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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. Session 6: 13 May 2021 to 8 April 2026
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Displaying 3918 contributions

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Public Audit Committee

“Scottish National Investment Bank”

Meeting date: 10 September 2025

Richard Leonard

When you were asked about positive examples, you spoke about the renewables sector and cited the port at Ardersier. That work is being driven by Quantum Capital Group, which is headquartered in Houston, Texas. We had discussions with Mr Denholm and Mr Watt about covenants and trying to lock in Scottish ownership and control. What balance has been struck in the renewables sector, for example, between investment in indigenous businesses and foreign direct investment projects such as that at Ardersier?

Public Audit Committee

“Scottish National Investment Bank”

Meeting date: 10 September 2025

Richard Leonard

In ports?

Public Audit Committee

“Scottish National Investment Bank”

Meeting date: 10 September 2025

Richard Leonard

Okay.

10:00  

Public Audit Committee

“Scottish National Investment Bank”

Meeting date: 10 September 2025

Richard Leonard

Okay—thank you. I invite Colin Beattie to put some questions to you.

Public Audit Committee

“Scottish National Investment Bank”

Meeting date: 10 September 2025

Richard Leonard

But are you lobbying so that it does apply to them?

Public Audit Committee

“Scottish National Investment Bank”

Meeting date: 10 September 2025

Richard Leonard

Thanks, Mr Hogg. I now move on to the deputy convener’s questions. Jamie, over to you.

Public Audit Committee

“Scottish National Investment Bank”

Meeting date: 10 September 2025

Richard Leonard

He told us that he had a six-month notice period, and he announced on 10 April—five months ago—that he was going. I think that it is quite a long process. We recognise that we need to get the right person in position, but it seems to be a heck of a long time.

I am going to move on, because I know that Stephanie Callaghan, who is joining us online today, is itching to ask some questions.

Public Audit Committee

“Scottish National Investment Bank”

Meeting date: 10 September 2025

Richard Leonard

Well, is it a yes or a no—what is the Scottish Government’s position?

Public Audit Committee

“Scottish National Investment Bank”

Meeting date: 10 September 2025

Richard Leonard

Okay—I understand that you may need to leave us now.

On that last point, Mr Denholm announced on 10 April that he was planning to step down, and today is 10 September, which is five months later. What stage is the bank at in the recruitment of his replacement?

Public Audit Committee

“Scottish National Investment Bank”

Meeting date: 10 September 2025

Richard Leonard

Do you expect that, by the six-month mark—10 October—there will be an announcement about who the new chief executive officer for the Scottish National Investment Bank is?