THE chair of the new Scottish national bank has refused to divulge why its former chief executive quit after just two years in the post.
Eilidh Mactaggart stepped down as the CEO of the Scottish National Investment Bank in February and was paid £177,500 instead of having to work her notice period, However, the reasons for her departure remain under wraps.
Willie Watt, the chair of the bank, has now reiterated the organisation’s belief it would be “inappropriate” to reveal the precise reasons for her speedy departure.
Mactaggart and the bank have said she stepped down and did not work her six-month notice because of personal reasons, without going into detail about the circumstances.
In a letter to the Holyrood finance committee, Watt said that due to “recent media commentary” on Mactaggart’s departure, he thought it helpful to “provide further clarification” on Mactaggart’s resignation.
He wrote: “On the specific issue of payment in lieu of notice, 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.
“I am not able to provide any further detail on this without divulging personal and confidential information, other than to confirm that this was such a situation.
“However, I would emphasise that there was no severance package, termination payment, settlement agreement, or confidentiality agreement, nor anything akin to those things.”
He insisted the bank has been “as open and transparent as possible within the confines” of its obligations to protect the wellbeing and privacy of its employees, including Mactaggart.
Nicola Sturgeon has said the CEO’s resignation was a matter for the Scottish National Investment Bank’s board, not ministers, though she added the Government had been informed of Mactaggart’s plans to depart earlier in the month.
Documents which revealed the pay out also showed ministers were briefed on what to say if pressed about the banker’s departure.
One redacted document reportedly said if ministers were asked, to say that they had been informed about Mactaggart's departure on February 18, and then if pushed further, to say that officials were made aware at the end of January.
Documents were also reported to say that Mactaggart should not work her notice period to allow the investment bank as well as its staff to move on quickly.
There are concerns the circumstances of Mactaggart’s departure could affect confidence in the bank, though Watt added in his letter: “It is important that the bank is trusted across the political spectrum, and our proactive approach to engagement reflects our belief in this.”
