Scottish National Investment Bank Act 2020

21 Review of performance

(1) The Scottish Ministers must, at least once every 5 years, appoint a person to carry out a review of the performance of the Bank and (if it has any) its subsidiaries during the review period.

(2) A person appointed under subsection (1) must, on completion of the review—

(a) prepare a report of the review, and

(b) send the report to the Scottish Ministers.

(3) The Scottish Ministers must—

(a) lay a copy of the report before the Scottish Parliament, and

(b) make the report publicly available.

(4) For the purposes of subsection (1)—

(a) performance includes—

(i) in the case of the Bank, performance in relation to—

(A) the Bank’s objects as set out in its articles of association,

(B) the Bank’s strategic missions,

(C) any national performance indicators specified by the Scottish Ministers when appointing a person to carry out the review in question,

(ii) in the case of a subsidiary, performance in relation to the subsidiary’s objects as set out in its articles of association,

(b) the review period means—

(i) in relation to the first review, the period beginning with the day on which the Bank is established and ending with the day on which a person is appointed under subsection (1) to carry out the review,

(ii) in relation to each subsequent review, the period beginning with the day after the day of expiry of the previous review period and ending with the day on which a person is appointed under subsection (1) to carry out the review.