Public appointment: Non-Executive Directors reappointed to the Scottish National Investment Bank Board

The Deputy First Minister and Cabinet Secretary for Economy and Gaelic, Kate Forbes MSP, today announced the reappointment of Tracey Ashworth-Davies, Jason McGibbon, Nicholas Moon and Candida Morley as Non-Executive Directors of the Scottish National Investment Bank Board.

Non-Executive Directors

Tracey Ashworth-Davies has extensive senior executive experience in multiple roles including CEO, COO and HR Director. She currently holds a senior executive role within NHS Scotland. Previously, she held a wide range of senior executive posts in financial services including with Toronto Dominion Bank Group, Legal & General, Scottish Provident and Royal London Group, co-founding Bright Grey, a life insurance company start-up, as well as in other sectors such as FMCG. She is a Trustee of Edinburgh Children's Hospital Charity and served as a member of the Court of Heriot Watt University. She is a Fellow of the CIPD.

Jason McGibbon is a qualified Chartered Accountant and a specialist within the investment industry having spent the majority of his career in the private equity and development capital industries, predominantly with Bridgepoint where as a partner, he led their Consumer Investment team. He now holds a number of non-executive appointments across the UK and acts as a mentor for several early-stage start-up's in Scotland via his role as a Trustee of the Entrepreneurial Scotland Foundation.

Nicholas Moon has over two decades of experience in private equity, specializing in fundraising and strategic growth initiatives, He was most recently a Partner at LeapFrog Investments where he led successful fundraisings, expanding the firm’s assets from $135 million to over $2 billion. He also played a key role in diversifying LeapFrog’s offerings co-developing a $350 million separate account with Prudential Financial for investments in sub-Saharan Africa as well as co-leading a $500 million strategic LP-GP partnership with Temasek, a leading Sovereign Wealth Fund. He was selected as a Founding Member of the World Bank’s Operating Principles for Impact, the leading framework for investors.

Candida Morley has many years experience in private equity investment, current experience in Government, and deep Board and governance experience.  She has held a wide range of previous non-executive appointments across both the private sector and government bodies.  She currently has a senior executive role as Director, UK Government Investments and has extensive experience in investment and portfolio management in private and fast-growth companies, having worked at LDC, HgCapital and 3i. Previously she was Head of Strategic Development at a FTS250 company, following an early career in corporate finance.

Reappointments

The reappointments are for four years and run from 23 November 2024 to 22 November 2028.

The reappointments are regulated by the Ethical Standards Commissioner.

Remuneration and time commitment

The reappointments attract remuneration of £850.00 per day for a time commitment of 25 days per year.

Other Ministerial appointments

Tracey Ashworth-Davies, Jason McGibbon, Nicholas Moon and Candida Morley do not hold any other public appointments.

Political activity

All appointments are made on merit and political activity plays no part in the selection process.  However, in accordance with the original Nolan recommendations, there is a requirement for appointees’ political activity within the last five years (if there is any to be declared) to be made public.

Tracey Ashworth-Davies, Jason McGibbon, Nicholas Moon and Candida Morley have had no political activity within the last five years.

Background

Launched in November 2020, the Scottish National Investment Bank is a development investment bank for Scotland. The Bank provides patient (long term) debt or equity investments to businesses and projects throughout Scotland to support the development of a fairer, more sustainable economy. As an impact investor, the Bank is focused on delivering both commercial returns and impacts that align with at least one of its three missions: to support Scotland on its journey to net zero, to improve places and communities, or to harness innovation.

The Scottish Government has committed to capitalise the Bank through £2 billion of financial support over 10 years, £1 billion by the end of the current Parliament.