Agenda and minutes

Apologies were received from Deputy Roger Chadwick, Jeremy Mayhew and Master Mercer Tim Haywood.

Andrew McMurtrie declared a non-pecuniary interest in item 12 by virtue of being the City of London Corporation’s elected Director of the City YMCA hostel, and Nicholas Bensted-Smith declared a non-pecuniary interest regarding item 11.

To agree the public minutes and non-public summary of the meeting held on 7 December 2015.

RESOLVED – That the public minutes and non-public summary of the meeting held on 7 December 2015 be agreed as a correct record.

Report of the Town Clerk.

Elizabeth Corrado and Laura Tumbridge were not present for the discussion on this item.

Members received a report of the Town Clerk regarding two proposed co-options to the Social Investment Board.

RESOLVED – That Elizabeth Corrado and Laura Tumbridge be co-opted to the Social Investment Board.

The Board received a presentation from Caroline Mason, Chief Executive of the Esmée Fairbairn Foundation, after which Members of the Board had the opportunity to ask questions.

Ms Mason gave an overview of the history of the Esmée Fairbairn Foundation, which had been active in the changing and developing social investment market for a number of years. In addition to grants across five main sectors – Arts, Children and Young People, Environment, Social Change and Sustainable Food - the Foundation could commit up to £35m in social investments to a diverse range of organisations including charities, social enterprises, community benefit societies and other social investment funds.

Ms Mason advised that social investments made by the Foundation were primary based on the level of impact, before consideration of the level of financial return. Members noted that the Foundation worked with the investee to assess its business model and the type of finance needed to support its work in order to structure an appropriate investment. There were no set interest rates, maximum shares, or repayment terms. With regard to risk, Ms Mason confirmed that some of the past investments of the Foundation had failed, and advised that projects with a clear impact and a purpose in-line with that of the organisation were less risky. Members noted that, generally speaking, the more complex a project was the higher the level of risk.

In response to a Member’s question regarding monitoring and oversight, Ms Mason advised that the Foundation  was  light touch once invested with an organisation, preferring to focus on due diligence before investing. The Board discussed the value of Investment Funds, and Ms Mason advised that these were not necessarily conducive for long term change or impact, and that there was a greater role for venture philanthropy. In

Report of the Chief Grants Officer.

The Chief Grants Officer introduced a progress report on social investment activity within the Corporation. Members noted and endorsed the proposed strategy away-day later in the year to examine investment priorities, appetite for risk, and discuss product development and market building. The Chairman proposed external advisors and experts in the social investment field be invited to participate, and asked Board Members to think of innovative ideas to develop the work of the Social Investment Board or the market in general.

In response to a Member’s query, the Chief Grants Officer confirmed that discussions with Livery Companies were ongoing, and Members agreed that those interested be invited to attend the away day.

RESOLVED – That the report be noted.

There were no questions.

There was no other business.

MOTION - That under Section 100(A) of the Local Government Act 1972, the public be excluded from the meeting for the following items on the grounds that they involve the likely disclosure of exempt information as defined in Part I of the Schedule 12A of the Local Government Act.

RESOLVED – That under Section 100(A) of the Local Government Act 1972, the public be excluded from the meeting for the following items of business on the grounds that they involve the likely disclosure of exempt information as defined in Part 1 of Schedule 12A of the Local Government Act.

Item No.                                                                      Exempt Paragraphs

10, 11 & 12                                                                                          3

13 & 14                                                                                                -

To agree the non-public minutes of the meeting held on 7 December 2015.

RESOLVED – That the non-public minutes of the meeting held on 7 December 2015 be agreed as a correct record.

Report of the Chief Grants Officer.

The Board considered a report of the Chief Grants Officer.

Report of the Chief Grants Officer. (TO FOLLOW)

The Board considered a report of the Chief Grants Officer.

There were no questions.

There was no other business.