4. Overview of responses and key themes
This section provides an overview of the responses and key themes identified and provides a broader context for understanding respondents’ views. Responses generally fell within 9 broad themes identified across all 16 questions:
- Ethical Investment
- SME Growth
- Sustainable and Inclusive Growth
- Carbon Reduction
- Stakeholder Engagement
- Openness and Transparency
Strong support for the Bank
A significant number of respondents were supportive of the Bank’s objectives and purpose, with many seeing it as an opportunity to support and grow Scotland’s economy. A range of perspectives were provided, with many supporting the Bank’s Vision to move to a low carbon, high-tech, connected, globally competitive and inclusive economy.
A significant number of respondents were supportive of the Bank’s proposed investment activities, with many advocating the Bank’s mission-based approach, and the investment strategy and ethical commitment. Whilst a range of views were expressed, the overarching opinion was that the Bank’s culture, governance, and approach to businesses and individuals must be different to that of other financial institutions.
Several respondents were supportive of the Bank’s operating model; and a significant number of respondents supported the Bank’s governance arrangements, and the fact that the Bank should be accountable to Scottish Ministers, whilst maintaining operational independence.
While a significant number of respondents supported the creation of the Bank, a small number of respondents raised concerns over the Bank’s objectives and purpose. These respondents noted that the potential services and scope of the Bank were already provided within the banking industry.
Some respondents raised concerns over whether the proposals for capitalisation were sufficient to support the Bank. Others remarked that the Bank could be open to political pressure or manipulation.
Finally, some respondents raised concerns over the Bank’s approach to remuneration.