Scottish National Investment Bank boss paid £117,500 after quitting
- Published
Eilidh Mactaggart said her decision to leave the bank had been taken for personal reasons
The outgoing boss of Scotland's National Investment Bank was paid £117,500 to leave her post immediately rather than work a notice period.
Eilidh Mactaggart quit as the bank's chief executive in February after nearly two years in the post.
She later said her decision to leave with immediate effect was "ultimately for personal reasons".
It has now emerged that she was given half of her £235,000 annual salary when she left.
The payment was made so Ms Mactaggart would not have to fulfil her contractual six-month notice period before leaving the bank.
The investment bank said Ms Mactaggart was paid "six months' notice which was due under the terms of her contract of employment" and that no other financial settlement was made.
Scottish government documents that were first reported by the Herald, external and which have been seen by BBC Scotland show detailed planning by officials for the announcement of her departure, including responses for ministers to give to potential questions from journalists.
The heavily redacted documents included advice for ministers to say they had been informed of Ms Mactaggart's resignation on 18 February - and then if they were further pushed, to say that officials had been made aware at the end of January.
Other potential questions included: "Why has she resigned after so little time in the post?", "Why is notice not being served?" and "Is this not just payment for failure?"
The documents also said it had been decided that Ms Mactaggart should not work her notice period to allow her, the bank and its staff to move on quickly.
And they said that an all-staff meeting held at the bank after her departure was announced had seen members of the board emphasise the importance of a "positive culture and caring for their employees".
Lib Dem MSP Willie Rennie questioned why the payoff to Ms Mactaggart was deemed to be appropriate
Scottish Liberal Democrat MSP Willie Rennie said the documents suggested that "there is undoubtedly more to this situation than ministers have been prepared to let on".
He added: "If Eilidh Mactaggart quit for personal reasons or left for another role, then it is far from clear why she would be due six months' salary as a payoff.
"The finance secretary needs to explain why this payoff was appropriate and why officials were so concerned about media-handling".
Scottish Conservative finance spokeswoman Liz Smith said: "As usual, the SNP are doing all they can to avoid scrutiny and accountability.
"With so much public money - and indeed Scotland's long-term economic prospects - at stake, the public have a right to expect their government to be open and transparent."
Ms Mactaggart was the first chief executive of the investment bank, which was set up by the Scottish government in 2020 with the goal of making long-term investments in Scottish firms.
The government has insisted it is performing "exceptionally well", having so far made 13 investments totalling just under £200m.
It has pledged to put £2bn of funding into the bank over the coming decade.
'Personal reasons'
The sudden departure of the bank's chief executive was met with suspicion by opposition parties, who accused the government of attempting to "shut down scrutiny" by refusing to say why she had left.
Ms Mactaggart later released a statement which said the decision to leave had been a difficult one to make, but "ultimately it was made for personal reasons".
She said she was proud of everything she achieved at the bank, adding: "I wish the team I have built all the best for the future.
"I am considering a number of opportunities and looking forward to spending some more time with my young family in the meantime."
The bank's chief financial officer, Sarah Roughead, has been filling in as chief executive while its board looks for a permanent replacement.
A Scottish government spokesman said ministers had no input into the resignation of Ms Mactaggart, which had been a matter for the bank's board.
He added that the bank's chairman, Willie Watt, had advised Scottish government officials on 31 January that the chief executive had offered her resignation.
The spokesman added: "The Scottish government and the bank discussed the possible terms of that resignation and potential successor arrangements over the following weeks - with ministers updated accordingly.
"On 18 February the resignation was formally confirmed to ministers".