Agenda item

Report of the Chief Grants Officer.

The Chief Grants Officer introduced a progress report on social investment activity within the Corporation.

Stepping Stones

The Chief Grants Officer advised that the first round of applications had now closed. Unsuccessful applicants had been informed, and those who had been successful in being shortlisted were being supported to submit more detailed proposals. Members noted that UBS were co-funding this round, and that the quality of applications so far had been good.

Advisors

There were currently four firms in the Social Investment Board’s advisory pool; Members noted that a narrow pool raised the risk of dependency on a single agency, and it was proposed that the Board invite prospective advisors to submit a short expression of interest in joining the pool. The most suitable of these would then be interviewed by the Chairman, Deputy Chairman, and officers, before coming to the Board for approval. 

RESOLVED – That officers be authorised to seek expressions of interest from FCA-authorised firms willing to act as due diligence advisors to the Fund.