Agenda and minutes

Apologies for absence were received from Nick Bensted-Smith, Alderman Alison Gowman, Andrew McMurtrie and Dhruv Patel.

The Board welcomed Olivia Dickson, Non-executive Director at the Royal London Group and Travers Smith as well as member of the Financial Reporting Council (FRC) to the meeting. Olivia had contributed to the Advisory Group chaired by Elizabeth Corley that had produced a report on growing the culture of social impact investing in the UK, published in 2017, and now co-led the better reporting workstream of the Impact Investing Initiative.

There were no declarations.

To agree the public minutes and non-public summary of the meeting held on 17 October 2018.

RESOLVED – That the public minutes and non-public summary of the meeting held on 17 October 2018 be agreed as a correct record.

Matters Arising

The Board noted that the changes to the Board’s governance including its composition and frequency of meetings had been agreed by the Investment Committee and would be implemented for the ensuing municipal year.

Report of the Chief Grants Officer and Director of City Bridge Trust

The Board considered a report of the CGO providing updates on the Bridge House Estates review, the Stepping Stones Fund, and seeking permission for the recruitment of a new co-opted member to join the Board. The CGO clarified for the Board that advertisement of the co-optee position would not be restricted to the two network organisations mentioned in the report and would also be advertised more widely to ensure a diverse range of candidates.

The Chairman advised the Board that he felt that co-opted Members should have voting rights on the Boards, except in the elections to Chairman and Deputy Chairman. Furthermore, it was felt the protocol text regarding close friends or relatives of Members and officers could be considered naïve, as it was not unlikely that Members and officers would have friends in the market, particularly the smaller social investment market. The priority for the Board should be having and maintaining the right skill sets, and the Board should be able to declare and manage any potential or actual conflicts as and when appropriate.

A Member added that he agreed with this instinct, but that advice would be needed on voting rights for co-optees, as there were instances of external Members having voting rights on some bodies, but not on others. With regards to the co-option of close friends and relatives, the important distinction was to separate personal and pecuniary interests.

In response to a query from a Member, the Comptroller and City Solicitor advised that the City of London Corporation did not have a specific policy relating to conflicts of interest as such, but Members were expected to manage any interests that they had in accordance with the Code of Conduct. A Member responded that organisations were beginning to agree specific conflict of interest policies and this was

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 - 14                                                                                       3

15 - 16                                                                                     -

To agree the non-public minutes of the meeting held on 17 October 2018.

RESOLVED – That the non-public minutes of the meeting held on 17 October 2018 be agreed as a correct record.

Report of the Chamberlain and the CGO

The Board considered a report of the CGO and the Chamberlain.

Report of the Chamberlain and the CGO

The Board considered a report of the CGO and the Chamberlain.

Report of the Chamberlain and the CGO

The Board considered a report of the CGO and the Chamberlain.

Report of the Chamberlain and the CGO

The Board considered a report of the CGO and the Chamberlain.

Report of the CGO

The Board considered a report of the CGO.

Report of the CGO

The Board considered a report of the CGO.

There were no questions.

There was no other business.