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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 31 July 2025
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Displaying 3298 contributions

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Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 25 June 2025

Richard Leonard

I will turn to the other end of the scale and ask about one of your below-threshold investments, which was in a construction company that is building houses in Shetland for key workers, to try to address the housing shortage. The report about that enterprise mentions that it is in the process of converting to be—it may already now be—employee owned. On the point about ownership structure, what the company looks like, its governance and so on, was that a positive additional reason for making the investment?

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 25 June 2025

Richard Leonard

Is it fair for me to take from those answers that the employee ownership element did not play much of a part in the decision to invest?

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 25 June 2025

Richard Leonard

Excellent. That is a very positive point.

I have one other question, and a couple of other members have quick final questions. My question goes back to the Audit Scotland report and its recommendation—which Mr Watt referred to at the very beginning of the meeting—that the bank should

“set out more clearly how it reaches specific investment decisions and the factors that have influenced its choice of investment.”

You have rehearsed that issue extensively during the course of this morning, not least in the answer that you have just given. How do you plan to go about doing that? How do you plan to be a bit more transparent than you have been?

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 25 June 2025

Richard Leonard

That is great. Graham Simpson has a quick final question.

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.]