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

Attendees and apologies

• Richard Rollison (co-chair)

• John Glen (co-chair)

• Roz Foyer

• Irene Graham

• Nathan Elstub

• Emma Congreve

• Maggie Craig

Supporting Officials

• Pat Crolla

• Connie Penman

• Rudi Mills

Items and actions

Welcome and opening remarks

Members were welcomed to the third meeting of the Ministerial Advisory Group for the Scottish National Investment Bank. It was noted that, since the group last convened, two significant publications had been released: Audit Scotland’s Report on the Bank and the Bank’s 2025 Impact Report. These documents were the central focus of the meeting.

Group business

There were no new declarations of interest. It was noted that the previous meeting minutes were now available online. 
Action 1.3 remains partially complete with the winter 2025 meeting date still to be confirmed. 
All other actions were noted as complete.

Key discussion points

Audit Scotland Report on the Scottish National Investment Bank 

The group welcomed the Audit Scotland report as an initial assessment of the Bank’s performance and governance. Several key themes were discussed amongst the members

• aligning single year budget allocation with the Bank’s long-term mission-led investment goals and the impact this may have, for example, on investment behavior

• long-term sustainability of the current model

• the definitions of the Bank’s missions and metrics/benchmarks/KPIs to assess progress

• interactions with the National Wealth Fund and British Business Bank

• potential for structured engagement with the Scottish investment ecosystem/market to gather market place evidence in relation to the Bank

• crowding out/displacement/additionality/counterfactual

• value for money

• the retrospective nature of the report

• transparency and communication around investment rationale and public value

• mission led infrastructure enabling investment vs transactional, shorter-term growth investment

• market making vs market following

The Bank’s 2025 Impact Report

Members discussed a number of topics related to the Impact Report

• the underlying methodology including theory of change

• context for achievements

• equality, Diversity, and Inclusion (EDI) statistics, other indicators and an assessment of the related supply chain

• definition of mid-market rent

• data collection

• The process required to modify, end, or set a new strategic mission for the bank

• audit Scotland’s recommendation related to the Bank’s impact reporting

• transparency of reporting to demonstrate value for money and alignment with government priorities

• the ‘handover’ between other agencies and the Bank

• the proposed scope of the five year review required by the Act

• visibility of the forward investment pipeline

• impact reporting aggregated across the portfolio

Forward Look

Group members agreed the following actions as next steps

Action 3.1: Schedule follow up discussion with Maggie on regulatory frameworks. Action for: Secretariat – to set up meeting. Action by: 21 August 2025

Action 3.2: Invite the Bank’s impact lead to discuss the 2025 Impact Report and supporting methodology. Action for: Secretariat with co-chairs. Action by: 11 September 2025

Action 3.3: Plan structured engagement with the Deputy First Minister in December 2025 to present interim observations (to follow engagement with the Bank). Action for: Secretariat. Action by:29 August 2025

Action 3.4: Share a timeline with the members that shows the next meetings chronologically with upcoming Bank publications and other related activities as discussed. Action for: Secretariat. Action by: Ongoing action – no end date

Action 3.5: To confirm Group’s position in preparation for SG committee evidence session. Action for: Secretariat. Action by:5 September 2025