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Following concerns raised about some aspects of its investment portfolio, the Chair and board of Trustees of Comic Relief have commissioned an urgent review of its investment policy. The review will recommend changes to Comic Relief’s investment policy that will reinforce and ensure continued public trust in the charity, be consistent with its charitable aims and are in line with charity regulation and law.
The review will be conducted by a panel of five led by an independent Chair and will recommend the principles and framework for a new investment policy and its levels of transparency.
The review panel will seek to engage with a range of different stakeholders including charities, members of Comic Relief’s independent investment committee, financial experts (including those with ethical and charity investment experience), key fundraisers, corporate partners, members of the Trustee board, staff and others as relevant.
The aim is to publish the findings and recommendations within 8 weeks.
Until the review has been concluded, the Trustees have decided to withdraw Comic Relief funds from the sections of the investment portfolio which have caused concern, and this process is underway. Comic Relief is committed to finding a solution that allows it to continue to deliver the greatest benefit to the poor and vulnerable people it supports.
Tim Davie, Chair of Comic Relief, said: "As a charity which depends on public trust, it's absolutely right that we take this opportunity to examine our investment policy thoroughly in view of the concerns which have been raised".
The independent Chair and membership of the review panel will be confirmed shortly.
The full terms of reference of the review are as follows:
Objective: To undertake a review and recommend changes to Comic Relief’s investment policy that will reinforce and ensure continued public trust in the charity and be consistent with its aims, and in line with charity regulation and law.
Terms of Reference
THE PANEL
The review will be conducted by a panel of five: two independent members, one of whom will be the independent Chair, and three Comic Relief Trustees.
The Vice Chair (Richard Curtis) and CEO (Kevin Cahill) of Comic Relief will attend meetings and the COO (Derek Gannon) will act as Secretary.
SCOPE
Review the options for a new investment policy, ensuring that they are consistent with Comic Relief’s commitment to reinforcing public confidence whilst balancing financial risk and return
Analyse the historic performance of Comic Relief’s investment policy to include benchmarking against ethical investments and impact on Comic Relief’s business
Evaluate the charity investment landscape and review investment options
Agree the criteria for the risk and return of the new investment policy
Review Comic Relief’s transparency in relation to its investment policy
Analyse Comic Relief’s historic and current approach to financial transparency
Evaluate practice in the sector with regard to the publication and disclosure of investment policies and holdings
Recommendations
Recommend the principles and framework for a new investment policy
Recommend levels of transparency for the new investment policy
TIMINGS AND PUBLICATION
The aim is to publish the findings and recommendations within 8 weeks.
