Latest news with #AlDenholm
Daily Mail
14-05-2025
- Business
- Daily Mail
SNP's national bank gave staff £865k bonuses, all paid for by Scots taxpayers
Scotland's state-owned bank has been urged to monitor whether its bonus system represents value for money after paying out £865,000 to staff last year. Public spending watchdog Audit Scotland called for the Scottish National Investment Bank to continue to monitor the 'operating efficiency' of its bonus schemes and 'ensure arrangements deliver good value'. The bank, set up by Nicola Sturgeon when she was First Minister, remains reliant on public funding despite generating more income than it spent on operating costs for the first time last year. It follows previous revelations that chief executive Al Denholm was awarded almost £90,000 in bonuses, which saw his total remuneration package top £335,000. Audit Scotland's new report on the bank, published today (THUR), highlighted that it operates a long-term incentives plan as part of its pay and reward package which provides payments over three years if staff meet and sustain annually agreed performance conditions, while staff who are not eligible can receive payments through a 'mission-contribution reward scheme'. In 2023/24, the total amount paid out through the two schemes was £865,000, which is 9.2 per cent of total employment costs. The Audit Scotland report said: 'Bonus schemes are not standard practice within public sector pay and reward frameworks. 'As with all public bodies, we would expect the Bank to continue to monitor its operating efficiency and ensure arrangements deliver good value.' It said that the Bank 'recognises there are risks and challenges with attracting and retaining staff, and that it cannot compete for the specialist skills it requires on remuneration alone', and goes on: 'It has developed its wider offer to attract staff which involves promoting the Bank's values and culture, its focus on delivering impact for the people of Scotland, and its approaches to flexible working.' Scottish Conservative business, economy, tourism and culture spokesman Murdo Fraser said: 'While it's good to see that SNIB is now covering its costs, it is responsible for huge amounts of taxpayers' money and the public should be confident that they are getting value for money. 'Ministers must ensure all public-sector funded bonuses represent value for money. They should also accept that the high taxes and red tape imposed by the SNP are a major impediment to the SNIB's mission, and should be abandoned.' Scottish Labour finance spokesman Michael Marra said: 'These huge bonuses are bound to raise some eyebrows. 'SNP mismanagement has left public finances stretched to breaking point. They urgently need to get a grip and ensure taxpayers' money is spent wisely. 'The SNP must work with the Scottish National Investment Bank to ensure that it is getting good value for money and delivering results for Scotland's economy and communities.' The Audit Scotland report said that the SNIB will remain reliant on public funding unless the UK Treasury changes rules stopping it carrying unspent funding into the following year. Since 2020, it has awarded £785 million of funding to 43 businesses and projects, attracted £1.4 billion of private funding and helped create or safeguard 3,000 jobs. It generated over £19 million in income in 2023/24, more than covering its operational costs for the first time, according to Audit Scotland. A spokesperson from the SNIB said: 'As the Audit Scotland report outlines, recruiting and retaining people with the right skills and expertise is crucial to the success of the Bank. Offering competitive incentives is an important element of this. 'The Bank will continue to review its approach to ensure it remains well placed to deliver value and impact.' Deputy First Minister Kate Forbes said: 'Audit Scotland's report underlines the positive impact the Scottish National Investment Bank has had on the investment landscape. 'The Bank has committed £785 million in investments since its inception and attracted £1.4 billion in private sector funding. This is helping build businesses, create jobs and reduce carbon emissions. 'The Auditor General also notes the sound arrangements made by the Bank and the Scottish Government on its governance, accountability and risk management. 'The report sets out clearly the complex financial and budgeting operating environment. The Scottish Government is taking action to improve the financial position for the Bank, but this report is clear that the UK Government also needs to take action as part of the Spending Review process to ensure that the Bank can reach its full potential.'
Yahoo
28-02-2025
- Business
- Yahoo
Last chance to attend Investing with Impact: A Catalyst for Change in Glasgow
On Monday March 3 Glasgow will host the Investing with Impact: A Catalyst for Change conference at Glasgow's Radisson Blu Hotel. Run by the Scottish National Investment Bank and taking place between 10.30am and 4.15pm, the event will focus on impact investing – what it means in reality, why it matters, and sources of capital. It will also highlight the transformative role of mission-led investment in driving sustainable economic growth, innovation, and community development across Scotland. Since its launch in 2020, the Scottish National Investment Bank has committed £662 million, unlocking over £1.4 billion in additional funding to drive impactful change. Hosted by journalist and presenter, Zara Janjua, the event will include delegates from across the business spectrum, from investors to entrepreneurs, tech, property, construction, green industries, finance, legal and public sector in Scotland. You can read the full trail of series articles, previewing the event, here in The Herald: 'Bank on investment to make a positive impact in Scotland' - with Al Denholm, CEO of the Scottish National Investment Bank How investment in grassroots projects is driving growth in Scotland Investment pays off for a prosperous, greener future for Scotland What is the Scottish National Investment Bank? A panel discussion will take place on the day, featuring a range of speakers, including: Nick Moon, Chair, Circulate Capital and NXD, Scottish National Investment Bank Anna Shiel, Chief Investment Officer, Better Society Capital Emma Thorne, Partner, Private Equity, Bridges Fund Management In a session titled 'Scaling up businesses for international markets', speakers will explore how businesses can attract overseas investment and operate in international markets. Participants include the entrepreneur Mark Bamforth. Another session, focusing on housing and market creation, will centre on housing the workers for the industries of the future and solving challenges for existing communities, as well as driving social and economic impact along with opportunities for commercial returns. The chair of the Scottish National Investment Bank, Willie Watt, will also address the conference which will be hosted by Zara Janjua and introduced by The Herald editor Catherine Salmond. There are a limited number of tickets still remaining for the event. Find out more and register at: And find out more about the Scottish National Investment Bank:
