The Oversight Trust – Assets for the Common Good acts as the majority shareholder of Big Society Capital to ensure that it remains true to its mission. The largest UK banks (Barclays, HSBC, Lloyds Banking Group and NatWest Group) are also shareholders.
The Oversight Trust – Assets for the Common Good contribution from dormant bank accounts for investment in England.
The largest UK banks (Barclays, HSBC, Lloyds Banking Group and NatWest Group) collective contribution for investment across the UK.
The Oversight Trust has invested £425 million in “A” shares of Big Society Capital. The four major UK banks have also invested £200 million in “B” shares of Big Society Capital.
The Oversight Trust and banks can vote at shareholder meetings with votes in proportion to their shareholding. However, the banks have each agreed to cap their voting rights at 5% of the overall voting rights, meaning that the Oversight Trust is entitled to 80% of the total voting rights.
The Oversight Trust – Assets for the Common Good
The dormant accounts allocated to England are used to fund four organisations - Big Society Capital, Access - The Foundation for Social Investment, Youth Futures Foundation and Fair4All Finance. The Oversight Trust has the responsibility for overseeing their governance and ensuring their strategies are in adherence with their Object. The Oversight Trust is not involved in the day-to-day operations of the companies it oversees (including investment decisions). Each company has its own Board of directors.
The Board of the Oversight Trust comprises a balance of individuals with skills relevant to the operations of the four organisations it oversees and includes representatives of Government and The National Lottery Community Fund.
The Articles of the Oversight Trust limit the powers of the Government and The National Lottery Community Fund representatives on the Board and the company is classified (by the Office of National Statistics) as being independent of government.
Every four years the Oversight Trust commissions an independent review of the effectiveness of each Operating Company in advancing its objects. The Independent Review of Big Society Capital was published in July 2020.Visit the Oversight Trust
The four main UK high street banks (Barclays, HSBC, Lloyds Banking Group and Natwest Group) are also shareholders in Big Society Capital and have collectively contributed £200 million by way of equity investment. The banks are represented on the Big Society Capital board by a bank-nominated director.
The banks’ investments in Big Society Capital complement their own community investment and sustainability initiatives. Going forward we are aiming for greater mutual sharing of these initiatives alongside the work of Big Society Capital.
We also seek to collaborate with specialist teams within our shareholder banks on a range of issues including community investment, climate risks and diversity and inclusion initiatives.
Fostering social innovation in the way we think, work and operate is a priority for Barclays
HSBC UK is committed to building a thriving society and supports community investment to improve lives in the UK
A sustainable and responsible approach to doing business is integral to everything we do at Lloyds Banking Group
Through our partnered collaboration we can create long term social change for a better and more sustainable future for all