Asked by: Lord Bird (Crossbench - Life peer)
Question to the Department for Digital, Culture, Media & Sport:
To ask Her Majesty's Government what assessment they have made of the recommendations in the report by the Cultural Cities Enquiry Enriching UK cities through smart investment in culture, in particular the importance of (1) investment, and (2) corporate social venture funds and other city-wide philanthropy platforms, in increasing the ability of cities to use culture to drive inclusive growth.
Answered by Lord Ashton of Hyde
We welcome the valuable contribution of the Cultural Cities Enquiry report to the cultural sector and fully recognise the benefits that investment, alongside philanthropy, can bring to a cities cultural offer.
The Government appreciates the impact of different investment models in driving inclusive growth, and my officials will consider the recommendations set out in the report closely.
In support of the report’s vision, my department has announced funding of up to £110,000 to support early adopters across England in establishing ‘Culture Compacts’. These will bring together local partners to deliver a shared vision for investing in culture at a local level to drive inclusive growth. Arts Council England will begin work with the Core Cities Group and the Key Cities Group to identify a number of cities to become early adopters.
Asked by: Baroness Smith of Basildon (Labour - Life peer)
Question to the Department for Digital, Culture, Media & Sport:
To ask Her Majesty’s Government<i>, </i>further to the answer by Lord Ashton of Hyde on 10 January (HL Deb, col 1857), who is on the advisory group set up to open social investment products to individuals, how frequently will the group meet, when was the group’s first meeting, and what are its terms of reference.
Answered by Baroness Buscombe
The advisory group is chaired by Elizabeth Corley, VC Allianz Global Investors, and is made up of senior industry representatives from across the savings and investment sectors, with a balance of CEO’s, senior practitioners and product experts. A full list of organisations that are involved can be found at Annex A.
The group’s first meeting was on the 18th January and will meet four more times before July, when the group will announce their initial recommendations to government and industry. The three working groups, that have been set up to look at specific issues around Product, Distribution and Customer Engagement, will meet more frequently. Terms of reference can be found at Annex B
Annex A – List of organisations involved in the advisory group
The advisory group is split into:
(a) An advisory committee acting as a high-level sounding board
(b) A steering group which shapes the work
(c) Three working groups looking in-depth at specific issues around Product, Distribution and Customer Engagement
The Chair of the advisory group (which encompasses all of the above) is Elizabeth Corley, VC Allianz Global Investors, and it currently has representation from the following firms (subject to change/additions):
Annex B: Terms of Reference
ADVISORY GROUP TO GOVERNMENT:
CREATING A CULTURE OF SOCIAL IMPACT INVESTMENT AND SAVINGS
ENHANCING INDIVIDUAL CHOICE
Summary:
How can the savings, pensions and investment industries, with the support of government, engage with individual investors to enable them to support more easily the things they care about through their savings and investment choices?
Detail:
The advisory group has been formed at the request of the Minister for Civil Society and the Economic Secretary to the Treasury.
It has been created to discuss how the savings, pensions and investment industries, with the support of government, can engage with individual investors to enable them to support more easily the things they care about through their savings and investment choices, whether through retail options or in collective schemes.
The aims of the advisory group are to:
1. Explore barriers to the development of products with social impact components
2. Explore barriers to the demand for and distribution of such products
3. Consider who is best placed to identify and implement solutions
4. Consider how existing best practice, regulatory incentives and further measures can reduce or remove barriers
5. Develop ideas for how best to explain social impact savings and investment choices to individuals and to provide feedback on impact to any fiduciaries and advisors involved
6. Discuss timescales for solutions, including possible next steps for any longer-term work to be taken forward beyond the advisory group.
Elizabeth Corley, Vice Chair of Allianz Global Investors (and previously CEO) has been asked to Chair the group. The group has been asked to make an initial report to the Minister for Civil Society and the Economic Secretary to the Treasury in Summer 2017.
Conclusions and recommendations are those of the group, but may not represent any individual member’s view. Any decisions on government policy rest with the ministers of the day.