BWB welcomed the announcement in the queen’s speech on the forthcoming Charities (Protection and Social Investment) Bill, in particular the social investment provisions. The bill is set to “give charities a new specific and simple power to make social investments (pursuing both a financial and social return), along with clear duties when doing so”.
The development of a statutory social investment power for charities stems from a proposal originally put to Lord Hodgson by Bates Wells Braithwaite during the course of his independent review of the Charities Act 2006. At the time, Lord Hodgson was advised by then senior partner Stephen Lloyd, who was his independent adviser on charity law.
BWB’s head of social finance, Luke Fletcher, commented, “A new statutory power to engage in social investment, along the lines recommended by the Law Commission, is a big legal leap forwards and should lead to the spread of innovative approaches to financing good things already being deployed by foundations. As a firm, we have been pushing for the law to be strengthened for some time, so it is great news to see a statutory power will be on the books.”
Posted on 29/05/2015 in BWB NewsBack to Knowledge