Yesterday (19 April), the House of Lords passed the legislation which the UK Government required to proceed with the privatisation of the UK Green Investment Bank plc (GIB). This was the final stage of the Enterprise Bill’s parliamentary passage prior to it receiving Royal Assent.
Lord Smith of Kelvin, Chair of GIB, said:
This is an important milestone in progressing towards GIB’s capital raising, change of ownership and transfer into the private sector. That process is now underway.
One important outcome of the Parliamentary process is that the UK Government has authorised GIB to create a ‘Special Share’ to protect GIB’s green mission. We have made good progress with this and have already amended GIB’s articles of association to allow for the creation of the Special Share, a new Special Shareholder company has been incorporated and an independent nominations committee has been identified to find permanent trustees for the new body.
I am particularly pleased that the Bank’s green mission will continue to be protected through the creation of the special share. I thank members of the House of Lords and House of Commons, as well as Government and the wider stakeholder community, for their support in this.
Notes to editors
About the UK Green Investment Bank
UK Green Investment Bank plc (GIB) was launched in November 2012. With initial funding from the UK Government, it is the first bank of its kind in the world. It is a “for profit” bank, whose mission is to accelerate the UK’s transition to a greener economy, and to create an enduring institution, operating independently of Government.
GIB is wholly owned by HM Government. The Company is not authorised or regulated by the Financial Conduct Authority or the Prudential Regulation Authority. A wholly owned subsidiary UK Green Investment Bank Financial Services Limited, is authorised and regulated by the Financial Conduct Authority.