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GIB privatisation progresses

The Green Investment Bank (GIB) has announced the independent trustees in charge of protecting the bank’s sustainable focus as it 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 wanted 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.

The bank has now announced the nominated trustees, who will be formally appointed when the GIB is transferred to new ownership.

Trustees include former chief executive of the Scottish Environment Protection Agency James Curran and former Aldersgate Group chair Peter Young.

The others are former Department for Energy and Climate Change civil servant Trevor Hutchings, London Array offshore wind farm board member Tushita Ranchan and chair of the Lords’ EU select committee on energy and environment Lord Teverson.

The GIB previously said its trustees would be appointed from a mixture of professional and academic backgrounds who would need the “skills and credibility” to handle stakeholder and media engagements.

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

Some stakeholders have maintained concerns about the bank’s particular focus on innovation, with the Environmental Audit Committee failing to win all the safeguards it wanted to see put in place.

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

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