Scottish National Investment Bank: review of performance 2026

Assessing impact

83. As well as being a mission-led organisation, the Bank has committed to being an impact investor; and has adopted a formal impact management framework to capture, assess and report on the expected impacts of its investments – both in relation to its missions and in terms of economic, social and governance goals – in line with financial industry standards, specifically the Operating Principles of Impact Management (OPIM).

84. Each year, the Bank publishes an impact report summarising the projected impacts and outcomes of its investments, against a set of 2030 ambition targets. The report for 2026 was published on 24 June. The Bank also produces, but does not publish, a complementary short report for Scottish Ministers on progress towards its longer-term missions.

85. In addition, the Bank undergoes an annual external assessment of its alignment with the OPIM principles. The most recent assessment, in December 2025, was externally verified by BlueMark, who gave the Bank a very strong performance rating.

86. This commitment to transparency and external benchmarking is very welcome; and in response to observations by Audit Scotland, which looked closely at this area in its review, the Bank is working to set out more clearly the connections between its impact ambitions, key performance indicators and mission objectives. Improved clarity here has an important contribution to make to wider understanding of the difference the Bank is making.

87. So far, however, the Bank has not commissioned any external analysis of the broader economic impact of its activities. This was understandable in the start up phase, as the Bank sought to establish a substantial portfolio. After five years, it may now be timely to consider commissioning such a study.