Scottish National Investment Bank: review of performance 2026

Oversight

16. The legislation provides that the Bank should have a board of between 9 and 13. At the moment it has 10, including a chair and non-executive directors with a wide range of very senior relevant experience in investment, in business, and in government. One of the non-executive directors is appointed as “senior independent director” with particular responsibilities in relation to liaison with the shareholder.

17. This board has been a considerable source of strength. In the early days, the non-executive directors, and in particular the chair, had to take a more active, hands-on role in steering the organisation as it built itself from a slender base. More specifically, the chair, supported by other board members, played a vital role in ensuring stability and direction through a series of changes of chief executive, particularly over the extended period in 2022 and early 2023 when there was no permanent chief executive in post. I also heard that there was a particularly strong team dynamic within the board.

18. As well as exercising the normal functions associated with corporate governance oversight of the Bank, the non-executive directors remain closely engaged with the investment process, providing insight and challenge upstream of individual investment decisions. This has been invaluable as the Bank has evolved its investment approach.

19. As the Bank matures and the leadership team expands, there is now an opportunity for the non-executive directors to step back from the operational detail. It is worth noting that the terms of the original board members come to an end over the next two years, giving the Bank and its shareholder the chance to consider the ideal profile for the board over the next phase of the Bank’s existence; and also, going forward, to consider whether there might be a case for slimming it down slightly.