Agenda item

Report of the Chief Grants Officer and Director of City Bridge Trust

The Board considered a report of the CGO providing updates on the Bridge House Estates review, the Stepping Stones Fund, and seeking permission for the recruitment of a new co-opted member to join the Board. The CGO clarified for the Board that advertisement of the co-optee position would not be restricted to the two network organisations mentioned in the report and would also be advertised more widely to ensure a diverse range of candidates.

The Chairman advised the Board that he felt that co-opted Members should have voting rights on the Boards, except in the elections to Chairman and Deputy Chairman. Furthermore, it was felt the protocol text regarding close friends or relatives of Members and officers could be considered naïve, as it was not unlikely that Members and officers would have friends in the market, particularly the smaller social investment market. The priority for the Board should be having and maintaining the right skill sets, and the Board should be able to declare and manage any potential or actual conflicts as and when appropriate.

A Member added that he agreed with this instinct, but that advice would be needed on voting rights for co-optees, as there were instances of external Members having voting rights on some bodies, but not on others. With regards to the co-option of close friends and relatives, the important distinction was to separate personal and pecuniary interests.

In response to a query from a Member, the Comptroller and City Solicitor advised that the City of London Corporation did not have a specific policy relating to conflicts of interest as such, but Members were expected to manage any interests that they had in accordance with the Code of Conduct. A Member responded that organisations were beginning to agree specific conflict of interest policies and this was something the City Corporation could consider going forward.

The Chairman added he thought that friendship should not automatically be preventative and that conflicts could be managed. If a Member had a major interest in any decision then they should withdraw from a meeting for the consideration of that decision, as was currently the case. The Chairman further added that he wished to see rolling terms for Members from April 2019.

The CGO drew the Board’s attention to the update given on the Stepping Stones Fund as set out in the report. The Stepping Stones Finance Facility had been launched in January alongside partners UBS and the Clothworker’s Foundation. The facility was a good collaboration which met a real gap in the market, even if there were only a small number of possible applicants.

RESOLVED – That the Social Investment Board delegate authority to the Town Clerk, in consultation with the Chairman and Deputy Chairman, for the recruitment of a new co-opted Member to be recommended to the 22 May meeting of the Board.