No payout for former bank chief executive, MSPs told

The former chief executive of the Scottish National Investment Bank did not receive a payout after she quit, officials have said.

Eilidh Mactaggart alerted the bank’s chairman Willie Watt she would be resigning on January 27, with the Scottish Government and the bank’s board then told on January 31, the Economy and Fair Work Committee heard on Wednesday.

It took the bank until February 25 to make the decision public, prompting questions from MSPs as to why Ms Mactaggart had taken the decision to leave.

It is not clear why the announcement of her department was made almost a month from the date she told the chairman of her intentions.

Ms Mactaggart later made a statement saying she had left for “personal reasons”.

Speaking before the committee on Wednesday, Mr Watt and bank board member Carolyn Jameson refused to expand on Ms Mactaggart’s decision to leave, saying there is a “duty of care” the bank has to adhere to as an employer, as well as the former chief executive’s own request for privacy.

Ms Jameson said there had been no severance package on offer.

“The answer is no, there was no severance package at all related to this,” she said, adding that Ms Mactaggart did not sign a non-disclosure agreement.

Mr Watt went on to stress there had been no disagreements between ministers and Ms Mactaggart during her tenure.

“There have been no disagreements about policy, or the direction of the bank that I’m aware of that are relevant to your question,” he said in response to Tory MSP Liz Smith.