Today, Audit Scotland published a report on the Bank, which recognises the good progress we have made in establishing ourselves as an impact investor, focused on delivering commercial returns and societal benefits through our investments, and highlights the challenges associated with becoming a perpetual investment fund.
Chair of the Scottish National Investment Bank, Willie Watt, said: “Audit Scotland’s report is a comprehensive review of what the Bank has achieved in just over four years of operation. However, our ambition is for the Bank to become a perpetual investment fund for Scotland. The report recognises the barriers facing us and recommends measures to overcome them.
“We welcome the recommendations for the Scottish Government to introduce year-end budget flexibility, and for them to develop a route map toward our longer-term funding model through engagement with HM Treasury. We will continue to engage productively with all parties to achieve our aims.”
The report’s findings and recommendations are based on evidence gathered through reviewing documents, analysing data, and through conducting interviews with representatives from the Bank, The Scottish Government, other Scottish enterprise agencies, financial services and renewable energy sectors, public finance economists, and an equalities and human rights specialist.
Read the full report: Scottish National Investment Bank | Audit Scotland
