£235k for state-owned bank chief

Mactaggart first CEO at Scottish National Investment Bank

Eilidh Mactaggart

Eilidh Mactaggart: mission

Global banker Eilidh Mactaggart is returning to Scotland to become the first CEO of the Scottish National Investment Bank on a salary that dwarfs that of the Prime Minister.

Her annual base salary has been set at £235,000 compared to Boris Johnson’s £158,000.

Ms Mactaggart’s pay packet has been agreed after “robust benchmarking” with comparator public sector bodies and recognised financial services benchmarking via management consultants Korn Ferry.

With more than 20 years experience in banking and investment management, she will steer the new bank’s mission to build a high-growth, low-carbon economy.

Ms Mactaggart, who hails from Glasgow, most recently worked for MetLife Investment Management in London and has also had spells at Commonwealth Bank of Australia and ABN Amro Bank.

She has led large scale investments in social infrastructure (schools, universities, hospitals, social housing), transport infrastructure (ports, roads, airports), regulated utilities and renewable energy.

At Met Life she was head of European infrastructure and project finance, establishing this team and growing it to be one of the leading investors in infrastructure in Europe. 

The Scottish National Investment Bank is being set up by the Scottish Government but will operate independently and has a budget of £2 billion over ten years. It is expected to be operational this year.

Chairman Willie Watt, who was appointed in November, said: “We are building a development bank that will support and encourage a fairer and more inclusive economy in Scotland.

“As we emerge from the COVID-19 pandemic, we will be operating in a very different economic landscape. That is why we are pushing ahead with the creation of the Bank so that we can play our role in supporting Scotland’s economic recovery in the medium and longer term.

We have a unique opportunity to create a trusted and credible financial institution

Willie Watt, SNIB

“Eilidh’s excellent track record building and leading successful investment teams will help us achieve that goal. We have a unique opportunity to create a trusted and credible financial institution, and I look forward to working with Eilidh.”

Mactaggart, who is described as “an expert in mission-oriented investment”, said: “The establishment of the Scottish National Investment Bank will provide long-term patient capital support for ambitious companies, the third sector and infrastructure projects, underpinned by the transition to net zero carbon emissions.

“This is an opportunity to create an ethical and environmentally conscious bank, that will seek to benefit everyone across Scotland.

The appointment of Eilidh Mactaggart as CEO is a major step

– Fiona Hyslop, Economy Secretary

“I look forward to building the team that will help us achieve the missions set by the Scottish Government and establish the Bank as a perpetual financial institution providing long term support to the Scottish economy.”

Mactaggart was appointed following a selection process supported by search consultants Odgers Berndtson.

The process was overseen by an expert panel that included Mr Watt; Liz Ditchburn, director general for economy at the Scottish Government; Benny Higgins, strategic adviser to the First Minister; and, Lesley Knox, former chair of V&A Dundee and Alliance Trust and a non-executive director of Legal & General Group.

Economy Secretary Fiona Hyslop said: “The appointment of Eilidh Mactaggart as CEO is a major step towards the establishment of the Scottish National Investment Bank.

“Eilidh’s experience and passion for mission-led investing will be invaluable to our work to establish the Bank by the end of 2020, and in ensuring that the bank can deliver patient investment in Scotland’s businesses and communities to support their growth for decades to come.”

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