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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 Nicholas Bensted-Smith, Alderman Alison Gowman and Laura Tumbridge (Co-opted Member).

 

 ...  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 a standing interest by virtue of being Chairman of the City of London Academies Trust.

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

3.

Minutes pdf icon PDF 187 KB

To agree the public minutes and non-public summary of the meeting held on 13 December 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 December 2017 be agreed as a correct record.

 

The Chief Grants Officer reminded the Board that the Social Investment Board’s strategic away half-day was scheduled for 30 May 2018. Any ideas or suggestions for the day could be communicated to officers.

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

4.

UK National Advisory Board for Impact Investing

Presentation of Michele Giddens

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

Minutes:

The Board received a presentation on the UK National Advisory Board for

Impact Investing from Michele Giddens, Chair of the UK National Advisory

Board to the Global Social Impact Investment Steering Group. Michele Giddens

gave the Board an overview of her background in social investment and her

current work with the UK National Advisory Board, Bridges Fund Management

and the CDC Group.

 

The UK National Advisory Board was the UK arm of the Global Steering Group,

established by the G8 and now comprising 17 member countries. The UK

National Advisory Board supported the Global Steering Group in encouraging

impact investment globally, and looked to maintain the UKs leading role in

impact investing. The Board received a slide illustrating the spectrum of impact

investing which had emerged in recent years, demonstrating the intentions and

goals of organisations in the impact economy. The UK National Advisory Board

had produced five summary recommendations to move towards an inclusive

and sustainable economy; adopt an inclusive and sustainable agenda,

empower savers to invest in line with their values, put purpose at the heart of

public procurement, accelerate the rise of purposeful business, and strengthen

the UKs role in international development finance.

 

Bridges Fund Management had been set up in 2002 to raise funds with explicit

social and environmental purposes, and to date had raised almost £1 billion.

Investment was made according to four impact themes; health and wellbeing,

education and skills, sustainable living, and underserved markets. The firm

employs three strategies, each of which had its own fund vehicle. These are:

investing in growth businesses to help them execute on their growth for

maximum impact; property; and social sector funds. The firm also had an

advisory arm, and a charitable foundation. Example investments include

World of Books, which buys books

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

5.

Progress Report pdf icon PDF 146 KB

Report of the Chief Grants Officer

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

Minutes:

The Board received a report of the Chief Grants Officer providing an update on

the work of the Social Investment Fund. The Chief Grants Officer introduced

Charles Owen and Laura Coffey of Arrow PM, the consultants taking forward

the Funds proposal for key worker housing.

 

Charles Owen addressed the Board on behalf of Arrow PM, which specialises in project and programme management, particularly directed at enabling the

public, private and third sectors to work together effectively to solve social

problems. There was an immense need in London to provide more key worker

housing, and it was fortunate that the City of London Corporation was able to

use its position, assets and network to try and address it. The Board received a

handout which set out the overall objectives and phases of the project, as well

as a work breakdown structure. The Chief Grants Officer told the Board that

ideas for financial structuring were in place, and needed to dovetail with the

plans set out by Arrow PM. Whilst the project would originally focus on Inner

London, officers recognised that other investors may have a further reach.

 

The Chairman apologised to the Livery Companies for the length of time it had

taken to get the project to this stage, but hoped that the project could now move

forward more rapidly. The Chairman suggested that the title of the project should include Key Workers rather than Teachers. A Member suggested that the initial focus of the project be on teachers before being expanded later. Arrow PM told the Board that the initial research would focus on teachers, but the blueprint would need to be applicable to all key workers. A Member suggested that some of the Corporations existing properties might provide opportunities for

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

6.

SIB 5 Year Update pdf icon PDF 2 MB

Report of the Chief Grants Officer

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

Minutes:

The Board received a report of the Chief Grants Officer marking the fifth anniversary of the City of London Corporation’s Social Investment Fund. The report highlighted the Fund’s achievements during its first five years, and included details of the Fund’s financial performance, areas of investment, the Fund’s investment commitments to date and plans for the Fund for the next five years. The Board noted that the report would go on to Court of Common Council.

 

Members discussed the statement in the report on seeking new investments. The Board felt that whilst they did not want to encourage inappropriate requests, the Fund should not be over-conservative in its efforts to attract investment proposals, as there had sometimes been a paucity of ideas in the past.

 

RESOLVED – That the report be noted.

 

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

7.

Questions on Matters Relating to the Work of the Board

Minutes:

There were no questions.

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

8.

Any Other Business that the Chairman considers urgent

Minutes:

There was no other business.

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

9.

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 9.

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

10-13                                                                                       3

14-15                                                                                       -

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

10.

Non-Public Minutes

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

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

Minutes:

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

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

11.

Investment Review - Golden Lane Housing Bond 2017

Joint report of the Chamberlain and Chief Grants Officer

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

Minutes:

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

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

12.

Key Learning from Midlands Together

Report of the Chief Grants Officer

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

Minutes:

The Board received a report of the Chief Grants Officer.

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

13.

Portfolio Update

Report of the Chief Grants Officer

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

Minutes:

The Board considered a report of the Chief Grants Officer.

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

14.

Questions on Matters Relating to the Work of the Board

Minutes:

There were no non-public questions.

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

15.

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 15.

 


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