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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 5 May 2021
  6. Current session: 12 May 2021 to 4 July 2025
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Displaying 2212 contributions

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Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 25 June 2025

Graham Simpson

What you do not want—we have seen this quite a lot in some sectors—is a company like that doing really well, then being bought over and moving somewhere else.

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 25 June 2025

Graham Simpson

Yes, that is very helpful. You mentioned other development banks that have been around for longer. I would like to know what they actually achieve, as opposed to what their target rate of return is.

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 25 June 2025

Graham Simpson

What would need to happen? Would there need to be legislation?

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 25 June 2025

Graham Simpson

That is useful.

My final question is about the turnover of chief execs. Mr Denholm, you are hoping to retire at some point, and we are recruiting for somebody else. I think that you are the third chief executive, and there was an interim chief executive. That is quite a turnover in a short period. Does that concern you, Mr Watt?

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 25 June 2025

Graham Simpson

I think that I am right to say that it took a while to recruit Mr Denholm. Is there a good level of interest in the job now?

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 25 June 2025

Graham Simpson

You see it happen quite a lot in the life sciences sector, in fact, and we do not want it. How do you prevent it?

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 25 June 2025

Graham Simpson

That is useful. I was just wondering whether that affects your target rate of return. Given what you have just said, I think that it probably does not.

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 25 June 2025

Graham Simpson

Do you know what the organisations that you have mentioned—KfW and the Connecticut Green Bank—are achieving?

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 25 June 2025

Graham Simpson

Good morning, gents. Mr Watt, I want to follow up on what you have just said about the UK Government giving you a route towards perpetual status. Will you say a bit more about that? What has the Government actually done?

Public Audit Committee [Draft]

“Scottish National Investment Bank”

Meeting date: 25 June 2025

Graham Simpson

That is very honest. Perhaps one of the lessons should be that, because you see yourselves as independent from the Government, you should be very wary of investing in Government schemes, because they can become political, as that one did. Have you reflected on that?