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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 16 January 2026
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Displaying 3682 contributions

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Public Audit Committee

“Scottish National Investment Bank”

Meeting date: 10 September 2025

Richard Leonard

Our main agenda item is further consideration of the Auditor General for Scotland’s report on the Scottish National Investment Bank, which came out earlier this year. We have previously taken evidence from representatives of the bank and, before that, we took evidence from the Auditor General and his team. This morning, we are joined by Scottish Government representatives to give us their views on the report and to answer our questions. I am pleased to welcome to the committee Gregor Irwin, who is the director general for economy. Alongside Mr Irwin is Richard Rollison, who is the director for international trade and investment. We are also joined by Andy Hogg, who is the deputy director for investment and financial services.

As I said, we have a number of questions to put to you, director general, but, before we get to those, I invite you to give us a short opening statement.

Public Audit Committee

“Scottish National Investment Bank”

Meeting date: 10 September 2025

Richard Leonard

Thank you very much indeed. I take it that you accept in full each of the report’s recommendations.

Public Audit Committee

“Scottish National Investment Bank”

Meeting date: 10 September 2025

Richard Leonard

Mr Hogg, do you want to give us more information about the workings of the business investment group?

Public Audit Committee

“Scottish National Investment Bank”

Meeting date: 10 September 2025

Richard Leonard

Okay, but we, as a committee, have been interested in the balance between those bigger transnational corporation investments and investments in small and medium-sized enterprises. The figure quoted in the report, which was supplied to the Auditor General by the bank, is that 92.3 per cent of all investments have been made in SMEs; however, that does not sound right, because we know about the Gresham House Forestry Fund, Quantum at Ardersier and so on. The figure for investment that we have arrived at is nearer to a 60:40 balance between SMEs and non-SMEs. I do not know whether you can verify that.

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?

Public Audit Committee

Decision on Taking Business in Private

Meeting date: 10 September 2025

Richard Leonard

Good morning. I welcome everyone to the 23rd meeting in 2025 of the Public Audit Committee. We have received apologies from Joe FitzPatrick, but we will be joined online by his substitute, Stephanie Callaghan.

The first agenda item is a decision on whether to take agenda items 3 and 4 in private. Does the committee agree to take those items in private?

Members indicated agreement.

Public Audit Committee

Interests

Meeting date: 3 September 2025

Richard Leonard

Thank you very much.

Public Audit Committee

“The 2022/23 audit of Lews Castle College”

Meeting date: 3 September 2025

Richard Leonard

Thank you very much. I will begin with the final point that you made. In the past day or so, the committee has received correspondence from Lydia Rohmer, who is the principal and chief executive officer of the merged college, in which she talks about this being a matter of a “technical interpretation” and says that the college had simply taken a “prudent approach”. It did not read to me as though the newly merged college accepted the qualification that had been made by the auditors. Will you comment on that?