We’ve had a big idea…
The London Communities Commission seeks to draw on the assets of all to improve the lives, and life chances, of people living in the most stressed neighbourhoods. Our 2018 report made recom-mendations as to how the unmet social and economic needs of London’s most stressed neigh-bourhoods could be addressed through local initiatives led by local partnerships, targeted to real need experienced by local people, and delivered by the community, in the community. We think that this model could be rolled out across the UK. The Commission believes that the corporate sector needs to play a more pro-active role and to in-vest meaningfully in stressed neighbourhoods across the UK, helping to build social and economic strength.
The Commission proposes that companies in the FTSE 100 and 250 issue a very small amount of additional shares to a charitable endowed Trust on behalf of these neighbourhoods. We aim to se-cure additional shares worth £1billion, which represents just 1/3000th of the current market cap of the FTSE 100 and 250. An endowment of £1bn would generate £30-40million per year. This would enable investments in neighbourhoods which have been identified using an independent set of criteria. Local partnerships, led by the community, will then develop and deliver their own local solutions.
The share issue proposal has been discussed in principle with many potential partners, including London First, the CBI, Business in the Community and the City of London Corporation, and has met with great interest as well as offers of help to put it in place. Our legal advice from senior corporate lawyers is that it can work provided that certain processes are followed. We are drawing together a group of businesses to take this forward. This group will be called the Percent Club.
We’re seeking a Development Director to take this forward
We are seeking to appoint a Development Director who will secure commitment from at least eight FTSE companies to issue 1/3000th of their share capital into an Endowed Trust for the benefit of stressed neighbourhoods across the UK, and to plan a campaign to persuade other companies to join. This is an opportunity for an outstanding individual with a track record in both the corporate and community worlds to shape our groundbreaking initiative and bring it to life. Playing a key role in bringing corporates on board, you will help to create a legacy for communities across the UK.
To apply: Please download the full recruitment pack below – the closing deadline is at midday on 22nd July 2019