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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 5 May 2021
  6. Current session: 12 May 2021 to 2 August 2025
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Displaying 3298 contributions

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Public Audit Committee [Draft]

Section 22 Report: “The 2022/23 audit of Forth Valley College”

Meeting date: 4 June 2025

Richard Leonard

Colin, thank you very much indeed. I invite Stuart McMillan to put some questions to you, starting off on governance and then about whether things have changed.

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 28 May 2025

Richard Leonard

Before I bring in Stuart McMillan to ask about governance and accountability, I want to go back to something that you mentioned a few minutes ago: the newly established Scottish Government ministerial advisory group. In the report, you refer to another body that was established in January under the international trade and investment directorate—a business investment group that comprises Scottish Government policy advisers as well as representatives from the Scottish National Investment Bank and the three enterprise agencies. Is there a danger of overgovernance—a cluttering of lines of accountability—that will make it more difficult to understand where decisions are being made and where direction is coming from?

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 28 May 2025

Richard Leonard

Thank you for your opening statement. We will move straight to questions from the deputy convener. This morning, rather than asking questions at the end of the meeting, Jamie Greene will ask them at the beginning.

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 28 May 2025

Richard Leonard

In the interests of transparency, do we know whether the newly established groups publish the agendas or minutes of their meetings that are in the public domain? Do we know exactly what their terms of reference are?

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 28 May 2025

Richard Leonard

My final question is on the leadership of the Scottish National Investment Bank. Al Denholm recently announced that he plans to step down, and Eilidh Mactaggart was formerly the chief executive officer; so, in year 5 of the bank, it will have its third permanent chief executive. I think that there was also an interim chief executive—the finance officer stepped up for a period. That is a high turnover, is it not, in the leadership of what is a quite new institution. Do you have any comments on that?

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 28 May 2025

Richard Leonard

I am sure that we will continue to keep a close eye on that.

Your evidence this morning has been very helpful for us. I thank Kirsty Ridd, Catherine Young and Cornilius Chikwama, and I thank you, Auditor General, for leading on the evidence this morning.

11:27 Meeting continued in private until 11:39.  

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 28 May 2025

Richard Leonard

I will move on to what is, in my view, a more positive investment—it has been referred to a couple of times already—which is the investment in a construction company that was building housing in Shetland. In the report, you mention the fact that one of the attractions of that investment, albeit that it was below the normal threshold for investments, was that the company was converting to being an employee-owned business. Again, is the ownership structure and the way in which a business is put together a factor in determining where investment is placed?

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 28 May 2025

Richard Leonard

Thanks a lot. That is absolutely fine. I am conscious of the time, but we have one final line of questioning, which is going to be prosecuted by Graham Simpson.

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 28 May 2025

Richard Leonard

We have some questions about the financial basis on which the bank was established and operates. Those will be put by Colin Beattie.

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 28 May 2025

Richard Leonard

That goes to one of your recommendations about transparency, does it not?