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Eight directors announced

Board unveiled as SNIB set to open before year end

Willie Watt

Willie Watt: ‘we now have the variety of skills necessary to deliver our vision’

Eight non-executive directors with backgrounds in private equity, banking and technology have been appointed to the board of the Scottish National Investment Bank as it prepares to open for business in the next few weeks.

Economy Secretary Fiona Hyslop announced the appointment of Tracey Ashworth-Davies, Carolyn Jameson, Peter Knott, Jason McGibbon, Nicholas Moon, Candida Morley, Dr Jacqueline Redmond and Sir Jonathan Taylor (full biogs below).

She said they will “help build an organisation with the culture, values and experience that will guide its mission-based approach and help create a more inclusive and sustainable economy.

“The board’s composition brings together extensive experience of impact investment and the knowledge required to identify opportunities to support economic growth across Scotland and help our businesses and communities to flourish.

“Our appointees not only have experience of the areas affected by the Bank’s missions but also of development banking, the third sector, and of financial services, helping underpin strong governance of this new financial institution for Scotland.”


The Scottish Government is investing £2 billion to capitalise the SNIB over 10 years, enabling it to become a “cornerstone institution” in the Scottish economy.

The bank will absorb the current Scottish Investment Bank, part of Scottish Enterprise, and aims to “help create and shape future markets, spark innovation and tackle socio-economic challenges”. This year’s Programme for Government confirmed that the transition to net zero will be the bank’s primary mission.

Chairman-designate Willie Watt said: “The depth of experience brought together by these appointments reflects both the scale and ambition of what we hope to achieve.

“By combining their talent, we now have the variety of skills necessary to help deliver our vision of a globally competitive, sustainable and fairer economy for Scotland.

“We will be able to draw on a broad range of expertise, knowledge of both the Scottish and international business community, public and private sector, as well as mentoring small businesses and supporting scale-ups.

“The impact investment strategy guided by this board will support innovation, drive the green recovery and promote inclusive economic growth.”

Mr Watt was appointed in November 2019 and the chief executive-designate, Eilidh Mactaggart, was appointed in April this year.

Comment: Why Labour is unhappy with the appointments

Board appointments

Tracey Ashworth-Davies

Ms Ashworth-Davies is currently director of workforce at NHS Education for Scotland. She is also a highly experienced financial services professional having held senior roles with Legal & General and Toronto Dominion Bank Group, and understands the challenges of scaling business as she co-founded and went on to lead Bright Grey, an insurance company start-up. In 2019 she led an independent whistleblowing investigation which reported to the board of a major financial services organisation and the FCA.  She is a Trustee at Edinburgh Children’s Hospital Charity, and served as a member of the Court of Heriot Watt University for several years. She was educated at the University of Leeds and is a chartered fellow of the CIPD.

Carolyn Jameson

Ms Jameson is an experienced leader of technology businesses and an investor in innovation. She is currently chief legal officer at Trustpilot, a consumer review platform.  Previously she was chief legal officer at Skyscanner, where she led the sale of the business to Ctrip for £1.46bn, and subsequently became Head of International M&A for Ctrip. She is on the advisory board of Scottish Equity Partners, acts as a non-executive director on early stage company boards, and has been a board member of VisitScotland. She was educated at the University of Edinburgh.

Peter Knott

Mr Knott is highly experienced in impact investing as he was chief risk officer and then chief financial officer of the UK Green Investment Bank.  He is currently a managing director in the Edinburgh office of the Green Investment Group, part of Macquarie.  He has broader investment experience through positions with Standard Chartered Bank, JP Morgan Chase, and Robert Fleming. He is a chartered accountant, educated at the University of Reading. He is an advisory board member at the Centre for Climate Finance & Investment.

Jason McGibbon

Mr McGibbon is a specialist within the investment industry. He has spent most of his career as a partner in UK private equity firm Bridgepoint, where he led its consumer Investment team, living and working in the UK, Germany, Turkey and the Nordic region. He is also a board member of Fable Data and the University of Strathclyde Alumni Fund and acts as a mentor for early stage start-ups and with the Saltire Foundation. He was educated at the University of Strathclyde and qualified as a chartered accountant with Ernst & Young in Scotland.

