Public appointment: Chair reappointed to the Scottish National Investment Bank Board

The Cabinet Secretary for Wellbeing Economy, Fair Work and Energy, Neil Gray MSP, today announced the reappointment of Willie Watt as Chair of the Board of the Scottish National Investment Bank.

The Cabinet Secretary said:

‘As the first Chair of the Scottish National Investment Bank, Wille Watt has played a crucial role in establishing the Bank and steering it through its development. His commitment and personal leadership has ensured the Bank is delivering against its missions and having a real impact on the Scottish economy. I am delighted that Willie has agreed to be reappointed for a further term, as the Bank continues to develop under its new Chief Executive, Al Denholm.’

Chair

Willie Watt retired in December 2019 from Martin Currie, an equities investment management firm, after 19 years as the company’s Chief Executive and as Chairman of the Board. Previously, he spent 16 years with the 3i Group, latterly as Managing Director responsible for the company’s Scottish and Irish businesses and ran investment teams focusing on venture capital, energy and mid-market buyouts. Since 2016, he has been a member of Equity Partners, and Board and Audit Committee member of the National Galleries of Scotland. He was educated at the University of Aberdeen.

Reappointment

The Chair reappointment will be for four years from 11 November 2023 to 10 November 2027.

The reappointment is regulated by the Ethical Standards Commissioner.

Remuneration and time commitment

The Chair receives £1,250 per day for a time commitment of 48 days per year.

Other ministerial appointments

Willie Watt does not hold any other public appointments.

Political activity

All appointments are made on merit and political activity plays no part in the selection process. However, in accordance with the original Nolan recommendations, there is a requirement for appointees’ political activity within the last five years (if there is any to be declared) to be made public.

Willie Watt has had no political activity within the last five years.

Background

The Scottish National Investment Bank was launched in November 2020 to be a development investment bank for Scotland, delivering patient, mission impact investment to the Scottish economy. They provide patient (long term) capital to businesses and projects throughout Scotland to support the development of a fairer, more sustainable economy. The Bank has an ambition to not only invest its allocated public capital, but to encourage additional private capital to invest alongside it, to support the delivery of the missions.