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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 13 March 2026
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Displaying 2770 contributions

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Delegated Powers and Law Reform Committee [Draft]

Scottish Parliament (Recall and Removal of Members) Bill

Meeting date: 3 June 2025

Graham Simpson

I think that I have answered it.

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 28 May 2025

Graham Simpson

I want to follow on from the convener’s line of questioning. I do not know whether you are a fan of the TV programme “Dragon’s Den”, but I am. One of the questions that the investors often ask is, “How will I get a return on my money if I invest in you?” They are thinking of an exit strategy. Does the investment bank ask that kind of question when it is making these investments? Ultimately, it needs to get a return.

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 28 May 2025

Graham Simpson

Maybe we will get a chance to ask it.

You mentioned in the report—and I think that it has come up already in the questioning—the business of staff getting bonuses, which is not normal in the public sector, as you recognise. Given the nature of the business—let us call it that, because it is a bank—is it appropriate that bonuses are paid when they are generally not paid elsewhere in the public sector?

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 28 May 2025

Graham Simpson

I am thinking out loud here. You have said that it is too early to say whether many of those investments will pay off. Why are we paying bonuses if it is too early to say whether various investments have paid off?

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 28 May 2025

Graham Simpson

This is my final question. You mention in the report the gender pay gap—the gap between what men and women are paid. That is an issue in the financial services industry and it is an issue in the bank. Is it a problem, and what is the bank doing to address it?

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 28 May 2025

Graham Simpson

As we have discussed, there are inherent risks when investing—if there is investment in companies that are deemed to be high risk, there will be winners and losers. Probably the biggest loser among SNIB’s investments so far was its investment in Circularity Scotland. You have said repeatedly that the bank sees itself as independent and that it does not like political interference—it would say that there is no political interference—but Circularity Scotland was set up in the wake of Government proposals for a deposit return scheme, so could there at least be the perception that there was an element of politics in the decision to invest a lot of money in Circularity Scotland?

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 28 May 2025

Graham Simpson

But when it makes that investment, has it got an exit strategy? If you put in, say, £10 million, A, you are not going to want to lose that money and, B, you will want to make a profit. Do you think that it has such a plan for its various investments?

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 28 May 2025

Graham Simpson

I was a member of the Economy and Fair Work Committee when we looked at the matter in June 2023. I put it to Willie Watt, the chair of the board, that the bank had demonstrated a lack of due diligence and had not thought things through. He told me:

“Sometimes people make mistakes, sometimes people get things wrong, and sometimes the facts turn out to be different from what we thought they would be.”

He also said that the bank

“will make losses on investments”.—[Official Report, Economy and Fair Work Committee, 21 June 2023; c 7.]

Well, we know that. Has the bank learned any lessons from that calamitous investment?

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 28 May 2025

Graham Simpson

Okay. That is really useful.

Looking across the bank’s investment portfolio, I can see that it is made up of mostly small to medium-sized Scotland-based companies that need a helping hand to get to the next stage of their development. That is all great, but the case that the convener was asking about, the Gresham House Forestry Fund, is not in that category. It is an investment fund that certainly did not need Scottish Government money. Is that an appropriate investment for the bank to make?

Local Government, Housing and Planning Committee

Housing (Scotland) Bill: Stage 2

Meeting date: 27 May 2025

Graham Simpson

I think that the cabinet secretary recognises the issue; what she has not offered is any kind of solution. I hear what she says, which is that there are other things in place. There might well be things in place—she has said that repeatedly during our consideration of the bill—but they are not working, so we need something new. I know that the cabinet secretary is committed to having lots of discussions, but this matter is very important. Albeit that it affects only a small number of people who pass through the system, they still matter, and they matter to Scotland. Are we able to do something for them?