City of London Corporation City of London Corporation The City of London Corporation, officially and legally the Mayor and Commonalty and Citizens of the City of London, is the municipal governing body of the City of London, the historic centre of London and the location of much of the United Kingdom's financial sector. In 2006 the name was changed from Corporation of London to avoid confusion with the wider London local government, the Greater London Authority. The Corporation is probably the world's oldest continuously-elected local government authority. Both businesses and residents of the City, or "Square Mile", are entitled to vote in elections, and
Royal Commission on the Amalgamation of the City and County of London and Wales outside London, it was discovered that the council of even the most populous municipal borough had no more than 72 members. The report recommended the creation of a new local authority for the area of the existing City, to be known as the "Mayor and Council of the Old City". The electoral franchise would be the same as that for urban district councils under the Local Government Act 1894, and there would be 72 councillors. The area would be divided into 24 wards with three councillors elected for each ward. Councillors would have a three-year term of office,