Exclusive: UK government’s Social Impact Investment Advisory Group members revealed
Thirteen representatives of impact investors, local government, asset managers and institutional investors will advise the Treasury on the development of a new social impact investing vehicle – but no social entrepreneurs are included.
Lloyds Banking Group, Bridges Fund Management and the Esmée Fairbairn Foundation are among the organisations represented in the UK government’s Social Impact Investment Advisory Group, with the full list of members revealed today by Pioneers Post.
The group, established by chief secretary to the Treasury Darren Jones, will advise the government on the development of a new social impact investment vehicle, announced in the autumn budget, which aims to “mobilise private investment to deliver positive social impacts”.
The members include the CEOs and representatives of a mix of impact investors, local government, asset managers, institutional investors, a large UK bank and sector advisory bodies. (List below)
The first meeting of the group took place on 31 January, but only a few members announced their appointment publicly, the rest of the list being kept under wraps until today.
The creation of the group “reflects the government’s growing recognition of the vital role social impact investment plays in addressing the UK’s most pressing social and environmental challenges,” said Stephen Muers, CEO of Better Society Capital, who is a member of the group.
Members of the UK government’s Social Impact Investment Advisory Group
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Notably absent: social enterprises
But on the social entrepreneurs' side, some warn the Social Impact Investment Advisory Group risks replicating existing inequalities found within social impact investment.
Commenting after seeing the list of members, Peter Holbrook (pictured), CEO of Social Enterprise UK, said: “We are disappointed to see no social enterprise sector representation in this group.
“The question remains – how is it going to engage with the people that are ostensibly meant to benefit from social investment? Secondly, while I understand the theory behind this investor-led approach, I can't agree with the reality of it.”
He added: “We are hoping the government can and will quickly address these concerns and create a fairer solution – which is inclusive of the ultimate beneficiaries of these plans – the social enterprises working on the ground delivering for people and the planet.”
In an open letter published this week (before the full list of group members was revealed), Social Enterprise UK, Cwmpas, Social Enterprise Northern Ireland and Social Enterprise Scotland urged the government to engage not only with existing investment providers and financiers, but also with social entrepreneurs who struggle most to attract finance.
The Treasury press office did not respond to a request for comment on the open letter before Pioneers Post’s publication deadline.
Reshaping how capital collaborates with public services
The group will be chaired by Dame Elizabeth Corley (pictured), chair emerita of the Impact Investing Institute. Also chair of Schroders, Corley has extensive experience in the financial services industry having worked at Allianz Global Investors, Merrill Lynch Investment Managers and Sun Alliance.
The group also includes Michele Giddens, CEO and co-founder of Bridges Fund Management, a fund manager that specialises in sustainable and impact investing. Dame Caroline Mason is CEO of the Esmée Fairbairn Foundation, a charity which focuses on environmental protection, social justice and community building. Kieron Boyle, chair of think-tank and sector representative body Impact Investing Institute, has worked in UK impact investing for over a decade from within government, philanthropy and advocacy.
- Read more: Budget 2024: UK Government will create social impact investment vehicle to deliver its missions
The autumn budget stated the social impact investment vehicle would be “designed and developed through engagement with the sector”, but no money was committed and further information was expected at the spring spending review, following consultations. People within the social investment sector expressed concern that work on the new vehicle might be slowed down due to the government facing various political challenges elsewhere, sources told Pioneers Post earlier this year.
Following the advisory group’s first meeting, Boyle said the initiative had the “potential to reshape how capital collaborates with public services to tackle the UK’s most critical challenges… I’m excited about what we can achieve together”.
Neil Heslop, CEO, Charities Aid Foundation, posted on Linkedin: “There is a tremendous opportunity for socially motivated investment to shift the dial on some of society’s long-standing issues… This is a great step forward for the impact economy and philanthropy.”
Chief secretary to the Treasury Darren Jones in the House of Commons. Picture © House of Commons
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