THE Scottish economy is in a healthy position with seven out of 10 of the leading companies by turnover owned north of the Border. But the picture is complicated because the real big guns such as Royal Bank of Scotland, Standard Life, HBOS and Scottish and Newcastle are global players attracting shareholders from around the world.

While it is comforting to know these blue chip organisations are keeping their headquarters in Scotland, all could be prone at any time to takeover bids.

Last year, ScottishPower was stalked by the German utility giant E.ON, which pulled out of talks only when it baulked at the valuation the board placed on the business.

According to Robbie Paton, professor of management and associate dean at Glasgow University's Faculty of Law Business and Social Sciences, place of ownership of big companies is not the key issue.

"In a global marketplace ownership for most of the big five lies with major international shareholders - not with the people or economy of Scotland, " he said.

"A possibly more pertinent question for Scotland Plc is how do we ensure that they continue to be driven from and sustained by the Scottish socioeconomic infrastructure?

"Indeed, how can they be encouraged, along with their associated stakeholders, clients and customers and business partners, to maintain and develop a sustainable Scottish base?

"To maintain a credible global identity, Scotland plc must endeavour to nurture these global enterprises by providing conducive economic, educational, logistic and social environments. When our major enterprises are faced with an opportunity or threat and they look around for an answer or support, we must be in a position to respond."

He believes the aborted takeover of ScottishPower and the challenges this year's demutualisation of Standard Life present are evidence that independence comes at a cost - being lean and competitive in a global market.