Trustees nominated for GIB special share

The UK Green Investment Bank plc (GIB) on Monday announced the names of the trustees who will be entrusted with protecting its green mission.

As part of GIB's privatisation, the UK government has decided to create a special share, whose holder will have special voting powers to ensure that GIB continues to invest in accordance with its green purposes. The share will be held by a separate company, called Green Purposes Company Ltd (GPC), that will be run by trustees, selected by an independent Nominations Committee.

The nominated trustees are environmental scientist James Curran MBE; Trevor Hutchings, who is currently Director of Advocacy at WWF; green infrastructure investor Tushita Ranchan; Lord Robin Teverson, chair of the Lords’ EU select committee on energy and environment; and environmentalist Peter Young.

Recent media reports cited Australian bank Macquarie as the likely winner of the GIB auction.

The special share will be issued to GPC when the UK government transfers ownership of GIB to a new owner. The nominated trustees will be formally appointed to their role by that point, GIB said.

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