On 3 March 2016 the UK Business Secretary launched the UK Green Investment Bank plc (GIB) sale process.
As part of the process GIB will, upon transfer of its ownership from the UK Government to new owners, issue a special share in the organisation to be held by an independent third party.
The purpose of the special share is to give its holder special voting powers to ensure that GIB remains permanently under a legally enforceable obligation to invest exclusively in accordance with its green purposes, as current set out in the objects of its Articles of Association.
On 21 March 2016 GIB published an update on how it planned to implement the special share and its progress in doing so.
The special share will be held by a newly incorporated organisation called the Green Purposes Company Ltd (GPC). That company will be run by independent trustees.
The GPC trustees will be selected by an independent Nominations Committee. That Committee has been formed and has commenced the search for permanent independent trustees.
The Nominations Committee has asked GIB to support its efforts in sharing, as widely as possible, the opportunity to become a trustee of GPC. Full details of the candidate requirements and the application process can be found here.
The selection of the trustees is the responsibility of the Nominations Committee, with no involvement from either GIB or any part of Government or the UK public sector.
Full details of the wider process of bringing private capital into GIB can be found on the GIB website.
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.