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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 16 October 2025
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Displaying 2352 contributions

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Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 25 June 2025

Graham Simpson

That is useful.

My final question is about the turnover of chief execs. Mr Denholm, you are hoping to retire at some point, and we are recruiting for somebody else. I think that you are the third chief executive, and there was an interim chief executive. That is quite a turnover in a short period. Does that concern you, Mr Watt?

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 25 June 2025

Graham Simpson

I think that I am right to say that it took a while to recruit Mr Denholm. Is there a good level of interest in the job now?

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 25 June 2025

Graham Simpson

So it would not be open to the public to—

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 25 June 2025

Graham Simpson

Yes.

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 25 June 2025

Graham Simpson

No, that is okay. That was really useful.

You will invest in a company, no matter what stage it is at. I think that I am right in saying that you have £10 million in the fast-growing property app firm, Utopi, and you own some shares in that. How do you anticipate getting a return on your investment in companies? There are probably different ways, but could you just tell us one of them?

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 25 June 2025

Graham Simpson

You are right—the company appears to be doing very well and has won some plaudits. At some point, though, you will have a look at what your shares are worth and, if they have gone up by a certain amount, you will cash them in.

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 25 June 2025

Graham Simpson

I was going to ask about that. Most of your funding so far has been from financial transactions, and they have to be repaid to the Treasury. Does that cause issues?

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 25 June 2025

Graham Simpson

The responsibility is the Scottish Government’s rather than yours, so you do not have to worry about it.

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 25 June 2025

Graham Simpson

I genuinely want you to help me out, because I do not know the answer. Your target rate of return is 3 to 4 per cent. I looked at that and thought that it did not sound particularly high. I could probably get better than 4 per cent just by going to a bank or some other financial institution.

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 25 June 2025

Graham Simpson

Would it need to be UK legislation?