Investment Governance, legal and compliance

New investment guidance is on its way

CFG's policy team takes a look at the road to new investment guidance and reflects on the progress made since the Butler-Sloss ruling and Charity Commission's consultation on responsible investment.


Since last year’s Butler-Sloss ruling, the policy team at CFG has been working closely with a number of charity members and corporate partners to understand what the case means for those charities that have investment income.

A year before the case, in May 2021, we responded to the Charity Commission’s consultation on responsible investment, urging the regulator to go further in its guidance by actively encouraging all charities to ‘consider a sustainable investment approach’.

More recently, we have been working with the Charity Commission and others to ensure that its proposed updates to CC14 are clear, robust and fit for purpose.

Thanks to these collaborative efforts, we’re confident that those charities impacted will soon have new guidance that not only reflects the Butler-Sloss ruling but is rooted in the real world in which trustees are approaching investment decision-making.

In 2023, you can expect to see new guidance that is:

  • shorter and more concise. The Commission has succeeded in reducing the number of words to fewer than 6,000. Great news for time-poor trustees and finance leaders!
  • clearer and more inclusive. The Commission is updating its language and retiring some terms that are considered misleading, or open to interpretation.
  • more comprehensive on investment approaches so that trustees can feel confident deciding what is in the best interests of the charity. This is an important shift in emphasis in light of the Butler-Sloss ruling.

Commenting on the joint work with the Commission and others, Richard Sagar, Head of Policy, CFG, said:

“We’re delighted to have been involved in this important work and would like to thank our members and partners for sharing their invaluable insights and expertise throughout the process.

“CFG has long argued that CC14 needed to be updated, to provide greater clarity on investment approaches. We’re pleased that the Commission has listened and invited us to work with them.

“It’s thanks to this collaborative effort that we will soon see what we believe to be new guidance that is robust, reflective of current thinking and case law, and fit for the future.”

To read more about this work, visit the Charity Commission’s website and read:
Road-testing our new investment guidance - Charity Commission (

CFG cannot comment on the specific details of the draft guidance, but we are happy to answer any questions you may have on the background to the new guidance, the Butler-Sloss case or any other queries on aspects of charity finance you might have. Please email the policy team or email Emma Abbott, Communications Manager. If you are a CFG member, don't forget you have access to our free Helplines.



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