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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 Bronek Masojada, Andrien Meyers and 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:

Alderman Alison Gowman declared an interest in respect of Item 13 by virtue of being a trustee of Trust for London.

 

Elizabeth Corrado declared an interest in respect of Item 13 by virtue of being on the board of Mears.

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

3.

Appointment of the Social Investment Board pdf icon PDF 282 KB

a)    Resolution of the Investment Committee of 16 May 2019;

 

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 2019/20; and

 

d)    Co-option protocol for the Financial, Property and Social Investment Boards.

 

To be confirmed at the meeting of the Investment Committee on 16 May 2019

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

Minutes:

The Board noted the resolution of the Investment Committee meeting held on 16 May 2019, appointing the Board and approving its composition, membership, frequency of meetings and terms of reference. The Board also approved the reappointment of existing co-optees for the existing year.

 

RESOLVED – That Elizabeth Corrado and Laura Tumbridge be reappointed as Co-opted Members of the Board for the ensuing year.

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

4.

Election of Chairman

To elect a Chairman in accordance with Standing Order 29.

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

Minutes:

The Board proceeded to elect a Chairman in accordance with Standing Order No.29. The Town Clerk read a list of Members eligible to stand and Henry Colthurst, being the only Member who expressed his willingness to serve, was duly elected as Chairman of the Committee for the ensuing year.

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

5.

Election of Deputy Chairman

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

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

Minutes:

The Committee proceeded to elect a Deputy Chairman in accordance with Standing Order No.30. The Town Clerk read a list of Members eligible to stand and Andrien Meyers, being the only Member who expressed his willingness to serve, was duly elected as Deputy Chairman of the Committee for the ensuing year.

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

6.

Minutes pdf icon PDF 62 KB

To agree the public minutes and non-public summary of the meeting held on 7 February 2019.

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

Minutes:

RESOLVED – That the public minutes and non-public summary of the meeting held on 7 February 2019 be agreed as a correct record.

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

7.

Progress Report pdf icon PDF 56 KB

Report of the Chief Grants Officer and Director of City Bridge Trust (CGO)

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

Minutes:

The Board considered the progress report of the Chief Grants Officer & Director of City Bridge Trust (CGO), recommending a new Member for co-option, providing an update on the Stepping Stones Fund and suggesting the focus of the July strategic away half-day.

 

The Board discussed and agreed the recommendation co-option, noting that the co-option protocol for the Investment Committee and its Boards would be reviewed with the aim of increasing diversity, following discussion at the Investment Committee meeting on 16 May 2019.

 

At this point Debby Ounsted joined the meeting. Following introductions, Debby Ounsted introduced herself to the Board and gave Members an overview of her background and her current roles.

 

The CGO then drew Members’ attention to the Stepping Stones update, and proposed that the strategic meeting in July be used to discuss the Board’s future strategy. The Chairman added that this was a good opportunity to build on the discussions at the February meeting about how the Board would approach returns, types of finance and its geographical spread. The Chairman added that he wanted the Board to look at more catalytic investments.

 

A Member added that the wider review of Bridge House Estates was ongoing and it was likely the Board would need to revisit their strategy after its conclusion. The Board noted that further information could be expected following action from the Privy Council in November, but regular updates on the wider review would continue to be presented at Committee meetings.

 

RESOLVED – That Debby Ounsted be co-opted to the Social Investment Board on a three-year term.

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

8.

Questions on Matters Relating to the Work of the Board

Minutes:

There were no questions.

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

9.

Any Other Business that the Chairman considers urgent

Minutes:

The Chairman welcomed the new Members and the new constitution of the Board, and reiterated that he hoped the Board could move towards playing a more active role in investments made.

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

10.

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 10.

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

19 - 20                                                                                     -

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

11.

Non-Public Minutes

To agree the non-public minutes of the meeting held on 7 February 2019.

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

Minutes:

RESOLVED – That the non-public minutes of the meeting held on 7 February 2019 be agreed as a correct record.

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

12.

Support for ESG Investment and Social Impact through an Impact Investing Institute

Report of the Director of Economic Development and CGO

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

Minutes:

The Board received a report of the Director of Economic Development and the CGO.

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

13.

Investment Review: Micro Rainbow C.I.C

Report of the Chamberlain and the CGO

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

Minutes:

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

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

14.

Investment Review: Together Social Business Group Holdings CIC

Report of the Chamberlain and the CGO

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

Minutes:

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

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

15.

Variation Request - Affordable Homes Rental Fund

Report of the CGO

 ...  view the full agenda text for item 15.

Minutes:

The Board considered a report of the CGO.

 ...  view the full minutes text for item 15.

16.

Ethical Rental Sector

Report of the CGO

 ...  view the full agenda text for item 16.

Minutes:

The Board considered a report of the CGO.

 ...  view the full minutes text for item 16.

17.

Portfolio Update

Report of the CGO

 ...  view the full agenda text for item 17.

Minutes:

The Board considered a report of the CGO.

 ...  view the full minutes text for item 17.

18.

Report of Action Taken Between Meetings

Report of the Town Clerk

 ...  view the full agenda text for item 18.

Minutes:

The Board received a report of the Town Clerk.

 ...  view the full minutes text for item 18.

19.

Questions on Matters Relating to the Work of the Board

Minutes:

There were no questions.

 ...  view the full minutes text for item 19.

20.

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

Minutes:

There was one item of other business.

 ...  view the full minutes text for item 20.

 


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