UK's GIB advances special share arrangements

The UK Green Investment Bank plc (GIB) on Monday provided an update on the progress made towards creating a "special share" as part of the process to move the organisation into the private sector.

As previously announced, GIB is to establish a special share to protect its green mission. The holder of the special share will have special voting powers to ensure that GIB invests in accordance with its green purposes.

Yesterday, GIB announced three milestones in implementing the special share arrangements. In particular, an extraordinary general meeting has been held with its sole shareholder, the UK government, to pass a resolution to establish the special share and a company has been set up to hold it. GIB has also agreed with three institutions to help it find individuals to serve on a nominations committee which will select the permanent trustees.

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