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Venue: Committee Rooms, 2nd Floor, West Wing, Guildhall

Contact: Philippa Sewell
tel. no.: 020 7332 1426  Email: philippa.sewell@cityoflondon.gov.uk

Items
No. Item

1.

Apologies

Minutes:

Apologies were received from Nicholas Bensted-Smith, Wendy Hyde, Alderman Alison Gowman and Andrew McMurtrie.

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

2.

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

Minutes:

The Chairman, Alderman Peter Hewitt, declared a non-pecuniary interest by virtue of his position on the Government’s Advisory Group on ‘Creating a Culture of Social Impact Investing and Savings’ under the Minister for Civil Society.

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

3.

Minutes pdf icon PDF 200 KB

To agree the public minutes and non-public summary of the meeting held on 13 December 2016.

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

Minutes:

RESOLVED – That the public minutes and non-public summary of the meeting held on 13 December 2016 be agreed as a correct record.

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

4.

Presentation: Triodos Bank

To receive a presentation from Triodos Bank.

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

Minutes:

The Board received a presentation from Whitni Thomas and Richard O’Brien from the Corporate Finance Team at Triodos Bank, who gave an overview of the scale and aims of the bank and confirmed their recent appointment as advisors for the Fund. In response to the Chairman’s question regarding deployment, Ms Thomas advised that the Board could pursue property initiatives, environmental options, or look at flexibility in terms of repayment schedules.

 

Members thanked Ms Thomas and Mr O’Brien for their presentation.

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

5.

Report of Action Taken Between Meetings pdf icon PDF 124 KB

Report of the Town Clerk.

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

Minutes:

The Board received a report of the Town Clerk advising of one decision taken under urgency provisions since the last meeting.

 

RESOLVED – That the report be noted.

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

6.

Progress Report pdf icon PDF 182 KB

Report of the Chief Grants Officer.

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

Minutes:

The Chief Grants Officer introduced a progress report on social investment activity within the Corporation.

 

Advisors

Members noted that three social investment advisors had been identified during a review of prospective new providers – Triodos NV, Bates Wells Braithwaite and iforchange. Members queried costings and noted that all advisors would be engaged on a spot-purchase basis rather than retainer so the Board could benefit from the flexibility of matching the right advisor to the right prospective investment.

 

City Bridge Trust Strategic Review

Officers advised that CBT had commissioned a piece of research investigating how the Trust could build on the work being done through the Stepping Stones fund and undertook to circulate this once it was available.

 

RESOLVED – That:

a)    Bates Wells Braithwaite and iforchange be appointed as advisors to the Fund;

b)    the proposed approach to a diversified portfolio with a range of risk tolerances be endorsed;

c)    the social investment research commissioned by the City Bridge Trust as part of its Strategic Review be circulated in due course and

d)    the report be noted.

 ...  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:

There was no other business.

 ...  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

9-12, 14                                                                                   3

13                                                                                            -

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

10.

Non-Public Minutes

To agree the non-public minutes of the meeting held on 13 December 2016.

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

Minutes:

RESOLVED – That the non-public minutes of the meeting held on 13 December 2016 be agreed as a correct record.

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

11.

Report of Action Taken Between Meetings

Report of the Town Clerk.

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

Minutes:

The Board received a report of the Town Clerk advising of one decision taken under delegated authority since the last meeting.

 

RESOLVED – That the report be noted.

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

12.

Portfolio Update

Report of the Chief Grants Officer.

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

Minutes:

The Board considered a report of the Chief Grants Officer.

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

13.

Questions on Matters Relating to the Work of the Board

Minutes:

There were no 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 was one item of business.

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

 


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