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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 6 November 2025
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Displaying 3464 contributions

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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?

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 28 May 2025

Richard Leonard

I have a final question before I bring Graham Simpson in. One of the vehicles for investment is taking out an equity stake—I think that that is one of the options that the bank has, is it not? Are there examples of that? When equity stakes have been taken out, is a nominated person from the investment bank on the board of that organisation?

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 28 May 2025

Richard Leonard

It is a very precise figure—92.3 per cent. When I look at the quantum of investments that have been awarded since the bank was established, I note the three biggest investments, at the maximum of £50 million. One went to North Star Shipping Renewables, which is based in Aberdeen—that is fair enough. However, £50 million went to the Ardersier port—to which you have referred already—which is owned by a venture capital company that is based in Houston, Texas. The third investment, in Gresham House Forestry Fund, has been quite controversial and has been raised in Parliament before. The fund is now owned by a private equity company that is based in 5th Avenue, New York.

Maybe this is just a fact of life, but it seems to me that quite a large amount of investment through decisions by the Scottish National Investment Bank has gone to big, private equity-owned international funds rather than to SMEs that are trying to grow their business in the terrain of the Scottish economy.

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 28 May 2025

Richard Leonard

Thanks for clearing that up. I invite Stuart McMillan to put some questions to you.

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 28 May 2025

Richard Leonard

Agenda item 2 is consideration of the Auditor General for Scotland’s performance audit of the Scottish National Investment Bank. I am pleased to welcome our witnesses. We are joined by the Auditor General for Scotland, Stephen Boyle—good morning. Alongside the Auditor General, from Audit Scotland, are Cornilius Chikwama, audit director; Catherine Young, a senior manager; and Kirsty Ridd, an audit manager.

Before we get to our questions, Auditor General, I invite you to make an opening statement.