£2bn National Investment Bank appoints directors

Willie Watt

Eight non-executive directors have been appointed to the board of the Scottish National Investment Bank ahead of its launch in the final quarter of 2020.

Economy Secretary Fiona Hyslop announced the appointment of Tracey Ashworth-Davies, Carolyn Jameson, Peter Knott, Jason McGibbon, Nicholas Moon, Candida Morley, Jacqueline Redmond and Jonathan Taylor to the board.

The Scottish Government said the bank is being established to make “strategic and patient, mission-led investments to help address key economic and societal challenges.”

Non-executive directors receive up to £21,250 per annum with those appointed chairs of the audit, risk and remuneration committees and the senior independent director receiving an additional £4,250 per annum.

Non-executive directors are expected to devote up to 25 days per year to the role. Those appointed chairs of the audit, risk and remuneration committees and the senior independent director will commit to a further five days per year to the role.

It is expected the bank will appoint Tracey Ashworth-Davies to be the chair of the remuneration committee, Peter Knott chair of the audit committee and Jacqueline Redmond chair of the risk committee. 

Candida Morley is expected to be the senior independent director and Jason McGibbon a member of the investment committee.

Hyslop said: “Our appointees not only have experience of the areas affected by the bank’s missions but also of development banking, the third sector, and of financial services, helping underpin strong governance of this new financial institution for Scotland.

“The Scottish Government has committed to investing £2 billion to capitalise the bank over 10 years, enabling it to become a cornerstone institution in the Scottish economy.

“The bank’s mission-oriented approach will help create and shape future markets, spark innovation and tackle socio-economic challenges.”

The bank’s chair designate Willie Watt said: “The depth of experience brought together by these appointments reflects both the scale and ambition of what we hope to achieve.

“By combining their talent, we now have the variety of skills necessary to help deliver our vision of a globally competitive, sustainable and fairer economy for Scotland.

“We will be able to draw on a broad range of expertise, knowledge of both the Scottish and international business community, public and private sector, as well as mentoring small businesses and supporting scale-ups.

“The impact investment strategy guided by this board will support innovation, drive the green recovery and promote inclusive economic growth.”

The bank’s CEO designate Eilidh Mactaggart was appointed in April this year.

Mactaggart previously worked for MetLife Investment Management, Commonwealth Bank of Australia and ABN Amro Bank N.V., and has led large scale investments in social infrastructure like schools, universities, hospitals and social housing, transport infrastructure like ports, roads and airports, and regulated utilities and renewable energy.

Backgrounds of the directors:

Tracey Ashworth-Davies — currently Director of Workforce at NHS Education for Scotland. She is also an experienced financial services professional having held senior roles with Legal & General and Toronto Dominion Bank Group, and understands the challenges of scaling business as she co-founded and went on to lead Bright Grey, an insurance company start-up. In 2019 she led an independent whistleblowing investigation which reported to the board of a major financial services organisation and the FCA.  She is a Trustee at Edinburgh Children’s Hospital Charity, and served as a member of The Court of Heriot Watt University for several years. Educated at the University of Leeds and a Chartered Fellow of the CIPD.

Carolyn Jameson — an experienced leader of technology businesses and an investor in innovation. Currently chief legal officer at Trustpilot, a consumer review platform. Previously she was chief legal officer at Skyscanner, where she led the sale of the business to Ctrip for £1.46 billion, and subsequently became head of international M&A for Ctrip. She is on the advisory board of Scottish Equity Partners, acts as a non-executive director on early stage company boards, and has been a board member of VisitScotland. Educated at the University of Edinburgh.

Peter Knott — experienced in impact investing after his roles as chief risk officer and then chief financial officer of the UK Green Investment Bank.  Currently a managing director in the Edinburgh office of the Green Investment Group, part of Macquarie. He has broader investment experience through positions with Standard Chartered Bank, JP Morgan Chase, and Robert Fleming. He is a chartered accountant, educated at the University of Reading. He is an advisory board member at the Centre for Climate Finance & Investment.

Jason McGibbon — a specialist within the investment industry. He has spent most of his career as a partner in UK private equity firm Bridgepoint, where he led its consumer investment team, living and working in the UK, Germany, Turkey and the Nordic region. Also a board member of Fable Data and the University of Strathclyde Alumni Fund and acts as a mentor for early stage start-ups and with the Saltire Foundation. Educated at the University of Strathclyde and qualified as a chartered accountant with Ernst & Young in Scotland.

Nicholas Moon — brings nearly 20 years of public and private sector impact investment and leadership experience, formerly as executive director of strategy for the Development Bank for Wales, and currently as a partner at LeapFrog Investments, an international private equity impact investor. Also an advisory board member for the World Bank IFC operating principles for global impact and a trustee board member for the Social Enterprise Academy. MBA from Imperial College London, specialising in advanced strategy and private equity.

Candida Morley — currently has a senior role in UK Government Investments as director and head of governance. She has had a wide range of previous non-executive appointments in both the private sector and government. She has extensive experience in investment in private companies having worked for LDC, HgCapital and 3i. Previously she was head of strategic development at a FTS250 company, following an early career in corporate finance. Degrees from the University of Oxford and the University of Stirling.

Jacqueline Redmond — has extensive energy and technology industry experience. Currently non-executive chair of CENSIS (the SME-focused Innovation Centre for Sensing, Imaging and Internet of Things technologies), and recently appointed as executive director of PNDC, Strathclyde University’s industrialisation centre focused on delivering whole energy solutions. Previous experience includes chief risk officer at the Green Investment Bank, VP Technology Strategy with Shell and director corporate strategy with ScottishPower. She is a chartered engineer and holds degrees from the University of Strathclyde and Paisley College of Technology.

Jonathan Taylor — brings extensive international development bank experience, having just retired as vice president and management committee member of the European Investment Bank (EIB). He led on the EIB green agenda. Prior to this he was Director General of Financial Services and Stability HM Treasury, and was Director General of the London Investment Banking Association. Educated at the University of Oxford.