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Seòmar agus comataidhean

Official Report: search what was said in Parliament

The Official Report is a written record of public meetings of the Parliament and committees.  

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Dates of parliamentary sessions
  1. Session 1: 12 May 1999 to 31 March 2003
  2. Session 2: 7 May 2003 to 2 April 2007
  3. Session 3: 9 May 2007 to 22 March 2011
  4. Session 4: 11 May 2011 to 23 March 2016
  5. Session 5: 12 May 2016 to 4 May 2021
  6. Current session: 13 May 2021 to 18 September 2025
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Displaying 2261 contributions

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Delegated Powers and Law Reform Committee [Draft]

Instruments subject to Negative Procedure

Meeting date: 3 June 2025

Stuart McMillan

Also under this agenda item, no points have been raised on the following instrument.

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 28 May 2025

Stuart McMillan

I just want to echo the comments of the deputy convener, and note that bullet point 2 in paragraph 20 of the report says:

“Overall positivity about the Bank increased from 68 per cent to 83 per cent.”

Furthermore, paragraph 27 says that the bank

“demonstrates a culture of continuous improvement”;

paragraph 72 talks about its “sound oversight arrangements”; paragraph 89 mentions

“improvements in ... content and presentation”;

and there are other paragraphs in the report that say that the organisation appears to be doing well on governance.

I come back to a point made by my colleague Colin Beattie. I note that paragraphs 21 and 47 are about the issue of risk, and it strikes me that the organisation is very cautious, notwithstanding the financial straitjacket that it has to work within. It appears that it is focused on risk, that it is trying to provide certainty for business investment and that it is not prepared to go out on a limb. Is that an accurate assessment?

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 28 May 2025

Stuart McMillan

That is helpful. Obviously, that is a recommendation in the report, but has the point been put to SNIB in discussions between you and its representatives? If so, has it been receptive to it?

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 28 May 2025

Stuart McMillan

You have already touched on exhibit 4, on page 25, which outlines the process for the bank’s investment decisions. Those are taken without the Scottish Government’s involvement. How robust are the safeguards that are in place to maintain independence?

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 28 May 2025

Stuart McMillan

In exhibit 7, on page 33, 27 local authority areas are covered, and five are not. Which are those five?

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 28 May 2025

Stuart McMillan

Do you have any indication as to why it took a fairly lengthy period of time before the group met?

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 28 May 2025

Stuart McMillan

The target rate of return is between 3 and 4 per cent across the bank’s portfolio. Can you provide further information on the mechanism for that and how it will be measured and reported on?

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 28 May 2025

Stuart McMillan

When it comes to comparisons internationally and within the UK—with, for example, the British Business Bank—how is the bank faring? Is it too early to say?

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 28 May 2025

Stuart McMillan

On the advisory group, which the convener has touched on, has there been any indication of its impact on SNIB’s future direction?

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 28 May 2025

Stuart McMillan

How content are you with the Scottish Government’s sponsorship role? That has come up at the committee’s previous meetings.