Below is a timeline outlining a few key milestones in the development of the modern impact investment sector in the UK. The Social Investment Taskforce was an inaugural taskforce set up in the year 2000 to understand how entrepreneurship could be applied to combine financial and social returns. In outlining a suite of policy proposals, it became an important catalyst and framework for policymakers over the next ten years.
In June 2013, under David Cameron’s presidency of the G8, the Prime Minister launched an independent Social Impact Investment Taskforce with the ambitious objective of reporting on “catalysing a global market in impact investment” in order to improve society. The Taskforce created National Advisory Boards for each member state to inform their work and drive its implementation in the future.
In 2015, as the Social Impact Investment Taskforce was expanded into the Global Impact Investment Steering Group of 13 member states plus the EU, the UK organisation was reinvented with the creation of two bodies, a UK National Advisory Board and a Practitioners’ Council.
The current UK National Advisory Board (NAB) is composed of senior and visionary leaders connected to the impact investment sector but also to others areas of finance, business, philanthropy and/or government. Their role is to take a birds-eye view on the sector and to make decisions by:
- Identifying key levers to strengthen and scale the impact investment sector in the UK
- Making recommendations to government and other stakeholders on what is needed to realise change
- Sharing learnings from UK with the Global Steering Group and vice-versa
UK National Advisory Board
The Practitioners’ Council (PC) is composed of executives running impact investment organisations on a daily basis, and active observers from government and membership associations supportive of impact investment. Their role is to ground the work of the NAB in practical experience and expertise by:
- Suggesting priority issue areas for the NAB to consider to unlock growth of the sector
- Researching particular strategy areas and briefing the NAB on areas of expertise
- Providing practitioner feedback on the NAB’s recommendations.
Members of both the NAB and PC will be invited for a fixed term of a year with the possibility of a one-year extension. Membership will rotate after each term to ensure that there is a wide representation of the sector over time.