Scottish National Investment Bank: review of performance 2026

People

12. Over its first five years the Bank has grown from a handful of staff – just eight at launch – to 92 at the end of 2025-26. While this is a very substantial rate of growth, the Bank remains relatively small for an organisation with such a broad remit.

13. Given the range of its activities and its position both as a public body and a regulated private company, the breadth of the specialised skills and capabilities it requires in its staff is unusual. For that reason, while the Bank operates within the overall pay policy set by the Scottish Government, it has a number of carve-outs in relation to salaries and incentive programmes, to ensure that it is able to recruit, retain and motivate high-quality professional staff.

14. I heard widespread external expressions of confidence in the ability of the Bank staff to fulfil their roles. Internally, employee engagement and confidence, as measured by its annual people survey, are high; attrition is low; and there is a well-functioning employee forum bringing together staff, senior leaders and non-executive directors. The Bank has twice been included in the Sunday Times Best Places to Work list.

15. While the Bank enjoys flexibilities in terms of pay and reward, and reports that the Scottish Government is understanding and supportive both as its sponsor and its shareholder, the Bank team remains concerned that the process for considering and agreeing any changes to terms and conditions can be slow, risking practical challenges in implementing policies, for example in relation to performance management; and that greater flexibility would facilitate quicker and more effective organisational change.