Frequently Asked Questions

We will not have any role in the day-to-day operations and management of GIB, nor will we approve each individual investment by GIB or play any part in GIB’s internal investment approval process. However, we will track GIB’s investments via an agreed information-sharing mechanism in a manner which will allow us to discharge our duties effectively.

The GIB operates through a series of wholly-owned subsidiaries which all are subject to the same controls and requirements as their parent company, the GIB. The GPC’s role applies equally to the GIB and to all of GIB’s wholly-owned subsidiaries, including the Green Investment Group (GIG). No activity of the GIG falls outside the purview of the GPC.

GIB and Macquarie have committed to build on the leading methodologies the GIB has developed for reporting on the green credentials of both new and existing investments. The GPC will assess alignment with the green purposes from this information, from dialogue with the GIB and Macquarie, and from independent advice the GPC might commission.

Our powers as special shareholder apply only in respect of the GIB. We would nonetheless expect Macquarie to have in place a clear strategy for building the reputation of the GIB. As GIB’s owner we would expect this to mean Macquarie aligning its investment portfolio with the global transition to a low carbon economy.

The green purposes of the GIB cannot be changed without our approval. They are a part of the GIB’s constitution and can only be changed with the permission of the GPC. This right of veto is the purpose of the special share held by the GPC.

If the GIB does not take account of its green purposes then the GPC has the same rights as any other shareholder in holding the GIB directors to account. It would be a breach of company law if the GIB were to act in a way which is not in accordance with its articles of association and with its green purposes.

In such an event, the GPC may exercise any legal remedies available to it in order to address such non-compliance, including its rights as a shareholder of GIB.

In practice, the GPC and its trustees would ensure that such concerns were brought to the public’s attention through its annual reports, meetings and other channels

We fully expect the GIB 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 in the UK to help ensure we further develop our world leading green sector.

The Green Investment Group (GIG) is a wholly-owned subsidiary of the Green Investment Bank (GIB). It was created in August 2017 and is the principal entity making GIB’s investments, both in the UK and overseas. The GIG is also the primary name used by the GIB for branding and marketing purposes both in the UK and overseas.

More information can be found here about the name change from GIB to GIG

The GPC’s primary power, in its capacity as special shareholder in the 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.

We expect to have a constructive and active dialogue with GIB’s new shareholders and with other stakeholders. It will be on that basis that we will be in a position to 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.

Due to international restrictions on the use of the word ‘bank’ in company names, when privatised the GIB created a new wholly-owned subsidiary, Green Investment Group Limited (GIG). When the GIB was set up and named a bank, it only operated in the UK. As a private company operating internationally there are legal restrictions on using the word ‘bank’, and these also impact on using the GIB name in the UK. The GIG was created as a new wholly-owned subsidiary to avoid the constraints of having the word ‘bank’ in its title.

More information can be found here about the name change from GIB to GIG

Our current focus is solely on safeguarding the green mission of the GIB through our power as special shareholder in the GIB.

Our policy on gifts and hospitality, expenses and personal conflicts of interest is available upon request.

Details of our activities can be found on this website. We will publish an annual report, annual accounts and a produce a statement for inclusion in the GIB’s annual report. We will attend the annual stakeholder meeting which the GIB has committed to hold. And we may attend the annual general meeting or other shareholder meeting of the GIB where we would be permitted to speak on matters in relation to any change to the green purposes of the GIB.

The GPC is a non-profit making company limited by guarantee. It has one primary purpose: to protect the green purposes of the GIB. It may also undertake supporting activities to promote the protection of the environment, should it choose to do so.

It is ℅ Turcan Connell, Princes Exchange, 1 Earl Grey Street, Edinburgh EH3 9EE.

Turcan Connell, Princes Exchange, 1 Earl Grey Street, Edinburgh EH3 9EE.

The GPC can fully perform its role as currently constituted (a non-profit making company limited by guarantee). We have reviewed and rejected the option of applying to become a charity because we believe at present this would not enhance delivery of our role.