08 November 2011
The City of London is not beholden to individual people or
firms – reaction to article in the Guardian of Monday 7
November
Dear sir,
The implication that any person or firm could unduly influence
the City of London Corporation’s investment strategy (“City
property deals benefit firm linked to Lord Mayor”, 7 November) is
simply not true.
Indeed, many of the schemes referenced in Mr Quinn’s
article were in development long before Michael Bear was even
elected to the Court of Common Council, never mind to the position
of Lord Mayor.
As the local authority for one of the world’s pre-eminent
financial centres, developments in and around the City of London
require careful, long-term planning. The regeneration of these
areas for the benefit of local business communities makes sense all
round.
In addition to owning 20% of the property in the Square Mile,
the City of London Corporation has also made a number of strategic
investments in neighbouring areas to ensure that City businesses
can thrive to the benefit of all.
The funds raised from such property investments also pay for our
support for education and skills projects, the arts - including the
Barbican - open spaces and London’s largest grant giving charity,
the City Bridge Trust.
In the course of fulfilling its duties, the City Corporation
naturally works with - and partners - a wide range of developers.
Its operation in the property market has to be fair and open for it
to succeed.
Michael Bear does not sit on the Property Investment Board
which, in keeping with all other City of London committees,
requires each of its members to remove themselves from any votes in
which they might have a prejudicial interest.
Moreover, the Lord Mayor declared his interests at the start of
his Mayoralty and has not taken part in any decisions where
Hammerson conflicts may have arisen.
The City Corporation is certainly not beholden to the interests
of any single firm – be it a property developer, a law firm or a
bank.
If this were the case, rival firms would simply refuse to do
business in the City and it would certainly not be the global
financial powerhouse it is today.
Michael Cassidy CBE
Chairman, Property Investment Board, City of London
Corporation
London, EC2P