Scottish National Investment Bank: Ministerial Advisory Group minutes - April 2025

Attendees and apologies

• Andy Hogg (co-chair) 
• John Glen (co-chair) 
• Roz Foyer 
• Irene Graham 
• Nathan Elstub 
• Emma Congreve 

Apologies 

• Maggie Craig 
• Richard Rollison 

Supporting officials

• Claire Brook 
• Patrick Crolla 
• Connie Penman 
• Rudi Mills

Items and actions

Welcome and opening remarks 

Members were welcomed to the second meeting of the ministerial advisory group. The introduction reflected on the discussions from the first group meeting, the one-to-one meetings that followed with all members and the agenda for this meeting. 

Group business 

There were no new declarations of interest. Apologies were noted for absentees. It was noted that the previous meeting minutes were now available online.  

Action 1.1 and 1.2 from the previous meeting were noted as complete. Action 1.3 was partially complete with the autumn and winter 2025 meeting dates still to be confirmed.  

Group member reflections 

John highlighted the need to progress engagement and activity between the formal quarterly group meetings to increase momentum and shape future agendas. Attendees discussed appropriate methods of information sharing and the Bank’s annual reporting structure. 

Action 2.1: Secretariat to set up a virtual space for the group and begin uploading relevant documents. Action for: Secretariat. Action by: w/c 14 April 2025 

Action 2.2: Secretariat to upload meeting structure forward plan for group members to review with known Bank publications timescales, and relevant events, noted in this timeline. Action for: Secretariat. Action by: 18 April 2025 

Action 2.3: group members to provide documents / reports which they would like uploaded to the virtual space to the secretariat. Action for: group members. Action by: Ongoing action – no end date 

Action 2.4: Develop core messaging on the group’s aim and objective for members to use. Action for: Secretariat. Action by: 27 June 2025 

Investment landscape 

Discussion Paper 1 was introduced to set out the current structure of the Scottish and UK investment landscape. The overview provided further context on the Bank’s role within this ecosystem. The attendees discussed the following

• investment portfolio/ticket size for the public finance institutions across the UK
• current business angels, VC firms and funds landscape
• impact reporting and mapping of investments to missions and geographies 
• how the Bank interfaces with other public finance institutions 
• the Bank’s market creation function – offshore wind and housing 
• fair work indicators  
• offshore wind investment allocation across equity, debt and grants 
• interaction between local authorities and public finance institutions
• proportionality of investment in Scotland by the National Wealth Fund and British Business Bank 
• the definition of ‘additionality’ in context of investment and the role of the HM Treasury Green Book 
• his majesty Treasury’s recent Strategic Steer to the National Wealth Fund. 
• memorandums of understanding between the UK’s public finance institutions 
• the British Business Bank’s Advisory group on their Investment Fund for Scotland
• methods to track touch points between all the players in the investment landscape 
• strategic Public Investment forum and the requirement for further clarity on engagement with Devolved Governments
• wider investment barriers/enablers – including skills and infrastructure 

Action 2.5: Irene to provide further details of the Scale-Up Institute’s work on mapping businesses and the investment they have received. Action for: Irene. Action by: 30 May 2025 

Action 2.6: Irene to review Discussion Paper 1 and highlight any information gaps, particularly around UK landscape and the BBB. Action for: Irene. Action by: 30 May 2025 

Action 2.7: Secretariat to upload HM Treasury Green Book and the HMT Strategic Steer to NWF. Action for: Secretariat. Action by: w/c 14 April 2025 

Operating environment 

Discussion Paper 2 was introduced setting out the accounting and budgeting rules of all Non-Departmental Public Bodies, including the Bank, as classified by the ONS. All public finance institutions are classified in the same way and so are all subject to consolidated budget guidance. The attendees discussed the following

• the budgeting framework for all Non-Departmental Public Bodies 
• the role of financial transactions (FTs) and the UK FT Framework
• introduction of End-Year Financial flexibility for the Bank 
• the Bank’s position as operationally self-financing
• public finance treatment of valuations and investment losses 
• uk Government’s fiscal rule changes 
• upcoming UK spending review 
• operational financial arrangements being considered for some UK public finance institutions 

The role of the Bank Act 2020, the Shareholder Relationship Framework Document, Public Bodies requirements and the Financial Memorandum were also discussed.  

Any other bussiness

Connie confirmed the next meeting would take place on 1 July with the agenda covering the Bank’s 2025 Impact Report and Audit Scotland’s performance audit report, both expected to be published in May.  

Members discussed the potential to invite external stakeholders to quarterly meetings, should there be a clear need for their specific representation to advance discussions. 

Action 2.8: Secretariat team to upload Bank publications to the virtual space as they become available. Action for: Secretariat. Action by: Ongoing action – no end date no end date