State bank head silent on £117k to EX-CEO

THE chair of Scotland’s £2 billion state-owned investment bank has refused to tell MSPS why his former chief executive quit with a £117,500 exit payment.

Willie Watt said he was unable “to provide any further detail” about why Eilidh Mactaggart was paid half her £235,000 salary after she resigned suddenly in January.

He said explaining the generous deal, which let Ms Mactaggart work elsewhere immediately, would involve “divulging personal and confidential information”.

He also insisted her six months’ pay in lieu of notice was not a “severance package, termination payment, settlement agreement, or confidentiality agreement, nor anything akin to those things”.

Mr Watt made his comments in a letter to Holyrood’s Economy and Fair Work Committee – incorrectly addressed to the non-existent economy and finance committee.

Ms Mactaggart quit as CEO of the Scottish National Investment

Bank (SNIB) after 18 months, citing unclear personal reasons.

In April, The Herald revealed Ms Mactaggart had been paid her full six months’ notice period.

Opposition parties demanded the bank and the Scottish Government, which is the SNIB’S sole shareholder, explain why she received the £117,500.

But Mr Watt yesterday refused, saying the bank had “a legal duty of care” to all employees” and had been “as open and transparent” as it could.

“There can be many situations where an individual does not work through their notice period, yet it remains necessary to make a payment in lieu of notice, as required under the terms of an employment contract,” he said.

Libdem MSP Willie Rennie and Tory MSP Jamie Halcro Johnston said Mr Watt had failed to clear up their questions, and the public deserved better transparency from the state-funded bank.