Corporate

Green Purposes Company statement on GIB sale

20 Apr 2017

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Following the announcement of an agreement on the sale of UK Green Investment Bank plc (GIB) to a Macquarie-led consortium, the trustees (designate) of the Green Purposes Company Ltd (GPC) issued a statement.

A spokesperson for GPC said:

GPC has been established to hold a ‘special share’ that safeguards the green mission of GIB once it moves from UK government ownership to private ownership. 
  
The trustees will formally take up their role as Trustees of GPC upon completion of the sale.
 
The trustees look forward to working constructively with Macquarie to ensure that GIB continues to play a leading role in supporting green investment. We expect GIB to continue to act both in compliance with, and in the spirit of its green objectives.”


Notes to editors

The trustees (designate) of GPC are:

• Tushita Ranchan (Chair), experienced green infrastructure investor and former CEO of a renewable energy company

• James Curran, former CEO of Scottish Environment Protection Agency

• Trevor Hutchings, previously a senior civil servant at the then Department of Energy and Climate Change (DECC) and currently Director of Advocacy at WWF

• Robin Teverson, chair of House of Lords EU select sub-committee, Energy and Environment

• Peter Young, environmentalist and former Chair, Aldersgate Group

The trustees of the GPC were appointed independently of Government and GIB.  Their role is unremunerated.  Their initial term of appointment will last for five years.