asked Her Majesty's Government:
What have been the investment returns so far to the taxpayer from the £20 million of public funds invested in Bridges Community Ventures (BCV); and what are the arrangements for the BCV to report back to, and be monitored by, the Department for Trade and Industry. [HL951]
To date the department has had returns of £1.04 million from its investment commitment of £20 million into Bridges Community Ventures Fund I. The fund is four and a half years into its 10 to 12-year life and further returns are expected. The fund is established as a limited partnership with Bridges Community Ventures Limited appointed as the private sector manager of the fund.
BCV, as manager of the fund, provides half-yearly reports and audited accounts to investors in line with the British Venture Capital Association's guidelines. There are two formal investor meetings each year but DTI officials can meet the fund manager as needed.
asked Her Majesty's Government:
What steps they are taking to confirm the integrity, independence and corporate governance standards of the board of Bridges Community Ventures in view of its responsibility for £20 million of taxpayers' money. [HL952]
The Government have no reason to question the independence, integrity and corporate governance standards of the board of Bridges Community Ventures Limited. Bridges Community Ventures Limited's fund management activities are authorised and regulated by the Financial Services Authority.
asked Her Majesty's Government:
Who nominates the chairman and non-executive directors of Bridges Community Ventures (BCV); whether these nominations are subject to their approval; and, if so, whether they have the right to remove existing non-executive directors during their term of office should new circumstances arise which bring their suitability into question. [HL953]
Bridges Community Ventures Limited is a private company whose board members are appointed by its shareholders. The Government do not have a role in appointing or approving the board members.