Agenda item

Report of the Chief Grants Officer.

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

Stepping Stones

The Chief Grants Officer reminded Members of an event in the Livery Hall on 23^rd September where City Bridge Trust, UBS and one of the Stepping Stones grantees will speak about their respective plans for the future.

Membership of Board

Members noted that, following the skills audit, co-option vacancies were being advertised via Big Society Capital, City Bridge Trust and a number of partner networks. The opportunity would also be promoted to Members of the Court.

Investment Criteria

The Chief Grants Officer advised of the difficulty officers had faced finding suitable London-focused opportunities, and noted that £9.2m remained on this allocation. Officers proposed that a report be presented to the Court of Common Council on 15^th October providing an end year summary on the Fund and asking permission to combine the London and UK allocations, giving the Fund a total allocation of £18m for the UK. Members agreed with this approach but felt strongly that this should be for a trial period, during which preference still be given to London-focussed investments where possible, and after which the Board would review its success.

City of London Corporation and PwC

Commissioned by the City of London Corporation, PwC had published its research report, “Developing a global financial centre for social impact investment” on 24th June 2015. In response to Members’ questions, the City Affairs Officer advised there was no formal launch scheduled, but undertook to look into this and a planned dissemination of the research insights and conclusions.

RESOLVED – That:

(a)  authority be delegated to the Town Clerk in consultation with the Chairman and Deputy Chairman to approve the Court report requesting permission to combine the London and UK allocations;

(b)  the City Affairs Officer investigate options for a formal launch and subsequent communication of the PwC research; and

(c)  the report be noted.