The General Purposes Committee of Aldermen met on Tuesday 14 July 2026. The meeting's agenda included the election of a Chair and Deputy Chair, the approval of previous minutes, and a re-appointment to a trust fund. A significant portion of the public session was dedicated to a quarterly report on supporting UK-based financial and professional services, focusing on innovation and growth.

Election of Chair and Deputy Chair

The committee was scheduled to elect a Chair for the ensuing year, with Alderman Vincent Keaveny CBE nominated. Following this, Alderman Sir William Russell was nominated for the position of Deputy Chair.

Minutes and Committee Appointments

The minutes of the previous meeting of the General Purposes Committee of Aldermen, held on 12 May 2026, were scheduled for approval. Additionally, the committee was to consider the re-appointment of Alderman Gregory Jones KC to The Committee of Aldermen to Administer the Sir William Coxen Trust Fund for a second, three-year term.

Support for UK-Based Financial and Professional Services - Innovation and Growth Quarterly Report

A report from the Executive Director for Innovation and Growth was scheduled for information, detailing the progress made between April and June 2026 in supporting UK-based financial and professional services. The report outlined activities across five key areas: connecting capital, digital assets and markets, AI implementation in financial and professional services, sustainable finance, and innovation in economic security.

The report highlighted initiatives such as Sterling 20, which focuses on investment opportunities in property, retail, and infrastructure, and a planned event on clean energy. It also detailed the progress of the Office for Investment: Financial Services (OFI:FS), including the hiring of key personnel and the establishment of an Industry Advisory Committee. The development of the InvestConnect digital platform, designed to connect international capital with investment opportunities, was also discussed, with a planned formal announcement at the Financial and Professional Services Dinner in July.

International engagement was a key theme, with reports of Principal-led visits across Switzerland, Germany, the US, India, Australia, Ireland, Japan, South Korea, and China. These visits aimed to promote the UK's financial and professional services offer, strengthen regulatory relationships, and support capital mobilisation.

In the area of digital assets and markets, the report mentioned the City of London's role in leading the Secretariat for the Government's Digital Markets Champion (DMC), Chris Woolard CBE, and the convening of a cross-sectoral Taskforce to advance the UK's Wholesale Financial Markets Digital Strategy.

Regarding AI implementation in financial and professional services, the report indicated scoping work for an AI Index to measure the return on investment of AI adoption, as well as a programme to define future roles, skills, and workflows for AI adoption in asset management. A promotional campaign to highlight the UK's AI offer was also mentioned.

Under sustainable finance, the report noted the launch of the second year of the Transition Finance Council, focusing on implementation and global engagement, and the renaming of the Carbon Markets Forum to reflect a renewed strategic focus on making the UK a centre for carbon market financing and trading, with Mike Zehetmayr appointed as the new Chair. The Net Zero Delivery Summit 2026 was also highlighted, featuring discussions on policy interventions and market innovations for decarbonisation.

In terms of innovation in economic security, the Digital Verification Orchestrator (DVO) Initiative was preparing to launch its blueprint, outlining governance, commercial models, and technical standards for a DVO ecosystem.

The report also provided updates on the work of the City of London Corporation's overseas offices in Brussels, India, China, and the US, detailing their engagement with regulators, industry, and policymakers to promote financial services and foster international cooperation.

Questions on Matters Relating to the Work of the Committee

The agenda included a slot for questions on matters relating to the work of the committee.

Any Other Business

The committee was scheduled to consider any other urgent business that the Chair deemed appropriate.

Exclusion of the Public

A motion was scheduled to be considered for the exclusion of the public from the meeting for specific items of business, based on the determination of the Chair and Deputy Chairman of the General Purposes Committee of Aldermen.

Non-Public Items

Following the exclusion of the public, the committee was scheduled to approve non-public minutes from the previous meeting. An update on Invest Connect was also listed for information. A presentation on The Magistracy by the Chair of the Central London Bench was scheduled for discussion. The committee was also to discuss an executive summary from the Director of the London Archives concerning Transatlantic Traffic in Enslaved People. Further items for discussion included Revenue Outturn 2025-26, Strategy Group Updates - COA Group 3, and Key Committee Issues. The agenda also included a slot for non-public questions and any other urgent business to be considered while the public was excluded.