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All Official Reports of meetings in the Debating Chamber of the Scottish Parliament.
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Displaying 3016 contributions
Public Audit Committee [Draft]
Meeting date: 25 June 2025
Colin Beattie
Coming back to what we were talking about with regard to future plans, if you had staff employed in subsidiaries, would their pay, too, be subject to the Government’s constraints?
Public Audit Committee [Draft]
Meeting date: 25 June 2025
Colin Beattie
Thank you.
10:45Public Audit Committee [Draft]
Meeting date: 25 June 2025
Colin Beattie
I realise that we are still in the early years of the life of the bank and that there will be development. You previously mentioned asset management and so on, and you have expressed your ambition to broaden the bank’s activity into the provision of advice, investment arrangements, the management of third-party capital and so on. How does all that align with the bank’s core activities and purpose? We should also bear in mind that these are fairly complex areas to get involved in and come with new risks and new costs. The set-up costs of giving advice and managing people’s capital will be very substantial. If you are actually going to be managing assets yourself, that will be a huge jump.
Public Audit Committee [Draft]
Meeting date: 25 June 2025
Colin Beattie
I would like to look at governance, operational arrangements and independence. I am pleased to see that the bank has established sound governance and reporting arrangements from the outset and that it has a clear decision-making framework in place, which is really important. The Auditor General’s report says:
“From the outset, the bank developed governance arrangements which met its public sector requirements, while also being aligned with the private investment finance sector.”
How difficult was that, and how effective has that been?
Public Audit Committee [Draft]
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]
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]
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]
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]
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]
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.