An independent nominations committee has been formed and has commenced the search for permanent independent trustees to run the Green Purposes Company Ltd (GPC), a newly incorporated organisation tasked with keeping the UK Green Investment Bank plc (GIB) green.
The UK Business Secretary launched the GIB sale process on 3 March.
As part of the process GIB will, upon transfer of its ownership from the UK Government to new owners, issue the special share in the organisation to be held by GPC.
The purpose of the special share is to give its holder special voting powers to ensure that GIB remains permanently under a legally enforceable obligation to invest exclusively in accordance with its green purposes, as current set out in the objects of its Articles of Association.
The selection of the trustees is the responsibility of the nominations committee, with no involvement from either GIB or any part of government or the UK public sector.