Agenda item

Report of the Chief Grants Officer and Director of City Bridge Trust (CGO)

The Board considered the progress report of the Chief Grants Officer & Director of City Bridge Trust (CGO), recommending a new Member for co-option, providing an update on the Stepping Stones Fund and suggesting the focus of the July strategic away half-day.

The Board discussed and agreed the recommendation co-option, noting that the co-option protocol for the Investment Committee and its Boards would be reviewed with the aim of increasing diversity, following discussion at the Investment Committee meeting on 16 May 2019.

At this point Debby Ounsted joined the meeting. Following introductions, Debby Ounsted introduced herself to the Board and gave Members an overview of her background and her current roles.

The CGO then drew Members’ attention to the Stepping Stones update, and proposed that the strategic meeting in July be used to discuss the Board’s future strategy. The Chairman added that this was a good opportunity to build on the discussions at the February meeting about how the Board would approach returns, types of finance and its geographical spread. The Chairman added that he wanted the Board to look at more catalytic investments.

A Member added that the wider review of Bridge House Estates was ongoing and it was likely the Board would need to revisit their strategy after its conclusion. The Board noted that further information could be expected following action from the Privy Council in November, but regular updates on the wider review would continue to be presented at Committee meetings.

RESOLVED – That Debby Ounsted be co-opted to the Social Investment Board on a three-year term.