Agenda item

Report of the Chief Grants Officer.

The Chief Grants Officer (CGO) introduced a progress report on social investment activity within the City of London Corporation. He noted that the Finance Committee had approved resources for the recruitment of a social investment analyst.

Commenting upon the wider body of the report, the CGO noted that the City Bridge Trust was developing a new programme to support charitable organisations to engage with the social investment market. It was intended that this programme would complement the work of the Social Investment Board.

The CGO concluded by noting that the report requested the Board to approve delegated authority for both the CGO to enter into non-disclosure agreements with potential investees as well as being able to approve any minor variations in investment terms with investees that had previously been approved by the Board.

In response to a suggestion from a member that the delegation to approve minor variations in investment terms be included in the Officer Scheme of Delegations, the Comptroller & City Solicitor’s representative noted that the Chief Grants Officer was not a Chief Officer and would not normally be referred to in the Officer Scheme of Delegations.  Under existing corporate practice any specific delegations to the CGO (who acts under delegated authority from the Town Clerk) would need to be approved by Members on a case-by-case basis , as occurred recently in approving the revised CBT grants policy. The Chief Grants Officer and the Comptroller & City Solicitor agreed to consult with the Town Clerk to determine whether specific delegations to the CGO could be included in the Officer Scheme of Delegations which was currently being reviewed.

RESOLVED, that –

·         Members note the report;

·         Members delegate the authority to the Chief Grants Officer to enter into non-disclosure agreements which may be required as a pre-condition to receiving information necessary to enable the evaluation of investment be officers;

·         Members approve a standing delegation to the Chief Grants Officer, in consultation with the Chairman and Deputy Chairman, to approve minor variations to the terms of existing social investments where these do not materially impact upon the charity’s investment;

·         The Chief Grants Officer and Chief Legal Assistant consult with the Town Clerk to determine if delegated power in the CGO to approve minor variations to social investments can be included in the Scheme of Delegations.

·         In response to a request by the Deputy Chairman, officers agreed to provide information on the geographic spread of investments made by the Board in future reports to better inform them on progress in meeting the geographic mandate of the Fund.