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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 Jeremy Mayhew.

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

2.

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

Minutes:

There were no declarations.

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

3.

Minutes pdf icon PDF 69 KB

To agree the public minutes and non-public summary of the meeting held on 20 June 2018.

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

Minutes:

The Board noted that Hamesh Patel from the Clothworkers’ Company was listed as an officer in error.

 

RESOLVED – That, pending the above correction, the public minutes and non-public summary of the meeting held on 20 June 2018 be agreed as a correct record.

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

4.

Election of Deputy Chairman

To elect a Deputy Chairman in accordance with Standing Order 30.

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

Minutes:

Andrien Meyers, being the only Member indicating his willingness to serve, was duly elected Deputy Chairman for the ensuing year.

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

5.

Progress Report pdf icon PDF 63 KB

Report of the CGO and Director of City Bridge Trust

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

Minutes:

The Board considered a report of the Chief Grants Officer and Director of City Bridge Trust (CGO), providing updates on the Bridge House Estates review and the Stepping Stones Fund, and seeking permission for an investment decision on the Greenwich Leisure Limited bond.

 

The CGO advised the Board of the request from Greenwich Leisure Limited to extend its investment for a further three years at a reduced interest rate of 3% for the extension period. Officers had begun doing due diligence on the extended investment but due to the tight timeframe available for decision, were seeking delegated authority to extend the investment if it was considered to be suitable.

 

Members discussed the proposal and queried the request for the reduced interest rate. The CGO advised that Greenwich Leisure Limited had not disclosed the reason for the reduction and may just have asked for it as it was more favourable to them. Greenwich Leisure Limited had been a reliable and confident investee, and had other investors to appeal to beyond the Corporation.

 

Members discussed whether the Board would agree the terms on offer it were a new investment rather than an extension, and how far the investment satisfied the social aspect of the Board’s objectives. The CGO added that the reduced interest rate was still in line with the Board’s target financial returns, and that there was a case for the social impact of the investment. In response to a query from a Member, the CGO reported that after completing refurbishment work of sites in the Olympic Park and at the Royal Greenwich Lido, Greenwich Leisure Limited was expanding its social enterprise operations.

 

Members discussed the proposal further, and suggested offering to invest a greater sum at a higher interest rate, or to allow the original loan to mature if the

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

6.

SIB - Governance and Future Direction pdf icon PDF 68 KB

Report of the Town Clerk

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

Additional documents:

Minutes:

The Board considered a report of the Town Clerk concerning the terms of reference and governance of the Social Investment Board following discussion at the previous meeting.

 

The Chairman gave Members an overview of the points agreed at the last meeting. A resolution on the proposals from the Social Investment Board would be presented to the meeting of the Investment Committee in January 2019, before the reconstitution of the Grand Committee and Sub-Committees following the April 2019 meeting of the Court of Common Council.

 

Members agreed that a three-year term for Board Members, with three being appointed from the Investment Committee, City Bridge Trust Committee, and from the wider Court, made more sense given the Board’s long-term horizon. However, Members agreed that tenures should be staggered in order to provide consistency, also noting that Common Council elections may also result in changes to the membership. Members also agreed that a limit of three terms, a maximum of nine years on the Board, would be sensible.

 

The Chairman suggested that the skillset for Members drawn from the Court might include an interest in social investment rather than be restricted to financial expertise, and that this description should be amended in the proposals. The CGO recommended that the Board should meet in early November rather than September, as then all meetings would be in line to report quarterly data. The suggested calendar for the Board would be to meet in May, July, November and January, with the meeting in July also serving as the Board’s strategic away half-day.

 

The Board agreed that the proposals as amended should go forward, with the final wording on the resolution to be delegated to the Town Clerk in consultation with the Chairman and the Deputy Chairman.

 

RESOLVED - That the Social Investment Board propose to the

 ...  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:

The Chairman asked that the date of the following meeting be printed on the agenda for future meetings.

 ...  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 - 12                                                                                     3

13 - 14                                                                                     -

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

10.

Non-Public Minutes

To agree the non-public minutes of the meeting held on 20 June 2018.

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

Minutes:

RESOLVED – That the non-public minutes of the meeting held on 20 June 2018 be agreed as a correct record.

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

11.

Portfolio Update Report

Report of the CGO and Director of City Bridge Trust

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

Minutes:

The Board received a report of the CGO.

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

12.

Non-Public Report of Action Taken

Report of the Town Clerk

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

Minutes:

The Board received a report of the Town Clerk.

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

13.

Questions on Matters Relating to the Work of the Board

Minutes:

The Board discussed two 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 were two items of other business.

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

 


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