Terms of reference

1. Regional Investment is a devolved matter and the post-2026 funding investment landscape presents new opportunities to learn the lessons of the past and to do things in a more strategic, joined up way to achieve better economic outcomes and opportunities for people, businesses and communities of Wales.
    
2. Welsh Ministers are committed to working with Welsh partners from local government, the higher education, further education, other public, private and third sectors to make the best possible use of new opportunities following the closure of the UK Government’s legacy Shared Prosperity Fund in March 2026 and the move towards new Local and Regional Growth programmes from the end of March 2026.
    
3. A new post-2026 approach to post-EU regional investment in Wales will be co-produced and delivered with partners to meet the goals of the Well-being of Future Generations (2015) Act and the Welsh Government’s strategic priorities for jobs and growth, reducing inequality and spreading wealth across Wales.  
    
4. As part of that commitment, the process of co-production will involve a variety of engagement approaches to help inform future approaches in Wales. This includes utilising, through political meetings and other workstreams (e.g. multi-level governance, CJC group), local government’s experience in delivering and managing the Shared Prosperity Fund and in progressing the Economic Wellbeing function of the Corporate Joint Committees. The co-production process will be complemented by evolving the Strategic Forum for Regional Investment in Wales into a new Regional Investment in Wales Steering Group with refreshed terms of reference and membership. This Steering Group will be the main platform for partners and the Welsh Government to work together to maximise post-2026 regional investment funding in Wales. 

5. The Steering Group is a platform for the Welsh Government and partners to:

• Advise and challenge the Welsh Government on post-2026 planning for replacement EU funds.
• Share views and advice to help inform Welsh Ministers’ positions and ensure proposals fully reflect the views of partners across Wales.
• Inform the co-production of a new regional investment programme and help identify the scope, focus, objectives and model structure for a future regional investment approach, including national, regional and local delivery arrangements.
• Directly inform advice to Welsh Ministers and Local Authority Leaders, including via regular political meetings, to help set the Welsh Government’s strategic response as developments arise.
• Help set the direction for more detailed and technical work.
• Help develop a stakeholder engagement strategy, additional task-and-finish or sub-groups, and options to more fully engage difficult-to-reach stakeholder groups.

6. The Steering Group will not be a body for accountability, monitoring, or technical evaluation of post-2026 processes and projects.
    
7. The Steering Group is an opportunity for Members, including the Welsh Government, to:

• Build on the co-developed Framework for Regional Investment for Wales, informed by developments since and the evolving funding landscape, to design and deliver a more strategic approach to post-2026 regional investment in Wales.
• Share expertise, intelligence, lessons learnt, best practice (including international best practice such as the OECD work on regional governance and public investment in Wales), and new developments (including the emerging functions of the Corporate Joint Committees) to maximise the benefits to Wales of the investment available.
• Use the lessons from the development and delivery of 20 years of EU funding with partners.
• Consider the lessons and best practice from local government’s delivery and management of the UK Shared Prosperity Fund (2021-2025/26) in Wales, informed by political meetings and other workstreams (e.g. those relating to multi-governance matters) with local government.
• Consider opportunities to integrate or complement a new post-EU funds approach with existing or emerging investment and regional development programmes at Wales, UK, EU and international levels, including for example Agile Cymru, the UK Industrial Strategy, UKRI, Freeports and Investment Zones, and Horizon Europe, and relevant Welsh Government policy departmental funding e.g. Economy, Regeneration, Employability and Skills.
• Explore opportunities to join up investments to achieve better value for money and outcomes.
• Utilise networks to contribute to the aims of the Steering Group and help drive effective regional investment in Wales.
• With the agreement of the Chair, invite contributions and presentations from government and external organisations on relevant investment opportunities for Wales.

8. The agenda will cover the evolving domestic, UK, EU and international landscape of regional investment opportunities including the intent of the Welsh Government, UK Government and other devolved governments.
    
9. The Steering Group will not be required to reach complete agreement between Members as a result of discussion, but instead it is a platform for Members to test, develop and share views and ideas to help co-produce a new post-2026 approach. Welsh Ministers and Local Authority Leaders may also participate in this collaborative approach, as appropriate. 
    
