Chair of the Court - Bank of England
- Body
- Bank of England
- Appointing Department
- HM Treasury
- Sectors
- Business, Finance & Skills, Regulation
- Location
- The Bank of England, 1 Threadneedle Street, London
- Skills required
- Audit and Risk, Business / Commercial, Major Projects, Regulation
- Number of Vacancies
- 1
- Remuneration
- The Chair is paid £48,000 a year. In addition, all Non-Executive Directors receive payments to cover expenses.
- Time Requirements
- The average time commitment of the Chair is around 2 days per week.
Campaign Timeline
-
Competition Launched
23/01/2018
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Closed for Applications
23/02/2018 at 17:00
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Panel Sift
07/03/2018
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Final Interview Date
16/03/2018
-
Announcement
31/05/2018
Announcement
An announcement has been made on the outcome of this appointment.
Bradley Fried has been appointed as Chair of the Court of the Bank of England, with effect from 1 July 2018.
Date: 31/05/2018
Assessment Panel
- Panel Member
- Sir Tom Scholar
- Panel Role
- Panel Chair
- Positions
- Permanent Secretary, HM Treasury Departmental Official
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| Political Activity | - |
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| Notes | - |
- Panel Member
- Charles Roxburgh
- Positions
- 2nd Permanent Secretary, HM Treasury Departmental Official
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| Notes | - |
- Panel Member
- Diana 'Dido' Harding
- Positions
- Non-Executive Director, Bank of England Representative of Organisation
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| Political Activity | Conservative Life Peer; Member of the House of Lords Economic Affairs Select Committee |
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| Notes | - |
- Panel Member
- Lynne Peacock
- Positions
- Non-Executive Director, Nationwide Building Society Senior Independent Panel Member
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| Political Activity | - |
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| Notes | - |
Vacancy Description
The Bank of England is the central bank of the United Kingdom. The Court of Directors is responsible for setting and monitoring the Bank’s objectives and strategy, including its financial objectives.
Candidates are sought for the role of Chair of Court. All Bank of England Non-Executive Directors are appointed by the Queen on the advice of the Prime Minister and Chancellor of the Exchequer. The Chair of Court is designated by the Chancellor from among the Non-Executive Directors.
The Chair is of pivotal importance to the Bank’s governance and will continue to play a vital role at a time of continuing change in the Bank functions and organisation. The Chair is expected to work in close partnership with the Governors, other NEDs, senior bank officials and the Treasury.
The Chair will be a source of non-policy advice to the Governor; and with a new Governor to be appointed, will be expected to take the lead in ensuring a smooth transition.
The Chair of Court serves in a personal capacity, with an estimated time requirement of around 2 days per week. This includes a minimum of seven meetings of Court a year and additional meetings as required of a Committee.
Court meetings mostly take place at the Bank’s head office in Threadneedle Street in the City of London.
Appointments are made for up to four years and there is the possibility of reappointment at the end of the term.
Appointment to the Court is expected to commence in Spring 2018, with the successful candidate taking over as Chair on 1 July 2018.
Person Specification
Candidates for the Chair of Court position must be leaders within their chosen professions, combined with an interest in wider public policy and in economic and financial policy in particular.
The successful candidate will have substantial experience in one or more of the following:
- Playing a significant role either as chair or chief executive or equivalent of a major organisation in a relevant area of public policy, the voluntary sector or a trade union.
- Chair (executive or non-executive) or CEO of a major financial services firm, a FTSE 100 company or a substantial multinational corporation.
- Building a successful enterprise of a significant size themselves.
Key requirements:
- Leadership skills – ability to provide effective leadership to the work of the Court and its Committees. He or she must be of sufficient authority to command the respect of Court and to build an effective relationship with the Governor and Deputy Governors.
- Partnership with the Governor – a demonstrated track record of building and maintaining close and effective working partnerships with senior executives while holding non-executive positions.
- A personal track record of exercising the highest standard of corporate governance. He or she should also have significant corporate governance experience and the ability to scrutinise and challenge the actions of the executives of the Bank in running the institution.
- Strong knowledge of, and credibility in, UK financial markets.
- Undisputed integrity and standing, and the interpersonal qualities to engender trust and respect in staff, peers and other stakeholders.
- Excellent interpersonal and influencing skills – to build strong relationships with other members of Court, the most senior Bank officials, the Government and other key stakeholders.
- Strong presentational skills, given the likely need to give evidence to Parliamentary Committees.
Desirable experience:
- Working at a senior level in a regulated environment.
- Examples of successful strategic planning, given the important role the new Chair will play in ensuring a smooth transition to the new Governor.
A continuing connection with a firm regulated by the Bank would be a bar to appointment given the Bank’s role in UK financial markets.
We value and promote diversity and actively encourage candidates from diverse backgrounds with the required experience and skills to apply. Appointments are made on merit.
Additional Information
References
The names of two referees are asked for as part of the appliucation form. Referees must be people who know you in a capacity to comment on your suitability for the appointmnet for which you have applied and will be expected to have authoritative and personal knowledge of your achievements. References will only be taken up for short listed candidates called to interview as soon as the interview arrangements have been made. Referees will be advised accordingly.
Expenses
If you are invited for interview reasonable and necessary travel expenses will be reimbursed.
Equality of Opportunity
HM Treasury and the Bank of England are committed to ensuring a truly dvierse workfore. All disabled applicants will be guaranteed an interview, provided they meet the minimum criteria for the post.
Regulation by the Commissioner for Public Appointments
The Commissioner for Public Appointments regulates appointments to provide independent assurance that appointments by Ministers to the boards of public bodies are made in accordance with the Government’s Principles of Public Appointments and Governance Code. More information about the role of the Commissioner is available here.
If you are not completely satisfied with the appointments process, please raise any complaint in the first instance to: chairofcourtboe@hmtreasury.gsi.gov.uk
How to Apply
The preferred method of submission is by email to: chairofcourtboe@hmtreasury.gsi.gov.uk, copying app4@egonzehnder.com
Applications must be submitted no later than 17.00, 23 February 2018.
Applications should consist of:
- The completed application form
- The completed Political Activity, Conflict of Interest and Diversity Monitoring questionnaire
- A full CV (including nationality, education and professional qualifications, career history, and relevant achievements and responsibilities)
- A covering letter (not exceeding two sides) summarizing the evidence from your career which best demonstrates your qualifications for the appointment.
Your application will be acknowledged within 48 hours of receipt and you will be informed in writing or by telephone of the progress of your application.
Once the closing date for applications has passed, the appointment process will be conducted in the following stages:
- Applications will be sifted according to the candidate profile. Those applicants who have not been successful will be notified at this stage and a short list of the most closely qualified applicants will be invited to final panel interviews which will be held in London.
- Initial interviews are expected to take place in central London during March 2018, followed by panel interviews.
- Panel interviews will be conducted by senior officials from the Treasury and the Bank and an external panel member who is independent of both the Treasury and the Bank.
If you are unable to submit your application by email or need any further assistance, including information in other formats, please contact:
Martin Wyard
HM Treasury
1 Horse Guards Road
SW1A 2HQ