Source · Select Committees · Public Accounts Committee
Recommendation 15
15
Acknowledged
The Bank has developed arrangements for reporting performance and emerging issues to its shareholder (the...
Conclusion
The Bank has developed arrangements for reporting performance and emerging issues to its shareholder (the Treasury), through the shareholder representative (UKGI). However, the Committee has seen other examples in government where similar arrangements apply and where things have gone wrong long before Parliament has received any warning.39 In addition, neither the Treasury nor the Bank have plans to share UKGI reports more widely with Parliament. The Treasury confirmed the importance of notifying Parliament of an emerging problem, including where UKGI was involved. It acknowledged that there are areas where Managing Public Money rules apply but notifications to Parliament “are a bit patchier than we would like”. Treasury told us that there is an “improvement process” going on, in relation to UKGI.40 39 Q 18 40 Qq 16–19 14 The Creation of the UK Infrastructure Bank 2 Building out the Bank’s operations Investment Strategy
Government Response Summary
The Treasury's Shareholder Representative on the UKIB Board is UKGI who are managed independently but are wholly owned by HM Treasury, and the Treasury are responsible for oversight of UKGI and reporting on their performance to Parliament.
Government Response
Acknowledged
HM Government
Acknowledged
1.7 The role of UK Government Investments (UKGI) is to act as the Treasury’s Shareholder Representative on the UKIB Board. UKGI have extensive experience in corporate governance and manage a portfolio of 23 government businesses UKGI are managed independently but are wholly owned by HM Treasury. The Treasury are responsible for oversight of UKGI and reporting on their performance to Parliament.