Venue: Committee Rooms, 2nd Floor, West Wing, Guildhall
Contact: Emma Cunnington
tel. no.: 020 7332 1413
Email: emma.cunnington@cityoflondon.gov.uk
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Apologies Minutes: Apologies were received from Andrew McMurtrie and Ian Seaton.
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Members' Declarations under the Code of Conduct in respect of items on the agenda Minutes: Alderman Peter Hewitt declared a non-pecuniary interest in respect of item 7 by virtue of his involvement with the Government’s Advisory Group on growing a culture of social impact investment. Alderman Alison Gowman declared a non-pecuniary interest in respect of item 15 by virtue of her role as Trustee for Trust for London. |
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Appointment of the Social Investment Board PDF 40 KB a) Resolution of the Investment Committee of 9 May 2018; b) Note of the Town Clerk setting out the composition, quorum and terms of reference of the Board; c) Membership of the Social Investment Board 2017/18; and d) Co-option protocol for the Financial, Property and Social Investment Boards. Additional documents: Minutes: The Board considered a resolution of the Investment Committee, a note of the Town Clerk setting out the composition, quorum and terms of reference of the Board, the Membership of the Board for 2017/18, and the co-option protocol for the Financial, Property and Social Investment Boards.
A Member asked that the Town Clerk review the terms of reference for the Board with specific reference to the length of term for Members of the Board. It was agreed that a further discussion would take place once the Board was fully constituted.
RESOLVED, that:
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Election of Chairman To elect a Chairman in accordance with Standing Order 29. Minutes: The Town Clerk read out, in accordance with Standing Order 29, a list of names of Members eligible to serve as Chairman. Henry Colthurst, being the only Member willing to serve, was declared elected as Chairman for the ensuing year. |
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Election of Deputy Chairman To elect a Deputy Chairman in accordance with Standing Order 30. Minutes: The immediate past Chairman indicated his willingness to serve as Deputy Chairman, and under Standing Order 30 was declared elected as Deputy Chairman for the ensuing year. |
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To agree the public minutes and non-public summary of the meeting held on 28 February 2018. Minutes: RESOLVED – That the public minutes and non-public summary of the meeting held on 28 February 2018 be agreed as a correct record. |
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Report of the Chief Grants Officer and Director of City Bridge Trust Minutes: The Board received a progress report of the Chief Grants Officer concerning updates on key worker accommodation and the Stepping Stones Fund.
The Deputy Chairman highlighted the work he had been involved with as part of the Government’s Advisory Group on growing a culture of social impact investment.
RESOLVED, that:
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Questions on Matters Relating to the Work of the Board Minutes: There were no questions. |
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Any Other Business that the Chairman considers urgent Minutes: There was one item of business:-
Terms of reference of the Social Investment Board and timings of meetings
The Chairman raised the issue of the terms of reference and asked for a report for the Board to consider which recommended the following changes:
The Chief Grants Officer and Director of City Bridge Trust advised the Board of the governance review of Bridge Houses Estates that was being undertaken over the Summer months and the Board were in agreement that any changes to the Social Investment Board’s terms of reference and composition should be made to coincide with the results of this review.
The Board were also in agreement that future meetings of the Board should take place over a sandwich lunch.
A Member later added that thought needed to be given to ensure the meeting did not clash with the Finance Committee or any other City Corporation committees.
RESOLVED, that:
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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. 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 11-18 3
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Non-Public Minutes To agree the non-public minutes of the meeting held on 28 February 2018. Minutes: RESOLVED – That the non-public minutes of the meeting held on 28 February 2018 be agreed as a correct record. |
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Investment Review - PAC-UK Ltd Joint report of the Chamberlain and the Chief Grants Officer and Director of City Bridge Trust Minutes: Members agreed to consider items 14 to 16 ahead of items 12 and 13.
Members considered a joint report of the Chamberlain and the Chief Grants Officer and Director of City Bridge Trust concerning an investment review of PAC-UK Ltd. |
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Portfolio Update Report of the Chief Grants Officer and Director of City Bridge Trust Minutes: Members considered a report of the Chief Grants Officer summarising investments made by the City of London Corporation Social Investment Fund with progress reports on all active investments. |
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Report of Action Taken Report of the Town Clerk Minutes: Members received a report of the Town Clerk concerning action taken between meetings.
RESOLVED, that:
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Teacher Housing Project Presentation and Q&A - Arrow PM Minutes: Members received a presentation from the consultants Arrow PM concerning the teacher housing project. |
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Subsidised Accommodation for Teachers in Greater London Funded by Bridge House Estates Report of the Comptroller & City Solicitor Minutes: Members received a report of the Comptroller and City Solicitor concerning the subsidised accommodation for teachers in Greater London proposal. |
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Questions on Matters Relating to the Work of the Board Minutes: There were no questions. |
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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. |