Agenda and minutes

Apologies were received from Martin Farr, Alderman Sir Robert Finch, Clare James, Deputy Keith Knowles, Anthony Llewelyn-Davies, Deputy Edward Lord, Henry Pollard and Stuart Fraser.

There were no declarations.

To agree the minutes of the meeting held on 9 May 2012.

RESOLVED: That the minutes and non-public summary of the meeting held on 9 May 2012 be agreed as an accurate record, subject to clarification that Ian Seaton had not been present at the meeting.

To note the public minutes and non-public summaries of the meetings held on 9 May 2012, 16 May 2012 and 19 June 2012.

RESOLVED: That the minutes and non-public summaries of the Financial Investment Board meetings held on 9 May 2012, 16 May 2012 and 19 June 2012 be noted.

To note the public minutes and non-public summaries of the meetings held on 9 May 2012, 23 May 2012 and 20 June 2012.

RESOLVED: That the minutes and non-public summaries of the of the Property Investment Board meetings held on 9 May 2012, 23 May 2012 and 20 June 2012 be noted, subject to Michael Hudson being marked as present at the 9 May 2012 meeting.

MATTERS ARISING:

The City Surveyor advised Members that further to the reference to the City Wi-Fi Network in the minutes from 20 June 2012 meeting, urgent approval would be sought from the Town Clerk in consultation with the Chairman and Deputy Chairman of the Policy & Resources Committee in order to ensure that free Wi-Fi would be available across the City in time for the Olympic Games.

Report of the Town Clerk.

The Committee considered a report which offered an opportunity to provide feedback on the governance arrangements implemented in 2011.

RESOLVED: That the Post-Implementation Working Party be asked to ensure that arrangements are in place to enable the Investment Committee to play its part fully in the process undertaken by the Resource Allocation Sub-Committee when determining the appropriate investment proportions between property and non-property assets.

Report of the Town Clerk.

The Chairman welcomed the report which clarified the Terms of Reference, roles and responsibilities of the Investment Committee along with its Boards and the relationship with the Policy & Resources Committee and its Resource Allocation Sub Committee as had been requested by the Committee at its last meeting.

Members discussed how the Policy & Resources Committee and its Resource Allocation Sub Committee provide the overall strategy and resources whilst the Financial Investment Board and Property Investment Board (with the Investment Committee providing oversight of both areas) undertake the operational aspects of delivering on the investment strategy.

One Member noted that it may be worth looking at whether the Investment Committee was the appropriate way to provide oversight of the financial and property investments although it was generally accepted that this was currently the best way of considering overarching matters and making joined up recommendations to the Resource Allocation Sub Committee.

RECEIVED

The Town Clerk to be heard.

There were no decisions taken under delegated authority or urgency procedures since the last meeting.

There were no questions.

·         City of London Corporation Social Investment Fund – Proposed Management and Governance Arrangements

Report of the Town Clerk

·         City of London Corporation's Social Investment Fund (SIF): Proposal to invest in Oxfam/City of London Small Enterprise Impact Investing Fund (SEIIF)

Report of the Director of Economic Development and Chief Grants Officer, City Bridge Trust

The Committee considered two items of AOB as follows:

10.1 - City of London Corporation Social Investment Fund – Proposed Management and Governance Arrangements

The Committee considered a report of the Town Clerk on the proposed management and governance arrangements of the City of London Corporation Social Investment Fund.

RESOLVED: That authority be delegated to the Town Clerk, in consultation with the Chairman and Deputy Chairman, to approve the detailed arrangements for the management and governance of the Social Investment Fund. This would be subject to the approval of the Policy and Resources Committee and the Court of Common Council.

10.2 - City of London Corporation's Social Investment Fund: Proposal to invest in Oxfam/City of London Small Enterprise Impact Investing Fund

The Committee considered a report of the Director of Economic Development and Chief Grants Officer, City Bridge Trust on proposals to invest in the Oxfam/City of London Small Enterprise Impact Investing Fund (SEIIF).

The Chairman thanked Officers for the detailed report and for addressing the various questions he had posed, and endorsed the proposal to provide us $500,000 funding at the first subscription closing at 31 July 2012.

The Director of Economic Development noted that it would have been better to have the governance arrangements in place before proposing this investment but as it was for such a worthwhile cause it seemed appropriate to consider it at this time.

Members discussed the principle of using the first investment of the Social Investment Fund in a UK-based project. It was noted that the majority of the £20m Fund would be UK-based but 10% would be used for projects overseas, inclusive of this investment which would represent 1.6% of the £20m Fund.

Members highlighted the advantages for the City Corporation being a primary investor but it was noted that

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 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.