Agenda and minutes

Apologies were received from Alderman Bronek Masojada, Andrien Meyers and Jeremy Mayhew.

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.

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

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.

To elect a Chairman in accordance with Standing Order 29.

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.

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

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.

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

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

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

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.

There were no questions.

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.

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

11 - 18                                                                                     3

19 - 20                                                                                     -

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

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

Report of the Director of Economic Development and CGO

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

Report of the Chamberlain and the CGO

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

Report of the Chamberlain and the CGO

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

Report of the CGO

The Board considered a report of the CGO.

Report of the CGO

The Board considered a report of the CGO.

Report of the CGO

The Board considered a report of the CGO.

Report of the Town Clerk

The Board received a report of the Town Clerk.

There were no questions.

There was one item of other business.