The UK Green Investment Bank (UK GIB) moved a step closer to going live today (25 May) as the Business Secretary announced the formation of the public company and the appointment of its top directors.
Lord Smith of Kelvin will be the new Chair of UK Green Investment Bank plc. Currently Chair of SSE and The Weir Group, he has a strong financial services background, chairing the group set up by the Financial Reporting Council in 2003 to clarify the role of audit committees.
Sir Adrian Montague has been appointed as Deputy Chair and Senior Independent Director. Sir Adrian, who is chair of companies including 3i and Anglian Water Group, has been chairing the GIB Advisory Group and has been closely involved with the development of the bank.
Scottish Secretary Michael Moore said:
“The UK GIB is set to play an essential part as we build and invest in a greener future. This is a UK institution headquartered in Edinburgh supported by a strong team in London and the news that Lord Smith and Sir Adrian Montague have been appointed is another step towards the bank opening for business. They bring a wealth of experience to the roles and will bring that to bear as we look to encourage private sector investment in key energy projects.”
Lord Smith said:
“It is a pleasure to be asked by the Business Secretary to chair this groundbreaking institution. I look forward to working with Sir Adrian Montague and can’t wait to get started.”
The newly formed Board will begin the recruitment of the company¿s other directors and senior executive team shortly; with a view to having the UK GIB fully operational this autumn, subject to state aid approval from the European Commission.
Following these appointments, the Advisory Group chaired by Sir Adrian Montague will be disbanded.
The UK GIB will be based in Edinburgh and London. Its headquarters will be located in Edinburgh, with an office in London. This arrangement will enable a greater commercial reach nationally than could be achieved from one location.
Legislation has also now been introduced, under the Enterprise and Regulatory Reform Bill, to set the Bank’s green purpose, embed its independence and make funding provision for the Bank.