Early March this year marked the beginning of the process to transfer the Green Investment Bank plc (GIB) into private ownership. The UK Business Secretary announced that the Government was inviting private sector investors to register their interest in GIB. As part of the process GIB will issue special share in the organisation.
Upon transfer of its ownership from the UK Government to new owners, GIB will issue a special share in the organisation to be held by an independent third party.
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 currently set out in the objects of its Articles of Association.
On 21 March 2016 GIB published an update on how it planned to implement the special share and its progress in doing so.
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The special share will be held by a newly incorporated organisation called the Green Purposes Company Ltd (GPC). That company will be run by independent trustees.
The GPC trustees will be selected by an independent Nominations Committee. That Committee has been formed and has commenced the search for permanent independent trustees.
The Nominations Committee has asked GIB to support its efforts in sharing, as widely as possible, the opportunity to become a trustee of GPC. Full details of the candidate requirements and the application process can be found here.
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.
Full details of the wider process of bringing private capital into GIB can be found on the GIB website.