Purpose

To consider the creation of Camden
Community Wealth Fund, including purpose and mandate, management
and governance arrangements, participation principles, and budget
for capitalisation and operation.

Content

RESOLVED –
 

1.            
THAT the Camden Community
Wealth Fund as set out in section 2 of this report be
established.
 

2.            
THAT authority be delegated
to the Executive Director (Corporate Services) to take all
appropriate actions required to implement the first stage of the
Camden Community Wealth Fund (CWF) including:

(i)            
In consultation with the
Leader, and the Executive Director (Supporting Communities)
approval of the CWF Business Plan and Investment Strategy (as
referred to in section 2 of the report and in the indicative CWF
Business Plan at Appendix 1).

(ii)           
In consultation with the
Leader, and the Executive Director (Supporting Communities)
allocating the source funding for the CWF as referred to in para
2.42 to para 2.43 of the report.

(iii)         
The budget for set up and
operation of the CWF including commissioning necessary business
support, Fund advisory services and Fund management.

(iv)         
In consultation with the
Leader, the Borough Solicitor, and the Executive Director
(Supporting Communities) approval of the Governance Arrangements
for the CWF including arrangements for citizen participation and
the Scheme of Delegation setting out a hierarchy of decision making
as referred to in paras 2.24 to 2.32 of the report.

(v)          
In consultation with the
Leader and the Executive Director (Supporting Communities)
authority to invest up to £5m in individual
schemes.

(vi)         
Procurement of professional
advisers to support the implementation and operation of the
CWF.
 

3.            
THAT it be noted that there
will be a subsequent report presented to Cabinet on the CWF Interim
Review, as referred to in para 2.47 of the report.