Agenda item

Report of the Town Clerk

The Committee considered a report of the Town Clerk presenting the Committee’s existing protocol for co-opting Members to the Financial, Property and Social Investment Board for review. The Town Clerk introduced the report and drew Members’ attention to the key points.

Members discussed the recommendation to include a provision in the co-option protocol to encourage diversity. Whilst it was agreed that knowledge, expertise and specific skill sets where required should not be compromised, Members recognised that maximising the talent pipeline and encouraging application from all backgrounds was beneficial, and that emphasis and encouragement were important in maintaining awareness.

Members noted that similar measures had been adopted elsewhere and agreed that a positive statement should be encouraged. A Member stressed that all Committees should be actively encouraging diversity as this was mandated in the City of London Corporation’s wider aims and objectives. Arising from the discussion, the Committee agreed that an appropriately worded provision should be added to the protocol.

The Committee then discussed whether paragraph 4 should be amended. The Committee had a level of discretion with regards to the appointment of former Common Councillors or City of London Corporation employees, and with regards to close friends and relatives, which should have been considered in respect of all appointments. Members suggested that this paragraph could be relaxed and noted that co-optees were also required to complete a Register of Interest form and declare personal and prejudicial interests.

Members of the Financial Investment Board noted that the Board currently did not have any Co-opted Members, and suggested that the Financial Investment Board consider this at a future meeting.

The Chair thanked Members for their contributions and advised that a revised protocol could be circulated to Members for comment, requesting delegated authority along with the Deputy Chairman to agree a revised protocol for submission to the May meeting of the Investment Committee.

RESOLVED – That the Investment Committee:

a)    Review the existing Protocol for Co-option to the Financial, Property and Social Investment Boards;

b)    Agree to a separate provision for the co-option of Members of the Court of Common Council not on the Investment Committee;

c)    Agree that a paragraph should be added to the Protocol for Co-option to the Financial, Property and Social Investment Boards to encourage diversity when appointing Co-opted Members;

d)    Request that a revised Protocol for Co-option be circulated to Members for comment, with authority delegated to the Town Clerk, in consultation with the Chair and Deputy Chairman, to agree a revised protocol for submission to the May meeting of the Investment Committee.