Corporate
Announcements prior to September 2017, including this announcement, occurred under previous ownership.
21 March 2016
The Special Share will preserve GIB’s commitment to its green purposes without compromising its independence or ability to attract investors. The sole function of the Special Share will be 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.
GIB has published today full details of how it intends to implement the Special Share arrangements. These details are set out in a letter sent previously to parliamentarians from GIB chairman, Lord Smith of Kelvin.
GIB has also provided details of three key milestones in the implementation of the Special Share arrangements.
First, an Extraordinary General Meeting has been held with GIB’s sole shareholder, the UK Government, to amend GIB’s Articles of Association to allow for the creation of a Special Share. Details are provided on our website.
Secondly, a new Special Shareholder company has been incorporated: Green Purposes Company Ltd. It has been established, like GIB, as a Scottish registered company and is intended to be suitable to apply for registration as a Scottish charity should the Trustees so wish. The company number is SC 529 326.
Finally, GIB has secured agreement from three reputable and well established institutions to help GIB find individuals to serve, in a personal capacity, on a Nominations Committee. That Nominations Committee will be asked to select the final three permanent Trustees of the Special Shareholder. The institutions helping GIB to find the members of the Nominations Committee are:
This process will ensure that the individuals on the Nominations Committee have been appointed independently and will be well equipped to select permanent Trustees appropriately skilled in corporate governance, with knowledge of corporate law and with a sound understanding of environmental issues.
Lord Smith of Kelvin
GIB's Independent Chair
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