On 2 February 2016 the UK Government announced that UK Green Investment Bank plc (GIB) would create a ‘Special Share’ as part of the process to introduce private capital to the organisation.
The purpose of the special share is to give its holder special voting powers to ensure that GIB remains permanently under a legally enforceable obligation to invest exclusively in accordance with its green purposes, as currently set out in the objects of its Articles of Association.
The special share will be held by a newly incorporated organisation called Green Purposes Company Ltd (GPC). That company will be run by independent trustees, selected by an independent Nominations Committee (see notes to editors), with no involvement from either GIB or any part of Government or the UK public sector.
The nominated trustees are:
- James Curran MBE: Environmental scientist, former CEO of the Scottish Environment Protection Agency (SEPA) and currently a non-executive member of the Scottish Government’s Climate Change Delivery Board.
- Trevor Hutchings: Previously a senior civil servant at the then Department of Energy and Climate Change (DECC) and current Director of Advocacy at WWF.
- Tushita Ranchan: Experienced green infrastructure investor, former Managing Director of a renewable energy company and board member of London Array offshore wind farm.
- Lord (Robin) Teverson: Member of the House of Lords and Chair of the Lords’ EU select committee on energy and environment.
- Peter Young: Environmentalist and founding Director and former Chair of Aldersgate Group.
The special share will be issued to GPC at the point at which ownership of GIB is transferred from the UK Government to a new owner. The nominated trustees will be formally appointed to their role by that point.