On the scam

Lord Smith of Kelvin, the Scots chairman of the UK Government's flagship Green Investment Bank (GiB), has come under fire after it emerged he earns more than £2300 a day in his part-time role. The executive, one of Scotland's leading business figures, is paid £120,000 a year to work one day a week at the publicly owned Edinburgh-based GiB, set up to invest in environmentally sustainable projects.

Full details of his remuneration emerged as the bank made what it said was an expected net loss before tax of £6.2m in its first 10-and-half months.

Lord Smith's remuneration in other posts includes £250,498 as chairman of Weir Group for 2012, £353,000 as Scottish and Southern Energy chairman for 2013 and about £83,000 as director of South Africa-based Standard Bank. Lord Smith, who chairs the organising committee for the Glasgow 2014 Commonwealth Games, was appointed the Chancellor of Strathclyde University which he undoubtably claims expenses for. 

A spokesman for Lord Smith said: "Frankly, Scotland needs more people like Robert Smith."

Socialist Courier cannot agree with that assessment!