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Venue: Committee Rooms, 2nd Floor, West Wing, Guildhall

Contact: Joseph Anstee
tel. no.: 020 7332 1480  Email: joseph.anstee@cityoflondon.gov.uk

Items
No. Item

1.

Apologies

Minutes:

Apologies were received from Alderman Alison Gowman, Deputy Edward Lord, Henry Colthurst, Jeremy Mayhew and Andrien Mayers.

 

 ...  view the full minutes text for item 1.

2.

Members' Declarations under the Code of Conduct in respect of items on the agenda

Minutes:

Andrew McMurtrie declared interests by virtue of being Chairman of the City of London Academies Trust, and by virtue of having recently been a Director of the City YMCA.

 ...  view the full minutes text for item 2.

3.

Minutes pdf icon PDF 176 KB

To agree the public minutes and non-public summary of the meeting held on 13 September 2017.

 ...  view the full agenda text for item 3.

Minutes:

RESOLVED – That the public minutes and non-public summary of the meeting held on 13 September 2017 be agreed as a correct record.

 ...  view the full minutes text for item 3.

4.

Developing the Retail Social Investment Market

Presentation of Elizabeth Corley

 ...  view the full agenda text for item 4.

Minutes:

The Board received a presentation on developing the retail social investment market from Elizabeth Corley. The UK government had set up an independent advisory group to consider social impact investing and barriers to its implementation amongst investors. The group looked at why the UK was failing to keep pace in international market leadership and how best to enable individuals to make social impact investment. The group reported to the government in November.

 

There were many issues creating barriers to social impact investment, which included a lack of investable products and a lack of relevant education for wealth advisers and investment analysts. The advisory group concluded that there was no one single solution that would allow the UK to fulfil its social investment potential, but that several factors could be addressed which would help. A series of recommendations were identified that would help to develop the market in the short, medium and longer-term, and these were grouped in 5 key action areas: improve deal flow and the ability to invest at scale; strengthen competence and confidence within the financial services industry; develop better reporting of non-financial outcomes; make it easier for people to invest; and maintain momentum and build cohesion across initiatives. There were foundations in place to grow the market and move it forward, but there was a lot of work to be done and this would require persistence and engagement.

 

Members discussed the City of London Corporation’s involvement in this area both as Trustee for Bridge House Estates and otherwise. City Bridge Trust’s Stepping Stones programme, run alongside UBS, had lots of interest and engagement and was currently oversubscribed, having distributed around £2.8m to over 60 organisations across London. The recent City Bridge Trust strategy review focussed on where needs were geographically. The Chief Grants Officer advised the Board

 ...  view the full minutes text for item 4.

5.

Progress Report pdf icon PDF 157 KB

Report of the Chief Grants Officer

 ...  view the full agenda text for item 5.

Minutes:

The Board received the regular progress report of the Chief Grants Officer and discussed the updates provided. The Board also discussed the draft brochure for the five-year report of the Social Investment Fund. Members suggested amendments and the inclusion of more, results-based information, to demonstrate the credibility and power of social investment as proved by the Fund’s successes. The Board suggested targeting a universal audience to reach as many people as possible.

 

Accommodation for Key Workers

 

The Chief Grants Officer advised the Board that funds had been made available for a feasibility study. It was proposed to analyse the needs of new teachers in London, many of whom were leaving the profession due to housing costs and related cost pressures. There had been pleasing interest in the project so far.

 

Strategic Away Half-Day

 

The Board was advised that planning for the 2018 Social Investment Board strategic away half-day was underway, and that any suggestions for the day could be communicated to officers. The strategic away half-day was scheduled for 30 May 2018.

 

Internal Audit

 

The Chief Grants Officer advised the Board that the Social Investment Fund had recently been reviewed by Internal Audit. Verbal feedback had been very positive, and whilst the full report had not been received, the only recommendation for change had already been enacted.

 

RESOLVED – That the report be noted.

 ...  view the full minutes text for item 5.

6.

Questions on Matters Relating to the Work of the Board

Minutes:

There were no questions.

 ...  view the full minutes text for item 6.

7.

Any Other Business that the Chairman considers urgent

Minutes:

There was no other business.

 ...  view the full minutes text for item 7.

8.

Exclusion of the Public

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.

 ...  view the full agenda text for item 8.

Minutes:

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

9-12                                                                                         3

13-14                                                                                       -

 ...  view the full minutes text for item 8.

9.

Non-Public Minutes

To agree the non-public minutes of the meeting held on 13 September 2017.

 ...  view the full agenda text for item 9.

Minutes:

RESOLVED – That the non-public minutes of the meeting held on 13 September 2017 be agreed as a correct record.

 ...  view the full minutes text for item 9.

10.

Investment Report - Bethnal Green Ventures II Fund

Report of the Chamberlain and the Chief Grants Officer

 ...  view the full agenda text for item 10.

Minutes:

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

 

At this point Whitni Thomas left the meeting.

 ...  view the full minutes text for item 10.

11.

Portfolio Update

Report of the Chief Grants Officer

 ...  view the full agenda text for item 11.

Minutes:

The Board considered a report of the Chief Grants Officer.

 

At this point Andrew McMurtrie left the meeting and the meeting became inquorate. Susan Kay and Diana Watson also left the meeting at this point.

 ...  view the full minutes text for item 11.

12.

ESG Survey Results

Presentation of Mercer

 ...  view the full agenda text for item 12.

Minutes:

The Board received the results and findings of the recent Environmental, Social and Governance criteria (ESG) Survey.

 ...  view the full minutes text for item 12.

13.

Questions on Matters Relating to the Work of the Board

Minutes:

There were no questions.

 ...  view the full minutes text for item 13.

14.

Any Other Business that the Chairman considers urgent and which the Board agree should be considered whilst the public are excluded

Minutes:

There was no other business.

 ...  view the full minutes text for item 14.

 


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