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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 5 November 2025
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Displaying 3464 contributions

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Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 25 June 2025

Richard Leonard

When the investment was announced, one eye-catching thing that we were told was that 60 per cent of it would be in Scotland, and the corollary of that is that 40 per cent would not be. Why is the Scottish National Investment Bank putting money into a fund that is not investing in Scotland?

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 25 June 2025

Richard Leonard

Thank you. On that final point, for the record, does the bank accept all of the report’s findings, and is it prepared to follow up on all the recommendations that are targeted at the bank?

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 25 June 2025

Richard Leonard

We are not the Public Audit Committee for Connecticut, fortunately.

We will have one final and brief question from the deputy convener, before we wrap it up.

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 25 June 2025

Richard Leonard

I have a couple of final questions to put to you. I will begin by tidying up a couple of issues that arose in the previous round of questions.

In response to the questions on remuneration arrangements, you mentioned that the remuneration committee had approved the long-term incentive plan and the mission contribution reward scheme. I presume that that also requires ministerial sign-off. Is that correct?

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 25 June 2025

Richard Leonard

Arguably, Mr Watt—I have found that the Treasury is not always right.

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 25 June 2025

Richard Leonard

It might be easier to change the law than it is to change the mind of the Treasury. [Laughter.]

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 25 June 2025

Richard Leonard

This is bringing back lots of memories for me of meetings with the Scottish Grocers Federation, visiting glass manufacturers in Ayrshire and so on, but that was some time ago.

Stuart McMillan will now put some questions to you about the broader environment that you operate in.

Public Audit Committee [Draft]

Decision on Taking Business in Private

Meeting date: 25 June 2025

Richard Leonard

Good morning. I welcome everybody to the 21st meeting in 2025 of the Public Audit Committee.

Agenda item 1 is for the committee to decide whether to take items 3, 4 and 5 in private. Do we agree to take those items in private?

Members indicated agreement.

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 25 June 2025

Richard Leonard

The second item on our agenda is further consideration of the Auditor General for Scotland’s report on the Scottish National Investment Bank. I am pleased to welcome our two witnesses. We are joined by Al Denholm, the chief executive of the Scottish National Investment Bank, and alongside him is Willie Watt, who chairs the Scottish National Investment Bank.

We have some questions to put to both of you based on the Audit Scotland report. Before we get to our questions, Mr Watt, I invite you to give us a short opening statement.

Meeting of the Commission

Audit Scotland Annual Report and Accounts for the year to 31 March 2025 and Auditor’s Report on the Accounts

Meeting date: 23 June 2025

Richard Leonard

We accept, as a commission, that it is not a fixed-fee model and there is not necessarily a capped regime in place, but 21 per cent is quite a big variance, is it not? Given the institutional knowledge that exists in Audit Scotland and your familiarity with the mixed-market approach, when we are asked to approve a budget, we expect that to be more or less the same as the actual spend. I hear what you say, Ms Bibby, about particular cases and so on, but as a rule of thumb, I might expect the variance to be 5 per cent or a single-digit variance from the budget, but this is 21 per cent. That is of fairly large magnitude.

My second question is whether, among the six firms, there are particular firms that have charged significantly more in the audit work that they have been doing.