Wednesday 3 February 2016

GIB to create ‘special share’ to protect green mission

GIB to create ‘special share’ to protect green mission

The Green Investment Bank (GIB) is to create a “special share” to protect its green mission.

It is part of the government's privatisation process of the institution.

The special share will be held by a separate company independent of the GIB and the Tory administration.

The bank will not be able to make changes to its green mission as set out in the Objects of its Articles of Association unless it is granted consent by the company.

UK Business Secretary Sajid Javid said: “Moving the Green Investment Bank into private ownership makes sense. If you want it to have access to more capital, to make bigger investments and have a bigger impact in green sectors it is the best course of action.

"To ensure the bank’s green credentials are maintained it plans to put a special share structure in place that protects its green mission and keeps it focused on what it does best.”

Written by

Bruna Pinhoni

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