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Public Audit Committee
Meeting date: 10 September 2025
Richard Leonard
But you are vigilant, no doubt.
Public Audit Committee
Meeting date: 10 September 2025
Richard Leonard
I do not want to labour this point but, just for clarity, my understanding, from reading the Auditor General’s report and then from the exchanges that we had with the chair of the bank back in June, was that the Treasury was undertaking a discrete review to look at the rules, and possibly the legislative framework, around these public financial institutions, which are presumably the PuFins that you are talking about—the National Wealth Fund and so on.
Has such a discrete review started? Has it been completed? Have recommendations been made and are the chancellor or Treasury officials now musing over those, or have they decided, or what? When Mr Beattie asked Mr Rollison about the timetable, it was all a bit woolly. However, the recommendation in the report is that, within three months of those recommendations, action should be taken.
Public Audit Committee
Meeting date: 10 September 2025
Richard Leonard
That is less than clear, is it not?
Public Audit Committee
Meeting date: 10 September 2025
Richard Leonard
Are you going to meet the three-month timetable set out in the Auditor General’s recommendation?
Public Audit Committee
Meeting date: 10 September 2025
Richard Leonard
I am still none the wiser as to whether the Scottish Government’s position is that it wants the Scottish National Investment Bank to be a perpetual investment fund or not.
Public Audit Committee
Meeting date: 10 September 2025
Richard Leonard
Why does it take so long? The announcement was made in April that Mr Denholm was standing down. I think that he was very generous in saying that he would hang around to make sure that there was a transition and that he was in no rush to get out of the door and so on, but you might be trying his patience if you are saying that it will be another couple of months before somebody is going to be in post.
Public Audit Committee
Meeting date: 10 September 2025
Richard Leonard
Yes, there is patient capital and there are patient men. However, on a serious note, from the point of view of the good operation of the bank and the maintenance of the leadership of the bank, surely there should be a little bit more urgency and an understanding that, presumably, whoever is appointed will need to give notice to their current employer. You could be looking at next year before someone is in post.
Public Audit Committee
Meeting date: 10 September 2025
Richard Leonard
Those were our final questions this morning, so, with that, I take this opportunity again to thank you, Gregor Irwin, for the evidence that you have led this morning. Mr Hogg and Mr Rollison, you have both been very—what is the word that I am looking for?—comprehensive contributors, so we thank you very much indeed for the evidence that you have given us. The session has been very informative.
I move the committee into private session.
11:06 Meeting continued in private until 11:37.Public Audit Committee
Meeting date: 10 September 2025
Richard Leonard
Thank you. I turn to one of those—a recommendation for you—which is to ensure that the business investment group is up and running and working effectively. Will you give us an update on where you have got to with that?
Public Audit Committee
Meeting date: 10 September 2025
Richard Leonard
For clarity, director general, you are the accountable officer in the Scottish Government for the Scottish National Investment Bank, and I think that you described Mr Rollison as the portfolio director, so how does that relationship work? What is your relationship with the Scottish National Investment Bank—is it simply through delegated authority through Mr Rollison and Mr Hogg?