Agenda and minutes

Apologies were received from Roger Chadwick and the Revd. Dr Martin Dudley.

Jeremy Mayhew declared a non-pecuniary interest in item 4 by virtue of being a Senior Adviser for PwC.

To agree the public minutes and non-public summary of the meeting held on 12^th December 2014.

RESOLVED – That the public minutes and non-public summary of the meeting held on 12 December 2014 be approved as a correct record.

Report of the Chief Grants Officer.

The Chief Grants Officer introduced a progress report on social investment activity within the Corporation.

Stepping Stones Fund

The Principal Grants Officer reported that 40 applications had been received totalling £1.7m. These were currently being assessed, with some being rejected and some asked to provide further information. Members noted that the City Bridge Trust Committee would consider recommendations for funding at their meeting in June 2015. In response to Members’ questions, the Principal Grants Officer responded that there were three strands for applications: capacity building, outcome mapping and risk finance. He advised that the majority of the applications had been received under the first strand, with only a small number received for the latter.

Work of the Economic Development Office (EDO)

The City Affairs Officer reported that PwC has been commissioned to conduct the EDO’s research project to examine London’s potential to act as a global hub for social investment. Interview requests were being sent out, and a report was expected to be published in May 2015.

Social impact

Eva Varga, an independent consultant engaged with the social investment market at a European level, took the Board through her paper on social impact measurement. Members noted that, although there was an aspiration to find a standardised measurement for social impact, there were significant difficulties in comparing the impact of different types of social investment and developing a universal assessment would be a long process.

Members discussed the potential trade-off between financial and social benefits from investments, and Ms Varga advised that a win-win situation could be achieved through compromise. Within the Board’s overall portfolio, some investments would maximise both, whereas others would prioritise one over the other. Members discussed the investments in the context of the SIB portfolio overall and agreed that comparing financial and social return against risk

There were no questions.

Investment Committee Membership

Members noted and approved of the Investment Committee Chairman’s consideration of a proposal to change the Grand Committee’s Membership to include the Chairman of the Social Investment Board as an Ex-Officio Member.

RESOLVED – That the Town Clerk review options to formalise the change in Membership of the Investment Committee.

Global Social Venture Conference

The Chairman reported that he would be a Panel Member for the Global Social Venture conference later in the month.

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

8-9, 11                                                                                     3

10                                                                                            -

To agree the non-public minutes of the meeting held on 12^th December 2014.

RESOLVED – That the non-public minutes of the meeting held on 12 December 2014 be approved as a correct record.

Report of the Chief Grants Officer.

The Board considered a report of the Chief Grants Officer.

There was one question.

There was one other item of business.