board welcomed Kieron Boyle, Head of Social Investment at the Cabinet Office, who gave a brief presentation of the investment market, the Cabinet Office’s current focus and the issues and challenges on the horizon, after which Members of the Board had the opportunity to ask questions.

Mr Boyle advised Members that policy framework in this area sought to increase the supply of, and access to, social investment capital and reported that this year had seen the launch of social investment tax relief. In terms of capacity building, the Chancellor had announced a further £60m in capacity and investment, and discussions were ongoing with the City Corporation and the Law Commission to assess how suitable current rules were for fostering new connections and joint working to develop the social investment market. Mr Boyle advised Members of the G8 Task Force that had been launched two weeks previously, which would identify work for governments to do in order to enable growth.

With regard to improving access to social investment, Mr Boyle discussed the role of the Market Development Foundation and open public markets. Members noted that social impact bonds could promote better joined up working, particularly for government departments which struggled to join monies. Members noted that the UK was a world leader in social investment, and approved of the long-term aim to make London a Global Hub in the field. With regard to challenges, Mr Boyle discussed the problems of limited sources of investment and a lack of availability and access, and Members noted that there were additional political questions to be considered regarding Pension Funds and whether they should include social investment elements.

With regard to pension fund investments, Members discussed how trustees of the funds could be reconciled with social investment, and how to deal with the retail

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:

·         Building the evidence base for HM Treasury to seek an expansion of the Social Investment Tax Relief scheme from the EU;

·         Contributing to the G8 taskforce and two of its final reports;

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

·         Meeting with City financial institutions to discuss social investment;

·         Updating A Brief Handbook on Social Investment for City of London Corporation; and

·         Judging the Social Enterprise UK award schemes.

In response to a query, officers advised that Members would be notified of any events they could attend, but the majority of proceedings were small officer working groups.

RESOLVED – That the report be noted.

There were no questions.

There was no other business.

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

11-14, 16                                                                               3

15                                                                                            -

To agree the non-public minutes of the meeting held on 4 July 2014.

RESOLVED – That the non-public minutes of the meeting held on 4 July 2014 be approved as a correct record.

Report of the Chief Grants Officer.

The Board considered a report of the Chief Grants Officer.

Report of the Chamberlain and the Chief Grants Officer.

The Board considered a report of the Chamberlain and the Chief Grants Officer.

There were no questions.

There was one item of business.