Non-Executive Director - Court of Directors- The Bank of England
- Body
- Court of Directors- The Bank of England
- Appointing Department
- HM Treasury
- Sectors
- Business, Finance & Skills, Charity & Public Sector, Regulation
- Location
- London
- Skills required
- Accountancy, Audit and Risk, Business / Commercial, Change Management, IT / Digital, Major Projects, Regulation
- Number of Vacancies
- 2
- Remuneration
- Non-Executive Directors receive remuneration of £15,000 a year. Non-Executive Directors that also chair a sub-committee of Court and the Deputy Chairman of Court will receive additional remuneration of £5,000 a year. In addition, all Non-Executive Directors receive payments to cover expenses.
- Time Requirements
- Around 2 to 3 days a month. This includes a minimum of seven meetings of Court a year and additional meetings as required of a Committee.
Campaign Timeline
-
Competition Launched
19/02/2019
-
Closed for Applications
19/03/2019
-
Panel Sift
03/04/2019
-
Final Interview Date
15/04/2019
-
Announcement
31/05/2019
Announcement
An announcement has been made on the outcome of this appointment.
The Chancellor announced (31 May) the appointment of three new non-executive directors to the Bank of England’s Court of Directors. Rohinton (Ron) Kalifa OBE, Frances O’Grady and Hanneke Smits will begin their four-year terms on 1 June 2019.
Date: 31/05/2019
Assessment Panel
- Panel Member
- Sir Tom Scholar
- Added
- 19/02/2019
- Panel Role
- Panel Chair
- Positions
- Permanent Secretary, HM Treasury Departmental Official Departmental Official
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- Panel Member
- Charles Roxburgh
- Added
- 19/02/2019
- Positions
- 2nd Permanent Secretary, HM Treasury Departmental Official Departmental Official
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- Panel Member
- Bradley Fried
- Added
- 19/02/2019
- Positions
- Chair of the Court of The Bank of England Representative of Organisation
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- Panel Member
- Terry Miller
- Added
- 19/02/2019
- Positions
- Non-executive director and Senior Independent Director- Galliford Try. Independent Member
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Vacancy Description
The Bank of England is the central bank of the United Kingdom. The Court of Directors is the Bank’s governing board, and comprises the Bank’s Governors and seven Non-Executive Directors. The Court manages the Bank’s affairs, and has responsibility for determining the Bank’s objectives and strategy, and for oversight of the Bank’s performance of its statutory and other objectives. Court is responsible for ensuring the effective discharge of the Bank’s functions, and the most efficient use of its resources.
The Non-Executive Directors play an important role in reviewing the Bank’s performance, risk and financial controls. They can expect to be appointed to one or more sub-committees of Court, including those for Remuneration and Audit and Risk. All non-executive members of Court have the right to observe meetings of the MPC and other policy committees of the Bank. The estimated time commitment is between two and three days per month.
Person Specification
Non-executive members of Court serve in a personal capacity. We are looking to appoint two Non-Executive Directors, with the appointments expected to commence on or before 1 May 2019 and 1 June 2019.
A Non-Executive Director of Court is likely to have substantial experience in one or more of the following:
- A prominent role either as Chair, Chief Executive, Managing Director or Executive Board member in a relevant area of public policy or the voluntary sector
- Leadership at board level in a major financial services firm, a FTSE 100 company or a substantial multinational corporation.
- Building up a successful enterprise of a significant size themselves.
Candidates for the Non-Executive Director position must be leaders within their chosen professions, with a strong technical and financial grasp in their field, combined with an interest in the wider public policy debate and in economic and financial policy in particular.
When appointing candidates, the Government judges it important to maintain an appropriate breadth and balance of skills and experience between all members of Court. The main specific qualities that we are looking for in this appointment are:
- A broad background in finance, industry or a trades union
- Recent and relevant financial experience
- Undisputed integrity and standing, including the ability to maintain discretion and engender trust in staff, peers and stakeholders
- Excellent interpersonal and influencing skills, including the ability to build strong relationships with other members of Court, the most senior Bank officials and key senior stakeholders
Other desirable skills and experience include:
- Experience delivering organisational effectiveness, given the need for Court to ensure the most efficient use of the Bank’s resources, including public funds
- Examples of successful strategic organisational planning, given the important role Court will play in ensuring a smooth transition to a new Governor in 2020
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 and are subject to the Principles of Public Life set out by the Commissioner for Public Appointments and the Bank’s Code of Conduct for Members of Court.
Additional Information
Appointments to the Court are made by the Queen, on the recommendation of the Prime Minister and the Chancellor of the Exchequer.
References
The names of two referees are asked for as part of the application form. Referees must be people who know you in a capacity to comment on your suitability for the appointment 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 diverse workforce. 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 from:
For full details of the complaints process for public appointments please click on the following link which will take you to the Commissioner for Public Appointments website:
Alternatively please contact the Commissioner’s office on 020 7271 0833 or by emailing publicappointments@csc.gov.uk for a printed copy.
If you are not completely satisfied with the appointments process – please raise any complaint in the first instance to: nedboe@hmtreasury.gov.uk
How to Apply
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.
The preferred method of submission is by email to: nedboe@hmtreasury.gov.uk, copying app6@egonzehnder.com.
If you are unable to submit your application by email or need any further assistance, including information in other formats, please contact:
Rowaa Ahmar
HM Treasury
1 Horse Guards Road
SW1A 2HQ
Rowaa.Ahmar@hmtreasury.gov.uk
Applications must arrive no later than 19 March 2019
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. Candidates will be sifted separately for the two positions. 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.
- Interviews for these roles are expected to take place in central London in March-April.
- Interviews will be conducted by a panel consisting of senior officials from the Treasury and the Bank and an external panel member who is independent of both the Treasury and the Bank.