Skip to main content
Loading…

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.  

Criathragan Hide all filters

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 17 September 2025
Select which types of business to include


Select level of detail in results

Displaying 1656 contributions

|

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 25 June 2025

Jamie Greene

Would you not have unearthed those issues before committing £9 million of public money to the investment?

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 25 June 2025

Jamie Greene

That is good to know. You have not booked your cruise just yet, then.

The reason that I asked that question is that the scenario is very different from that involving the previous chief executive, who tendered resignation and very promptly exited the organisation. It is a matter of public record that he was paid a six-month salary in lieu. What is the difference in the two scenarios?

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 25 June 2025

Jamie Greene

You might have paid attention to the committee’s work in relation to the departure of senior members of staff from other public organisations. We take quite a forensic interest in things such as notice period, exit sums and remuneration, and we are always keen to unearth the processes that were gone through, particularly when it comes to the chairs of organisations. Our interest in that is well documented, but I will not dwell on issues that are a number of years old.

However, the issue of salaries has come up quite a few times this morning. It seems to me—I mentioned this the last time we talked about the bank—that there is an inherent conflict of interests between working under the constraints of public sector pay policies, which most people would agree have certain caveats, and working for a financial institution. For example, it is very unusual to have bonuses in public sector organisations, but you have a well-structured bonus system. Talk me through that.

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 25 June 2025

Jamie Greene

I am sure that you have studiously read the Official Report of our previous evidence session in preparation for today’s meeting. One issue that came up was the quite substantial difference between the amount of money that the Scottish Government had allocated to the bank and the amount that had been committed. I appreciate that not all of the investments will have been made in the financial year in which the deal, say, is agreed—I do understand that there will be a rollover element.

However, the numbers that I have in a letter of 16 June that we received from the Auditor General subsequent to that evidence session, and which I am sure that you have also read, point to a difference of around £70 million over the bank’s five years between how much money the Government allocated to you and how much you committed to investments. That is a substantial difference. Can you explain it?

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 25 June 2025

Jamie Greene

I accept and acknowledge that. I am not entirely convinced that the argument that we should pay people more so that fewer mistakes are made is the right one to make—

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 25 June 2025

Jamie Greene

I hope that that is not the case.

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 25 June 2025

Jamie Greene

If you had £5 million and gave £0.5 million each to 10 investments, over time, some of them would invariably do well. Surely, that is the whole point about growing the Scottish economy. If you are willing to pay a little bit of attention, you could play a vital role. The financial risk at that level would be small.

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 25 June 2025

Jamie Greene

If I was being pessimistic, I would say that it sounds like you are looking for reasons to pay bonuses that are not based on financial performance. The bank has turned a financial corner only this financial year but I presume that you have been paying bonuses for a number of years at a high level.

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 25 June 2025

Jamie Greene

Forgive me if I am wrong, but I got the impression from one of your earlier answers that you want to be free from the shackles of public sector pay constraints to allow you to recruit more aggressively, pay better and give better terms and conditions or to act as a quasi-commercial bank.

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 25 June 2025

Jamie Greene

It would be helpful if you could write to us with that information.