Agenda and minutes

Apologies were received from Nicholas Bensted-Smith, Wendy Hyde, Jeremy Mayhew, and Tim Haywood.

The Chairman welcomed Karen Atkinson, Head of Charity & Social Investment Finance, and Charlie Pushman from Social Finance, to the meeting.

There were no declarations.

To agree the public minutes and non-public summary of the meeting held on 12 July 2016.

RESOLVED – That the public minutes and non-public summary of the meeting held on 12 July 2016 be agreed as a correct record.

Members noted that the paper regarding risk appetite would be presented at the Board’s next meeting in December, and asked for the diagram illustrating the Board’s position on the spectrum of social investment opportunities be included in the Members’ handbook.

Report of the Chief Grants Officer.

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

Social Impact Measurement

Members noted the method for measuring the social impact of the Fund and discussed the Deputy Chairman’s proposal to combine social impact with financial return on the same, weighted, model. Members agreed that any measurement needed to reflect changes over the course of the investment, but noted that the fiduciary duty of the Board to invest for financial return and to achieve a financial return of not less than 2% on individual investments and 2.7% across the portfolio as a whole would be the first consideration of any investment opportunity. It was recognised that it was easier to measure impact for financial returns than to measure social impact. The Chairman acknowledged the creative tension between measuring social impact and measuring financial return and that there had to be separate measurement for each factor. He and the Deputy Chairman undertook to liaise with officers regarding the methods for measuring social impact and financial return.

Handbook and Membership

Members noted the updates made to the handbook regarding risk, and the Town Clerk advised that the Board’s terms of reference and terms of both full and co-opted Members would be reviewed at the next meeting in December, with any changes being recommended for approval by the Investment Committee at their next meeting in January.

Stepping Stones

Members noted that the current round of the Stepping Stones programme (a collaboration between City Bridge Trust and UBS to develop the social investment pipeline) was well subscribed, with a total of 77 applications received.

RESOLVED – That the Chairman and Deputy Chairman work with officers regarding the method for measuring social impact and financial return.

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

8-12                                                                                         3

To agree the non-public minutes of the meeting held on 12 July 2016.

RESOLVED – That the non-public minutes of the meeting held on 12 July 2016 be agreed as a correct record.

Joint report of the Chamberlain and the Chief Grants Officer.

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

Report of the Chief Grants Officer.

The Board considered a report of the Chief Grants Officer.

There was one question.

There was one item of other business.