Information regarding the chair of the Scottish National Investment Bank 2020: FOI release

Information requested

The number of days Willie Watt worked in his capacity of chair of the Scottish National Investment Bank in 2020.

Mr Watt’s salary for 2020 in the same capacity.

The number of times the chair and non-executive directors met in connection with the Scottish National Investment Bank in 2020 – whether digitally or in person. IE how many meetings were held.

The total remuneration paid to the chair and non-executive directors of the bank in 2020.

Response

I include some of the information you requested. The answers to your questions are:

The number of days Willie Watt worked in his capacity of chair of the Scottish National Investment Bank in 2020.

The Scottish National Investment Bank was established on 23 November 2020. Mr Watt became Chair of the Bank at that point.

The Scottish Government does not hold information on the amount paid to the Chair and Non-Executive Directors of the Bank in November and December as they are paid through the Bank’s payroll. You might wish to contact the Scottish National Investment Bank for this information. Details on how to contact the Bank is available via its website at https://www.thebank.scot/freedom-of-information/.

Mr Watt’s salary for 2020 in the same capacity.

The Chair and Non-Executive Directors are not paid a salary as they are not employees of the Bank but remunerated by way of a daily fee for an annual maximum number of days. The Chair appointment attracts an annual remuneration of up to £60,000 per year, based on an estimated 48 days per year (4 days per month).

Mr Watt was also appointed as Chair-Designate in November 2019 was paid £5,000 per month (equivalent to 4 days per month) for the period January to November. Mr Watt often works more than 4 days each month but his remuneration is capped.

The number of times the chair and non-executive directors met in connection with the Scottish National Investment Bank in 2020 – whether digitally or in person. IE how many meetings were held.

The Scottish Government does not hold information of the numbers of meetings held between the Chair and Non-Executive Directors - whether digitally or in person – in November and December. You might wish to contact the Scottish National Investment Bank for this information. Details on how to contact the Bank is available via its website at https://www.thebank.scot/freedom-of-information/.

The total remuneration paid to the chair and non-executive directors of the bank in 2020.

The total remuneration paid to Mr Watt for work in 2020 up to 23 November was £55,000 (in his role as Chair-Designate). Mr Watt was paid the same daily fee in his role as Chair after the formal establishment of the Bank.

The Non-Executive Directors of the Bank were appointed in November 2020. They are appointed for up to 25 days per year to the role, based on a daily fee of £850 per day. Those appointed as Chairs of Committees and the Senior Independent Director receive a further £4,250 per year for an additional 5 days per year to carry out these roles.

The Scottish Government does not hold information on the amount paid to the Chair and Non-Executive Directors of the Bank in November and December. You might wish to contact the Scottish National Investment Bank for this information. Details on how to contact the Bank is available via its website at https://www.thebank.scot/freedom-of-information/.

While our aim is to provide information whenever possible, in this instance the Scottish Government does not have some the information you have requested. The reason being is that the Chair and Non- Executive Directors are paid through the Bank's payroll.

About FOI

The Scottish Government is committed to publishing all information released in response to Freedom of Information requests. View all FOI responses at http://www.gov.scot/foi-responses.