On 2 February 2016 the UK Government announced that UK Green Investment Bank plc (GIB) would create a ‘Special Share’ as part of the process to introduce private capital to the organisation.
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 currently set out in the objects of its Articles of Association.
The special share will be held by a newly incorporated organisation called Green Purposes Company Ltd (GPC). That company will be run by independent trustees, selected by an independent Nominations Committee (see notes to editors), with no involvement from either GIB or any part of Government or the UK public sector.
The nominated trustees are:
- James Curran MBE: Environmental scientist, former CEO of the Scottish Environment Protection Agency (SEPA) and currently a non-executive member of the Scottish Government’s Climate Change Delivery Board.
- Trevor Hutchings: Previously a senior civil servant at the then Department of Energy and Climate Change (DECC) and current Director of Advocacy at WWF.
- Tushita Ranchan: Experienced green infrastructure investor, former Managing Director of a renewable energy company and board member of London Array offshore wind farm.
- Lord (Robin) Teverson: Member of the House of Lords and Chair of the Lords’ EU select committee on energy and environment.
- Peter Young: Environmentalist and founding Director and former Chair of Aldersgate Group.
The special share will be issued to GPC at the point at which ownership of GIB is transferred from the UK Government to a new owner. The nominated trustees will be formally appointed to their role by that point.
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Notes to editors
About 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.
About the independent Nominations Committee
A special Nominations Committee was established to select the trustees independently of any control from GIB or the government or any other part of the UK public sector. It comprised:
• Professor Sir Brian Hoskins, Professor at Imperial College and the University of Reading, and Fellow of the Royal Society
• Professor Niall Lothian, Past-President of The Institute of Chartered Accountants of Scotland and Professor at INSEAD
• Christine McLintock, Past-President of the Law Society of Scotland