The GPC’s Powers and Role
The Green Purposes Company’s (GPC’s) primary power, in its capacity as special shareholder of the Green Investment Bank (GIB), is to approve or veto any proposed amendment to the green purposes as set out in the articles of association of the GIB. On such an occasion the trustees of the GPC will always act to ensure that the green mission of the GIB is not weakened.
The GPC expects to maintain a constructive and active dialogue with GIB and with other stakeholders. It will be on that basis that GPC will make fully informed decisions, should the need arise, on any amendment to the bank’s green purposes. The trustees of the GPC will always act to ensure that the green mission of the GIB is not weakened.
The GPC does not have any role in the day-to-day operations and management of GIB, nor approval of each individual investment by GIB or play any part in GIB’s internal investment approval process. However, GPC tracks GIB’s investments via an agreed information-sharing mechanism in a manner which allows GPC to discharge its duties effectively.
GPC supports the GIB’s right to invest abroad thereby assisting in the global transition to a sustainable and low carbon economy. Such investment abroad however should not be at the expense of continued investment at home to help ensure that the UK further develops its world leading green sector.