Agenda item

Report of the Chamberlain

The Board considered a report of the Chamberlain and the Executive Director, Innovation and Growth, setting out the implementation plan for the areas relating to BHE during Year 1 of the Climate Action Strategy (CAS) programme, and a report of the Chamberlain reporting on progress to date on the Financial Investments workstream under the Climate Action Strategy (CAS). The Chair introduced the item and thanked Members for their attendance at the training sessions and workshops in support of this work.

Members commented that whilst there should be a degree of alignment with the other City Corporation Funds, there could be separate consideration on the long-term approach for BHE given its charitable status. Furthermore, beyond climate action, the charity could develop an ethical investment framework for both property and non-property investments. The Chair agreed that this would be a useful area to explore and advised that this could be taken away for further consideration.

RESOLVED – That the Bridge House Estates Board in discharge of functions for the City Corporation as Trustee of Bridge House Estates (Charity no. 10345628) and solely in the charity’s best interests:

i.              Note the summaries of project plans for the delivery of CAS outcomes under the areas accountable to the Bridge House Estates Board;

ii.             Agree to make a relative contribution from BHE funds to the mobilisation budgets in 21/22 financial year for a total of £643k in revenue (income) funding. This is comprised of the following:

a. Design Standards - £55k (18% as BHE 18% of the IPG floor space)

b. Resilience in Buildings - £165k (18% as above)

c. Net Zero in Investment Property Group - £311k (18% as above)

d. Financial Investments - £58k (33% straight split with other two funds)

e. Purchased Goods and Services - £25k (5% as nominal agreement)

f. Strategic Implementation - £29k (6% as BHE percentage of overall Y1 budget);

iii.            Note that any specific investment decisions arising from the Y1 mobilisation work to be taken separately for all portfolios, including for BHE;

iv.           Note the progress to date and next steps in the preparation of a Transition Pathway for Paris alignment of the City Corporation’s and BHE’s Financial Investments;

v.             Note the upcoming workshops to prepare Members for the resulting decisions on the Pathway in the Autumn.