Plaid Cymru calls for tighter rules for Development Bank

“Public interest should neither be overlapped nor over-ridden by the private interests of individuals” – Adam Price MS

Plaid Cymru has called for the rules to be tightened that govern personal capacity interests of senior leaders at the Development Bank of Wales.

Adam Price MS, Leader of Plaid Cymru, raised concerns during First Minister Questions in the Senedd today (Tuesday 7 December), that senior leadership figures within the Bank having outside business interests can give rise to “negative perceptions.”

It has previously been reported that Giles Thorley, the Chief Executive of the Development Bank of Wales has invested into two Welsh firms: ZipWorld and Cardiff based start-up Lovetovisit.

Mr Price has called for a review of governance arrangements to ensure they meet the public’s “reasonable expectation” that there are no perceived conflicts of interest with the leadership team at the Development Bank of Wales.

Mr Price has also called for Welsh Government to publish their Framework Document which sets out their expectations of the Bank in relation to governance, together with a remit letter they signed with the Bank. The Framework Document was amended in February this year.

Leader of Plaid Cymru Adam Price MS said,

“Public interest should neither be overlapped nor over-ridden by the private interests of individuals. We must have clarity on whether or not senior leaders in the Development Bank of Wales should be investing in companies using knowledge or networks potentially acquired through their work at the Bank.

“The Welsh Government must commit to a review of those governance arrangements to ensure they meet the public’s reasonable expectation that there are no conflicts of interest within the Development Bank of Wales.”