Agenda item

Report of the Executive Director for Innovation and Growth.

The Committee received a report of the Executive Director of Innovation and Growth, concerning the impact of the City Corporation’s work In support of UK-based Financial and Professional Services (FPS) between April 2025 and June 2025. Following the introduction of the report, the Committee were invited to ask questions and make comments, as follows: -

A query was put as to the recruitment process referred to in paragraph 48. It was explained that this was for the US Managing Director, which would be a Member-led recruitment.

An Alderman noted the references to ESG and sustainable finance, and question how this had flexed in the last three to six months. The response was that there had been a significant shift in the US, with sentiment, capital, and use of language being carefully being monitored.  

Concerning security defence resilience, owing to the elapse of time when producing the report this had not been captured, but it was acknowledged that this was beginning to shift. There could be some interesting workstreams in this area, such as in pensions, and it also linked with ESG.

It was asked what Aldermen could do with the report and how they could contribute to Innovation and Growth. The response was the most helpful document to share the annual review with electors and stakeholders as this was the most accessible, but perhaps there was a more strategic approach that could be taken with communications. With regards to contributions from Aldermen, especially for the events, Innovation and Growth tended to liaise first with Lead Members, who then might bring in other Elected Members whose background or expertise might be helpful in contributing to the success of the event.

An Alderman noted that there were agencies such as CityUK, CBI and CMIT who were pushing their own FPS priorities and queried how the City Corporation was positioning itself among their work. The Committee heard that there was a good collaborative relationship with these agencies with regular discussions with Chief Executives, as with the current challenges with FPS, being overly protective on duplication or cross over was an extravagance that could not be afforded. The City Corporation, however, could differentiate itself with the Lord Mayor and the ability to raising funds for longer-term issues. The key aspect was to ensure that recommendations were following through to drive success as well as amplifying other agencies priorities.

RESOLVED, that: -

Members noted the update on key pieces of work that have taken place between April 2025 and Jund 2025, and their outputs.