The General Purposes Committee of Aldermen met on Tuesday, 14 July 2026, to elect its Chair and Deputy Chair, approve minutes, and discuss the quarterly report on innovation and growth in UK-based financial and professional services. Alderman Vincent Keaveny CBE was elected Chair, and Alderman Sir William Russell was elected Deputy Chair. The committee also formally approved the reappointment of Alderman Gregory Jones KC to the Committee of Aldermen to Administer the Sir William Coxen Trust Fund.

Election of Chair and Deputy Chair

The committee unanimously elected Alderman Vincent Keaveny CBE as Chair for the ensuing year. Alderman Sir William Russell was elected Deputy Chair. A vote of thanks was extended to the outgoing Chair, Alderman Sir William Russell, for his exemplary service, particularly noting his tact and sound judgment during his tenure, including during the proclamation of King Charles III and the welcoming of four new companies into the city.

Minutes of Previous Meeting

The public minutes of the last meeting, held on 12 May 2026, were approved.

Reappointment to the Sir William Coxen Trust Fund

Alderman Gregory Jones KC was formally re-appointed to the Committee of Aldermen to Administer the Sir William Coxen Trust Fund for his second three-year term.

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

Damian Nussbaum, Executive Director for Innovation and Growth, presented the quarterly report for April to June 2026. The report highlighted significant activity across several key areas aimed at enhancing the UK's competitiveness in financial and professional services.

Key initiatives discussed included:

• Connecting Capital: Progress on Sterling 20, a venture capital event focused on clean energy, and roundtables concerning retirement adequacy and the Mansion House Accord targets. The Office for Investment (Financial Services) is strengthening the UK's investment proposition, with recruitment for its core delivery team underway. The InvestConnect digital platform, designed to connect international capital with UK investment opportunities, is progressing towards a full product launch in October. International visits to countries including Switzerland, the US, India, Australia, Germany, Japan, South Korea, and China were undertaken to promote the UK's financial and professional services offer and strengthen relationships.
• Digital Assets & Markets: The City of London has been appointed Secretariat for the Government's Digital Markets Champion, Chris Woolard CBE, positioning the City as a primary delivery partner for the UK's Wholesale Financial Markets Digital Strategy. A cross-sectoral Taskforce has been convened to move from experimentation to implementation and adoption at scale.
• AI Implementation in FPS: The department is scoping the development of an AI Index to measure the return on investment of AI adoption in the financial and professional services sector. Work is also underway to define future roles, skills, and workflows for AI adoption in asset management, and to develop a promotional campaign to highlight the UK's AI offer.
• Sustainable Finance: The Transition Finance Council is shifting its focus from framework development to implementation and global engagement. The UK Carbon Markets Forum has been renamed and appointed a new chair, Mike Zehetmayr, to focus on making the UK a centre for carbon market financing and trading. The Net Zero Delivery Summit 2026 took place, showcasing the UK's financial and professional services offer in translating climate ambition into capital deployment.
• Innovation in Economic Security: The Digital Verification Orchestrator (DVO) Initiative is preparing to launch its blueprint, which will outline the governance structure, commercial model, and technical standards for a DVO ecosystem.

During the discussion, Alderwoman Jennette Rachel Newman inquired about the planning and coordination of international visits, particularly regarding multiple visits to China. Damian Nussbaum explained that visits are planned 6 to 18 months in advance with clear strategic outcomes, balancing trade and investment focus on the mayoral side with policy and regulatory work on the policy chairman's side. He also detailed the extensive work involved in the Digital Markets Champion secretariat, which goes beyond basic administrative tasks to include convening a taskforce of over 50 companies and contributing significantly to report writing. Alderman Gregory Jones KC sought further elaboration on the role of the secretariat for the Digital Markets Champion, specifically regarding its influence on policy.

Vacancy on the Children's and Community Services Committee

A vacancy exists on the Children's and Community Services Committee, and the committee is keen to fill this with an Alderman. Kawsar Zaman has asked to step down from this role. The committee noted that Kawsar Zaman would be willing to consider a swap if the logistics worked, and any interested Aldermen were invited to express their interest for consideration at the September meeting.

Congratulations to Alastair John Naisbitt King DL

The committee extended congratulations to Alderman Sir Alastair John Naisbitt King DL on his recent appointment as a Knight Bachelor in His Majesty the King's Birthday Honours and his appointment as His Majesty's Lord Lieutenant of Greater London.