Agenda item

Report of the Director of Economic Development.

The Board received a report of the Social Investment Advisor updating Members on work since the previous meeting.

The Board noted that the Advisor’s work had included:

·         Feeding into the high profile G8 summit on investment into dementia care;

·         Working with the Research Department in the editing of two reports on potential sources of supply of social investment and on the role of the Financial Promotions regulations on social investment (both now published);

·         Representing the City Corporation at the plenary session of the global G8 taskforce in London in June;

·         Developing the details of the ‘Transition Fund’ with City Bridge Trust to create a high impact support programme for social sector organisations (name still to be decided on);

·         Co-ordinating City Corporation response to the Law Commission on the engagement of charities in social investment;

·         Continued work with H M Treasury on the social investment tax relief, particularly on the application to the EU on State Aid; and

·         Helping to organise a follow-on event for a selected gathering of Independent Financial Advisors to engage them in social investment.

In response to a Member’s query regarding dementia investment, officers confirmed that this would be outside the remit of the Board but could be explored by the Transition Fund.

RESOLVED – That the report be noted.