Chair of £2bn state financial institution Wilie Watt refuses to inform MSPs why ex-CEO Eilidh Mactaggart left with £117,500

THE chair of Scotland’s £2billion state-owned funding financial institution has refused to inform MSPs why his former chief government stop with a £117,500 exit fee.

Willie Watt stated he was unable “to provide any further detail” about why Eilidh Mactaggart was paid half her £235,000 wage after she resigned all of the sudden in January.

He stated explaining the beneficiant deal, which left Ms Mactaggart free to work elsewhere instantly, would contain “divulging personal and confidential information”.

Mr Watt insisted the six months’ pay in lieu of discover was not a “severance package, termination payment, settlement agreement, or confidentiality agreement, nor anything akin to those things”.

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

HeraldScotland: Willie Watt's letter to the non-existent committeeWillie Watt’s letter to the non-existent committee

Ms Mactaggart stop as CEO of the Scottish National Investment Bank (SNIB) after 18 months citing unexplained private causes, but stated she was trying to work elsewhere.

It fuelled hypothesis at Holyrood there had been behind-the-scenes tensions concerned.

In mid-March, Mr Watt and SNIB board member Carolyn Jameson had been summoned to the Economy and Fair Work Committee to clarify what had occurred.

They insisted there had been “no severance package” for Ms Mactaggart, however failed to say the fee in lieu of discover.

Mr Watt additionally admitted the financial institution might be and not using a full-time CEO for many of 2022.

A month later, after acquiring background paperwork by way of freedom of knowledge, the Herald revealed Ms Mactaggart had been paid her full six months’ discover interval.

READ MORE: Outgoing funding financial institution chief Eilidh Mactaggart ‘paid off with six months of her wage’

Opposition events demanded the financial institution and the Scottish Government, which is the SNIB’s sole shareholder, clarify why she obtained the £117,500.

However in his new letter to MSPs, Mr Watt refused to broaden on Ms Mactaggart’s private causes for leaving the high-profile job with quick impact. 

He wrote: “As the Bank said to the committee and in a number of media statements, it will be inappropriate for us to remark additional on the specifics of these private causes. 

“As an employer now we have a authorized obligation of care in direction of all staff, and we can not, nor ought to we, expose confidential and private info associated to our present or former staff. 

“The Bank has, nevertheless, been as open and clear as doable inside the confines of those obligations.

“On the precise problem of fee in lieu of discover, there will be many conditions the place a person doesn’t work by way of their discover interval, but it stays essential to make a fee in lieu of discover, as required underneath the phrases of an employment contract. 

“I’m not capable of present any additional element on this with out divulging private and confidential info, aside from to verify that this was such a state of affairs. 

“However, I would emphasise that there was no severance package, termination payment, settlement agreement, or confidentiality agreement, nor anything akin to those things. I hope this clarifies the position.”

He added: “The Bank is an impression funding organisation, set-up to profit the folks of Scotland

“It is vital that the Bank is trusted throughout the political spectrum, and our proactive method to engagement displays our perception on this. 

“As I set out in my evidence on 16th March, I look forward to further engagement with the committee as we continue our journey of delivering long-term success for the Bank.”


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