10. The Welsh Government will report on progress in each area discussed, explaining where the advice from the Steering Group is reflected in Welsh Government positions, and discuss reasons for the non-inclusion of any clear positions set out by the Steering Group. 
     
11. The Steering Group may agree to convene smaller working groups to investigate, research and design specific processes and practical arrangements to help design, deliver, monitor, and evaluate a post-2026 approach.

12. Members appointed to the Steering Group as representatives of bodies or umbrella organisations will be expected to discuss views and outcomes with their constituents, subject to potential restrictions on the circulation of some papers (see below). 
     
13. Members are also expected to use existing networks to ensure a wide range of views and ideas are brought to each meeting to inform discussions, and to help achieve the purpose of the Steering Group.
     
14. It is expected the same representatives will attend and contribute to meetings throughout the co-production process to ensure continuity, minimise duplication and maintain expertise and timely progression. 
     
15. To capture the appropriate range of opportunity, permanent membership includes representation from:

• The four Corporate Joint Committees
• WLGA
• The third sector
• Higher and further education sectors
• Natural resources and environment
• Rural interests and community-led development
• Private business
• Economic finance strategy
• Well-being economy
• Trade Unions
• Independent Equality and Human Rights advice, promotion, and protection 

16. A small number of places are reserved for ‘Expert’ members. Additional experts or groups may be invited by the Chair to specific meetings and present papers to take part in discussions in particular areas.
     
17. When appropriate, representatives from the UK Government will be invited, in an advisory capacity, to attend Steering Group meetings as the work to co-produce a new post-2026 regional investment programme progresses. 

18. The Steering Group will be convened to help members co-produce a new post-2026 approach in Wales. Although there is currently no set end date, the Steering Group will be time-bound and will be due to end once a new post-2026 approach for Wales begins in 2026. 
     
19. Meetings will take place virtually every 2 to 3 months, but additional meetings may be convened upon request of the Chair. There may also be some instances when meetings will be held in person provided there is also the option to attend the meeting virtually.
     
20. Discussion papers will be prepared by Welsh Government officials or by Members, where appropriate. Each paper will identify key issues, seeking a discussion on how Members can best collaborate to achieve the best outcomes for Wales. Members are encouraged to offer challenge and bring fresh perspectives and innovative ideas to the debate. 
     
21. Papers for the meeting will be issued seven days prior to the meeting where the proximity of developments makes this possible, and via electronic circulation. Members are expected to have read the papers prior to the meeting so discussion can be informed without the need to cover the detail of the papers. This will help ensure the meeting duration is fully productive. 
     
22. Papers will be clearly marked to identify the level of circulation that is appropriate. It is likely papers can be freely circulated, but there may be occasions when papers will not be for publication or circulation outside of the Steering Group due to their potential sensitivity and to allow a free and open debate on the options being discussed. In these instances, a summary sheet of the issues will be included to help Members to consult with their constituents on related issues. 
     
23. Meeting minutes will be circulated to Members within ten working days for comments prior to Members’ clearance at the following meeting of the Steering Group. A version of this note will be published on the Welsh Government’s website to aid transparency, alongside any non-restricted papers. 

24. Members will not be remunerated for their time serving on the Steering Group. As all meetings will offer the option to attend virtually, no travel and subsistence payments will be made available.

25. Members are required to declare to the Chair, at the beginning or during any meeting, any situation of actual or perceived conflicts of interest. This may result in the Member being excluded from discussion on the particular subject. The Chair reserves the right to request that the Member leaves the meeting until a decision has been taken on the matter.

26. The Steering Group, upon initiative of the Chair, may set up advisory, expert, or task and finish sub-groups to support their work. Unless otherwise specified, such groups are bound to the same rules as the Steering Group.

27. Work will be conducted in line with the provisions of the Welsh Language Act. Simultaneous interpretation will be made available for each Steering Group meeting so members are welcome to contribute in Welsh or English.

28. The Terms of Reference may be revised by the Chair after discussion by the Steering Group when and where appropriate.

Secretariat
April 2025