GIB publishes details of ‘special share’

The Green Investment Bank (GIB) has unveiled details of its plans to set up a Special Share. It aims to protect the bank’s green missions and will be held by a separate […]

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By Jacqueline Echevarria

The Green Investment Bank (GIB) has unveiled details of its plans to set up a Special Share.

It aims to protect the bank’s green missions and will be held by a separate company independent of the GIB and the UK Government.

In a report, the institution stated it has held a general meeting with the bank’s shareholders and the government to amend its ‘Articles of Association’ to allow the creation of the share.

It added a new Special Shareholder company called Green Purposes Company has been incorporated.

The Royal Society, the Institute of Chartered Accountants of Scotland (ICAS) and the Law Society of Scotland have been appointed to help GIB’s search for individuals to sit on the Nominations Committee that will select the final three permanent trustees of the Special Share.

The GIB has also sent the details in a letter to parliamentarians from Chairman Lord Smith of Kelvin.

Lord Kelvin said the Special Share will give its holders special voting powers to ensure the bank remains permanently under a legally obligation to invest exclusively in accordance with its green purposes.

He added: “We have announced progress on three key parts of the Special Share arrangements: passing the resolution to establish the share, incorporating the company to hold it and, identifying the independent bodies which will help us find well qualified individuals to form a Nominations Committee tasked with finding permanent trustees.”

Earlier this month, the government has today launched the privatisation process of the GIB.