Agenda item

Report of the Town Clerk

The Committee considered a report of the Town Clerk detailing a resolution of the Social Investment Board. The Committee was referred to the resolution containing revised terms for the Social Investment Board at Appendix 1, as agreed by Members of the Board.

A Member suggested that it made clearer that Members taken from the wider Court would be elected, as this was only implied in the resolution. A Member added that the proposed changes may require approval from the Policy & Resources Committee when it considered proposed changes to the terms of reference of all Committees before the next municipal year.

In response to a query from a Member, the CGO confirmed that the Board historically had only approved or rejected investment proposals, but had more recently began to consider originating schemes, such as an accommodation for key workers scheme. Any schemes would continue to be subject to the constituted investment principles of the Board.

On the potential accommodation for key workers scheme, the Social Investment Board would need to consider that the properties may be subject to local authority rules which would give residents the right to buy, and therefore capital could be put at risk by right to buy legislation. The Chairman advised that the Member contact the Chairman of the Social Investment Board. A Member advised the Committee that the project was currently on hold due to the wider governance review of Bridge House Estates.

RESOLVED – That, subject to amendment to clarify that Members from the wider Court are elected, and subsequent approval by the Policy & Resources Committee if required, the resolution be approved.