Nicholas Moon

Mr Moon brings nearly 20-years of public and private sector impact investment and leadership experience, formerly as executive director of strategy for the Development Bank for Wales, and currently as a partner at LeapFrog Investments, a leading international private equity impact investor. He is also an advisory board member for the World Bank IFC operating principles for global impact and a trustee board member for the Social Enterprise Academy. Mr Moon holds an MBA from Imperial College London, specialising in advanced strategy and private equity.

Candida Morley

Ms Morley currently has a senior role in UK Government Investments as director and head of governance. She has had a wide range of previous non-executive appointments, in both the private sector and government.  Ms Morley has extensive experience in investment in private companies, having worked for LDC, HgCapital and 3i. Previously she was head of strategic development at a FTS250 company, following an early career in corporate finance. She has degrees from the University of Oxford and the University of Stirling.

Dr Jacqueline Redmond

Dr Redmond has extensive energy and technology industry experience. She is currently non-executive chairman of CENSIS (the SME-focused Innovation Centre for Sensing, Imaging and Internet of Things technologies), and has recently been appointed as the executive director of PNDC, Strathclyde University’s industrialisation centre focused on delivering whole energy solutions. Her previous experiences include chief risk officer at the Green Investment Bank, VP technology atrategy with Shell and director corporate strategy with ScottishPower. She is a chartered engineer and holds degrees from the University of Strathclyde and Paisley College of Technology.

Sir Jonathan Taylor

Sir Jonathan brings extensive international development bank experience as he has just retired as vice president and management committee member of the European Investment Bank (EIB).  He led on the EIB green agenda.  Prior to this he was director general of financial services and stability HM Treasury, and he was director general of the London Investment Banking Association. Jonathan was educated at the University of Oxford.

The appointments are regulated by the Ethical Standards Commissioner.

Board committee roles

Given the specific Board roles, it is expected that the SNIB will appoint Tracey Ashworth-Davies to be the chairman of the remuneration committee, Peter Knott will chair the audit committee and Dr Jacqueline Redmond will take the same role for the risk committee.  Candida Morley is expected to be the senior independent director while Jason McGibbon is a member of the investment committee.

Length of term, remuneration and time commitment

Tracey Ashworth-Davies, Jason McGibbon, Nicholas Moon, and Candida Morley will be appointed for four years from the establishment date of the SNIB, with Carolyn Jameson, Peter Knott, Dr Jacqueline Redmond and Sir Jonathan Taylor appointed for three years. The reason for these varying length of terms is the need to have smooth board succession.

Non-executive directors receive up to £21,250 per annum with those appointed committee chairmen, and the senior independent director receiving an additional £4,250 per annum.

Each will be expected to devote up to 25 days per year to the role while the chairmen and the senior independent cirector will commit to a further five days per year to the role.

Other Ministerial Appointments

None of the non-executive director appointees holds another ministerial appointment.

Political Activity

All appointments are made on merit and political activity plays no part in the selection process.  However, in accordance with the original Nolan recommendations, there is a requirement for appointees’ political activity within the last five years (if there is any to be declared) to be made public.

None of the non-executive director appointees have had any political activity in the last five years.


In the Programme for Government in 2018, the First Minister announced plans to establish a Scottish National Investment Bank.

This was followed by the introduction of the Scottish National Investment Bank Bill 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 will be the sole shareholder in the Bank, and will set its strategic missions.

The Act sets out how the Bank should operate in order to meet missions. In response to these missions it will develop its Investment Strategy which will help create and shape future markets, support innovation and tackle socio-economic challenges in Scotland. The Bank will also be able to play a key role in Scotland’s economic recovery 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. The missions will not specify the solutions or the types of businesses which the Bank should invest in, but instead set the outcomes required.

The Scottish Government consulted on proposed missions for the Bank in September and October this year. The proposed missions focussed on: supporting the transition to zero carbon emissions by 2045, increasing inclusive growth in our communities, and harnessing innovation to respond to emerging demographic pressures. Scottish Ministers will set the Bank’s final missions shortly.

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