This appointment is closed and is displayed for reference only.
Remuneration:£21,250 per annum
Location:Edinburgh, City of
Closing date:24 July 2020 at midnight
Appointment of Non-Executive Directors to the Board of the Scottish National Investment Bank
Appointments commencing from 1 October 2020
Scottish Ministers are looking to make up to eight appointments to the Board of the Scottish National Investment Bank. These positions require experience at a senior executive or non-executive level, of strategy; governance; and risk management and performance evaluation. Additional skills are also required in specialist areas including audit, risk, remuneration, investment/valuations, economic development and a Senior Independent Director.
Scottish National Investment Bank
In the Programme for Government in 2018, the First Minister announced plans to establish a Scottish National Investment Bank. This was followed with plans to introduce legislation to underpin the Bank which saw a Scottish National Investment Bank Bill being introduced to the Scottish Parliament in February 2019.
The Scottish National Investment Bank Act (‘the Act’) received Royal Assent in February 2020, paving the way to establish the Bank as a public limited company and public body accountable to Scottish Ministers who own and set its strategic missions. The Act sets out how the Bank should operate in order to meet missions which will be set by Scottish Ministers as the sole-shareholder. In response to these missions the Bank is required to develop an Investment Strategy which will help create and shape future markets, spark innovation and tackle socio-economic challenges in Scotland. Additionally, the Bank will have a key role to play in Scotland’s emerging economy post Covid-19.
The Bank is being established as a mission-oriented and patient capital investor, with the ambition and vision to address Scotland’s economic priorities in a sustainable, inclusive and ethical way. Scottish Ministers will set these missions following a Parliamentary consultation in the Autumn.
To date, a group of specific Scottish societal challenges which require innovation and investment over several decades to ensure success have been identified and will be reflected in these missions. These missions will not specify the solutions or the types of businesses which the Bank should invest in, but instead set the outcomes required.
The missions remain subject to finalisation, but as it stands are:
• Achieving a just transition to net-zero carbon emissions by 2045: Invest in rebalancing our economy towards leadership in sustainable technology, services and industries.
• Extending equality of opportunity through improving places by 2040: Invest in the built environment and regeneration to reduce disadvantage and improve opportunities and outcomes for people and communities.
• Harnessing innovation to enable our people to flourish by 2040: Invest in innovation and industries of the future for a healthier, more productive and prosperous population.
The Scottish Government has committed to providing £2 billion over 10 years to capitalise the Bank; this will make a material difference to the supply of capital to the Scottish economy.
The Board will initially comprise of the Chair and up to eight Non-Executive Directors as well as the Chief Executive and Chief Finance Officer.
Role and responsibilities
The Non-Executive Directors will play a key role in the governance and setting up of the Scottish National Investment Bank. The Scottish Government’s vision for the Bank is that it be a cornerstone financial institution within Scotland’s economic architecture and is seeking to appoint a diverse, balanced Board with the skills, knowledge and experience to achieve this.
Detailed role descriptions for general Non-Executive Directors and the Chairs of the Audit, Risk, Remuneration Committees, a Member of the Investment/Valuation Committee, and the role of Senior Independent Director, are set out in the applicant pack. If you have questions about the roles, please contact the Scottish National Investment Bank Team by email at WorkforSNIB@gov.scot.
Essential Skills – General Non-Executive Director
These positions require experience at a senior executive or non-executive level, of strategy; governance; and risk and performance evaluation:
• Strategy - the ability to and experience of developing and implementing strategic business plans;
• Governance - experience as a leader in an organisation with a record of achievement throughout their career;
• Risk and Performance Evaluation - experience of working within a risk management framework.
Skills for Required Roles - Specialist Non-Executive Director
Those interested in the roles below should also provide evidence of at least one of the following:
• Audit Committee Chair - a working knowledge and experience of financial performance management and reporting in a regulated financial services environment;
• Risk Committee Chair - a working knowledge and experience of risk management gained in a regulated financial services environment;
• Remuneration Committee Chair - experience of designing or operating executive compensation schemes within a financial services sector regulatory framework;
• Senior Independent Director - previous board experience at Chair or Non-Executive Director Level, with an understanding of the Government economic policy landscape and how the public sector operates, and direct experience of working and engaging with Government;
• Investment/Valuation Committee Member - experience in an investment or banking context of Investment and Valuations;
• Economic Development (Scotland) - knowledge of the business and economic environment in Scotland including an understanding of the challenges experienced in accessing investment;
• Economic Development (UK and International) - knowledge of the business and economic environment in an international context or markets outwith Scotland.
Time Commitment and Remuneration
Non-Executive Directors will be expected to devote up to 25 days per year to the role although further time may be required in the first year of appointment. This can be discussed with the Chair if appointed and will be reviewed at the end of the first year. Those appointed Chairs of Committees and the Senior Independent Director will commit to a further five days per year to the role.
Non-Executive Directors will receive up to £21,250 per annum. Those appointed Chairs of Committees and the Senior Independent Director will receive an additional £4,250 per annum. Reasonable expenses incurred will be reimbursed. The appointments are non-pensionable.
Length of Term
The lengths of the terms of the appointments will be different and dependent on the role the Non-Executive Director is appointed to on the Board. No term will run for more than five years in the first round of appointments. Reappointment is not automatic and is subject to performance and the individual continuing to satisfy the requirements of the role.
How to Apply
To apply, please send:
- A tailored career history of not more than 1000 words, detailing roles and experience relevant to this appointment and include details of two referees; one a personal referee and one a professional reference.
- A letter, of not more than 1000 words, providing evidence which clearly demonstrates how you meet the essential criteria and, where appropriate, skills for required roles as described on pages 8-12 of the Applicant Information Pack;
- A completed form with personal information.
You must demonstrate clearly the evidence required to show how you meet the essential criteria as the content of the letter will be the evidence that determines whether or not you will be shortlisted for the interview stage. The tailored career history and letter containing the evidence requested must be accompanied by the form which contains your personal details, declaration and equalities monitoring information.
Further information is provided in the Application Information Pack below.
The closing date is Friday, 24 July 2020. The tailored career history, letter and form should be sent to WorkforSNIB@gov.scot.
Accessibility to public appointments is a fundamental requirement and the public appointments process promotes, demonstrates and upholds equality of opportunity for all applicants. The Scottish Government will always give consideration to disability-related reasonable adjustments that an applicant might request to enable them to demonstrate their merit and participate fully in the selection process. If you require any of the application pack documentation in an alternative format, please contact Freephone 0300 244 1898 or email@example.com.
Scottish Ministers particularly welcome applications from groups currently under-represented on Scotland’s public bodies, such as women, disabled people, ethnic minorities and people aged under 50. Please do complete our monitoring form when you apply as this helps us to ensure that the appointments process is accessible to everyone.
Appointed on merit; committed to diversity and equality
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