Top team appointed as Green Investment Bank company is formed
皇冠体育app UK Green Investment Bank (UK GIB) moved a step closer to going live. 皇冠体育app Business Secretary announced the formation of the public company and the appointment of its top directors.
25 May 2012
Lord Smith of Kelvin will be the new Chair of UK Green Investment Bank plc. Currently Chair of SSE and 皇冠体育app Weir Group, he has a strong financial services background, chairing the group set up by the Financial Reporting Council in 2003 to clarify the role of audit committees.
Sir Adrian Montague has been appointed as Deputy Chair and Senior Independent Director. Sir Adrian, who is chair of companies including 3i and Anglian Water Group, has been chairing the GIB Advisory Group and has been closely involved with the development of the bank.
Business Secretary Vince Cable said:
鈥溁使谔逵齛pp UK GIB is a major new innovation vital to securing investment in what is one of the great challenges of our age, the decarbonisation of our energy supply. It has found two candidates of outstanding calibre well suited to leading the bank through its important early phase.鈥�
Lord Smith said:
鈥淚t is a pleasure to be asked by the Business Secretary to chair this groundbreaking institution. I look forward to working with Sir Adrian Montague and can鈥檛 wait to get started.鈥�
Deputy Prime Minister Nick Clegg said:
鈥淟ord Smith and Sir Adrian bring significant expertise and strong track records of delivery. Britain is already a powerhouse in green industries, but we are still not tapping all of our potential. I am determined that the Government will do everything it can to support this burgeoning sector and set the UK firmly on course towards a green and growing economy. 皇冠体育app UK GIB will play a key part in this.鈥�
Scottish Secretary Michael Moore said:
鈥溁使谔逵齛pp UK GIB is set to play an essential part as we build and invest in a greener future. This is a UK institution headquartered in Edinburgh supported by a strong team in London and the news that Lord Smith and Sir Adrian Montague have been appointed is another step towards the bank opening for business. 皇冠体育appy bring a wealth of experience to the roles and will bring that to bear as we look to encourage private sector investment in key energy projects.鈥�
皇冠体育app newly formed Board will begin the recruitment of the company鈥檚 other directors and senior executive team shortly. 皇冠体育app Board is aiming for a fully operational UK GIB in autumn 2012, subject to state aid approval from the European Commission.
Following these appointments, the Advisory Group chaired by Sir Adrian Montague will be disbanded.
皇冠体育app UK GIB headquarters will be in Edinburgh, with an office in London to enable a greater commercial reach nationally than could be achieved from one location.
皇冠体育app Enterprise and Regulatory Reform Bill includes legislation to set the Bank鈥檚 green purpose, embed its independence and make funding provision for the Bank.