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GIB sets out green share trustees requirements

The Green Investment Bank (GIB) has set out the candidate requirements for its independent trustees in charge of protecting the bank’s sustainable focus as its passes into private hands.

Business secretary Sajid Javid started the bank’s sale process in March including the creation of a “special share”, under which trustees would have to give consent if the GIB looked to change its sustainability focus.

This share will be held by a newly incorporated organisation called the Green Purposes Company Ltd (GPC), run by trustees selected by an independent nominations committee.

That committee has now been formed and has commenced its search for permanent independent trustees, with selections to be completed by 20 July.

GIB is looking for applicants from a mixture of professional and academic backgrounds including:

  • Scientific
  • Environmental
  • Engineering
  • Legal/Corporate
  • Charities governance
  • Finance/Accounting

It also said candidates would need the ”skills and credibility” to handle stakeholder and media engagements.

Proposals for GIB’s privatisation were included in the Enterprise Act, which gained royal assent on 4 May.

Some stakeholders have maintained concerns over the bank’s particular focus on innovation, with the Environmental Audit Committee failing to win an extra ‘safeguard’.

The Aldersgate Group, the Green Alliance and others have said the bank would only retain their support if new owners passed its “public interest prospectus”.

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