A new project has been launched to develop a set of principles for trustees to use when making decisions about their charity investments.
The Charity Investment Governance Principles project will explore best practice in decision-making around charity investments, and will draw on the experiences of charities across England and Wales.
The principles will reflect the outcomes of the high-profile Butler-Sloss case of 2022 and will complement the Charity Commission’s recently updated CC14 guidance and the Charity Governance Code. The principles are expected to be published in summer 2024.
Charity trustees and leaders, and those organisations with an interest in investment governance, are invited to register their interest to engage with the project by completing this short form.
Charity Finance Group (CFG) will host the project and it will be led by Gail Cunningham. In addition to CFG, the project’s steering group also includes representatives from the Association of Charitable Foundations (ACF); National Council for Voluntary Organisations (NCVO); Wales Council for Voluntary Action (WCVA); and the Secretariat of the Charities Responsible Investment Network (CRIN).
Joining the group as expert advisers are Luke Fletcher, partner at Bates Wells, Elizabeth Jones, partner at Farrer & Co and Kristina Kopic, Head of Charity and Voluntary Sector at the Institute of Chartered Accountants for England and Wales (ICAEW).
The Social Justice Collective and The Social Investment Consultancy (TSIC) will provide support on equality, diversity and inclusion across the project. Representatives from the Charity Commission for England and Wales (CCEW) will join as independent observers.
The project has attracted funding from six grantmaking organisations; Barrow Cadbury Trust; Friends Provident Foundation; City Bridge Foundation; Access – The Foundation for Social Investment; Mark Leonard, Aurora and JJ Trusts; and Joseph Rowntree Foundation.
Richard Sagar, Head of Policy, CFG, comments:
“The steering group is delighted to launch the Charity Investment Governance Principles project. By convening investment and legal experts, charity sector bodies and leaders, we are working together to develop a set of universal principles that will increase confidence in the governance of charity investments.
“Understanding what best practice looks like, and how it can be achieved, is key to a dynamic and trustworthy sector. Following a series of focus groups with the key stakeholders, we’ll be running an open consultation in spring 2024.
“The project’s steering group wants to understand trustees’ experiences, insights and best practice on charity investment. We would urge all those organisations and individuals with an interest in the project to complete our short form.
“CFG looks forward to working alongside the other project partners and engaging with a wide range of charities in the coming months.”
The Charity Investment Governance Principles project was launched in November 2023. Led by a steering group of charity sector experts and umbrella bodies, the project aims to work with charities to develop a set of principles for trustees and leaders to use when making decisions when investing charity funds. The principles are expected to be published in summer 2024 and will complement the Charity Commission’s guidance on investing charity money, CC14.
Steering group members
Charity Finance Group (CFG)
Association of Charitable Foundations (ACF)
National Council for Voluntary Organisations (NCVO)
Wales Council for Voluntary Action (WCVA)
Secretariat of the Charities Responsible Investment Network (CRIN)
Barrow Cadbury Trust
Friends Provident Foundation
City Bridge Foundation
Access – The Foundation for Social Investment
Mark Leonard, Aurora and JJ Trusts
Joseph Rowntree Foundation
Gail Cunningham – Project Consultant
Gail is an independent consultant, working on charity investment governance and with foundations and networks on responsible and impact investing. Gail was previously head of investment learning at the Association of Charitable Foundations, and country-lead for the Macquarie Group Foundation in the UK and Canada. Gail is a trustee of the Essex Community Foundation.
Emma Abbott, Communications Manager, CFG: Emma.Abbott@cfg.org
Richard Sagar, Head of Policy, CFG: Richard.Sagar@cfg.org.uk
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