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Chamber and committees

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 11 December 2025
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Displaying 2792 contributions

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Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 25 June 2025

Colin Beattie

Do you get any feedback from the market on that? Is there a market view on that?

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 25 June 2025

Colin Beattie

Would you not be more or less compelled to separate those different aspects of the business into different companies, if you like?

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 25 June 2025

Colin Beattie

Would there not be a bit of complexity there, because you would have the parent company and one, two, three, or however many, subsidiaries? If people are going to put money into the subsidiaries, would there not be a requirement for a parent company guarantee for those subsidiaries? If so, do you have the power to do that?

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 25 June 2025

Colin Beattie

I will ask you several questions at once. Will you set out the criteria on which you base your investment decisions, the lessons that you have learned from your activity to date and the progress that you have made in implementing changes to investment strategy and investment decision-making processes?

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 25 June 2025

Colin Beattie

Presumably, you are not going to be engaged in constructing new systems. Will you contract with a third-party provider and make use of their capacity?

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 25 June 2025

Colin Beattie

I was assuming that there would require to be a separation. It is still a big undertaking and getting the right people to do that will be an expensive business.

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 25 June 2025

Colin Beattie

I have one last question. You have emphasised that you operate independently of the Scottish Government in pursuing your missions. For the record, are you absolutely satisfied that you have no interference from the Government and that you have complete operational independence and freedom, within the constraints of the missions, as far as your investments are concerned?

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 25 June 2025

Colin Beattie

It would be.

Meeting of the Commission

Audit Scotland Annual Report and Accounts for the year to 31 March 2025 and Auditor’s Report on the Accounts

Meeting date: 23 June 2025

Colin Beattie

Thank you. I have one or two fairly formal questions. You touched on this already but, for completeness and for the Official Report, can you confirm that you have received all the necessary information and explanations that you require to form your opinion on the financial statements?

Meeting of the Commission

Audit Scotland Annual Report and Accounts for the year to 31 March 2025 and Auditor’s Report on the Accounts

Meeting date: 23 June 2025

Colin Beattie

On page 8 of your audit report, you set out potential adjustments to the financial statements that were identified by the audit process. One of the entries is for £180,000 and has an impact on Audit Scotland’s expenditure. Will you explain the basis of that adjustment and how it was identified?