The Official Report is a written record of public meetings of the Parliament and committees.
All Official Reports of meetings in the Debating Chamber of the Scottish Parliament.
All Official Reports of public meetings of committees.
Displaying 2811 contributions
Delegated Powers and Law Reform Committee [Draft]
Meeting date: 3 June 2025
Graham Simpson
It is always my preference to have powers set out in a bill, but sometimes that cannot be done. You have to trust ministers to do their job sometimes, Ms Clark—even I do that. [Laughter.] However, my preference in this instance—it will not surprise you to hear this—is that, if we can, we should apply the affirmative procedure, rather than the negative. We should use the highest possible level of parliamentary scrutiny.
Delegated Powers and Law Reform Committee [Draft]
Meeting date: 3 June 2025
Graham Simpson
I think that I have answered it.
Public Audit Committee [Draft]
Meeting date: 28 May 2025
Graham Simpson
I want to follow on from the convener’s line of questioning. I do not know whether you are a fan of the TV programme “Dragon’s Den”, but I am. One of the questions that the investors often ask is, “How will I get a return on my money if I invest in you?” They are thinking of an exit strategy. Does the investment bank ask that kind of question when it is making these investments? Ultimately, it needs to get a return.
Public Audit Committee [Draft]
Meeting date: 28 May 2025
Graham Simpson
Maybe we will get a chance to ask it.
You mentioned in the report—and I think that it has come up already in the questioning—the business of staff getting bonuses, which is not normal in the public sector, as you recognise. Given the nature of the business—let us call it that, because it is a bank—is it appropriate that bonuses are paid when they are generally not paid elsewhere in the public sector?
Public Audit Committee [Draft]
Meeting date: 28 May 2025
Graham Simpson
I am thinking out loud here. You have said that it is too early to say whether many of those investments will pay off. Why are we paying bonuses if it is too early to say whether various investments have paid off?
Public Audit Committee [Draft]
Meeting date: 28 May 2025
Graham Simpson
This is my final question. You mention in the report the gender pay gap—the gap between what men and women are paid. That is an issue in the financial services industry and it is an issue in the bank. Is it a problem, and what is the bank doing to address it?
Public Audit Committee [Draft]
Meeting date: 28 May 2025
Graham Simpson
As we have discussed, there are inherent risks when investing—if there is investment in companies that are deemed to be high risk, there will be winners and losers. Probably the biggest loser among SNIB’s investments so far was its investment in Circularity Scotland. You have said repeatedly that the bank sees itself as independent and that it does not like political interference—it would say that there is no political interference—but Circularity Scotland was set up in the wake of Government proposals for a deposit return scheme, so could there at least be the perception that there was an element of politics in the decision to invest a lot of money in Circularity Scotland?
Public Audit Committee [Draft]
Meeting date: 28 May 2025
Graham Simpson
But when it makes that investment, has it got an exit strategy? If you put in, say, £10 million, A, you are not going to want to lose that money and, B, you will want to make a profit. Do you think that it has such a plan for its various investments?
Public Audit Committee [Draft]
Meeting date: 28 May 2025
Graham Simpson
I was a member of the Economy and Fair Work Committee when we looked at the matter in June 2023. I put it to Willie Watt, the chair of the board, that the bank had demonstrated a lack of due diligence and had not thought things through. He told me:
“Sometimes people make mistakes, sometimes people get things wrong, and sometimes the facts turn out to be different from what we thought they would be.”
He also said that the bank
“will make losses on investments”.—[Official Report, Economy and Fair Work Committee, 21 June 2023; c 7.]
Well, we know that. Has the bank learned any lessons from that calamitous investment?
Public Audit Committee [Draft]
Meeting date: 28 May 2025
Graham Simpson
Okay. That is really useful.
Looking across the bank’s investment portfolio, I can see that it is made up of mostly small to medium-sized Scotland-based companies that need a helping hand to get to the next stage of their development. That is all great, but the case that the convener was asking about, the Gresham House Forestry Fund, is not in that category. It is an investment fund that certainly did not need Scottish Government money. Is that an appropriate investment for the bank to make?