The resignation of the chief executive of Scotland’s state-backed bank surprised senior colleagues but they made no attempt to persuade her to stay, MSPs have been told.
Willie Watt, chairman of the Scottish National Investment Bank (SNIB), said that he was first informed Eilidh Mactaggart wanted to step down from her £235,000-a-year post on January 27. That day she had been widely quoted in relation to the bank’s £30 million investment in Aberdeen Harbour.
SNIB was set up by Scottish ministers as an arm’s-length organisation to invest around key economic themes set by Holyrood. It began formally operating in November 2020 and has so far put £191 million into 13 investments that include lasers, renewable energy, hospitality, infrastructure and forestry.
Watt told MSPs on Holyrood’s economy and fair work committee that he informed Scottish government civil servants of Mactaggart’s exit on January 31, although it was not made public until February 25.
On March 4 Mactaggart released a statement saying she had stepped down for personal reasons but declined to specify what those were. It also emerged Bill McGowan, the SNIB’s general counsel, had departed in February, leading opposition politicians to suggest the organisation was in chaos.
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MSPs on the economy committee were told Mactaggart did not receive a severance package. Watt indicated he could not provide any further insight into her departure but had been surprised by the decision. He added: “Our policy is not to divulge information on personal and confidential employee matters.”
Watt confirmed the board had not made efforts to make Mactaggart change her mind but said there was no suggestion the decision was related to work matters or disagreements over the strategic direction of SNIB.
The chairman said it could be the end of the year before a permanent chief executive is appointed. Sarah Roughead, the chief financial officer, is filling the role on an interim basis.
Gordon Brown, the former Labour prime minister, suggested the UK government should become “an equal partner” in SNIB, which he described as “underfunded”, as he believes it could be scaled up more quickly and offer more services “using all the resources of Britain to make Scotland an export superpower in renewables, life sciences, digital and manufacturing”.
