Chair of Court of the Bank of England
- Body
- Bank of England
- Appointing Department
- HM Treasury
- Sector
- Business, Finance & Skills
- Location
- London
- Skills required
- Business / Commercial
- Number of Vacancies
- 1
- Remuneration
- £48,000 a year
- Time Requirements
- Variable but on average around 2-3 days per week.
Campaign Timeline
-
Competition Launched
09/02/2022
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Closed for Applications
09/03/2022
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Panel Sift
05/04/2022
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Final Interview Date
27/05/2022
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Announcement
21/07/2022
Announcement
An announcement has been made on the outcome of this appointment.
New Chair of the Court of the Bank of England is appointed David Roberts is expected to take up his role at the Bank’s Court in Autumn 2022, succeeding Sir Bradley Fried who served as Chair from June 2018 to June 2022.
David Roberts A new Chair of the Court of the Bank of England has been appointed by Her Majesty the Queen.
David Roberts is expected to take up his role at the Bank’s Court in Autumn 2022 and will succeed Sir Bradley Fried who served as Chair from June 2018 to June 2022.
The Bank’s Court acts as the governing body responsible for setting the organisation’s strategy, budget and taking key decisions on resourcing and appointments.
As Chair of the Court, Mr Roberts will be responsible for leadership of the Court and ensuring its effectiveness on all aspects of its role.
The Chancellor of the Exchequer, Nadhim Zahawi said: “I am delighted that David Roberts is taking on this vital and demanding role.
“His knowledge and experience will be invaluable as the Bank’s Court carries out its important work in the months and years ahead.”
Andrew Bailey, Governor of the Bank of England, said: “I am delighted that David Roberts has been appointed as our new Chair of Court. This role is key to the Bank’s governance and the life of the Bank more broadly and I have no doubt that he will build on the excellent leadership provided by Brad Fried.
“David will bring a welcome fresh perspective to Court and I look forward to working with him.”
David Roberts said: “I am deeply honoured to be joining the Bank as Chair and look forward to working with Andrew Bailey, my fellow Directors, and the wider Bank team to deliver the organisation’s core mission for the British public.”
About the appointment The Bank of England is the central bank of the UK. It is governed by the board of directors known as the Court of Directors. Further information can be found at the Bank of England website.
All members of Court are appointed by Her Majesty the Queen on the recommendation of the Prime Minister and the Chancellor of the Exchequer.
All appointments to the Court are made on merit and political activity plays no part in the selection process. However, in accordance with the original Nolan recommendations, there is a requirement for appointees’ political activity (if any is declared) to be made public. David Roberts has confirmed he has not engaged in any political activity in the last five years.
The appointment of Mr Roberts as Chair of Court is regulated by the Commissioner for Public Appointments, who provides independent assurance that appointments are made in accordance with the Government’s Principles of Public Appointments and Governance Code.
About David Roberts David Roberts currently serves as Chair of Beazley plc, a speciality insurance business. He will step down from this post to take up the role of Chair of Court at the Bank. He was previously Chair of Nationwide Building Society, Vice Chair of NHS England and Group Deputy Chair of Lloyds Banking Group plc. For 24 years he worked at Barclays, where he held a number of senior roles, including CEO of International Retail & Commercial Banking, and Main Board Executive Director.
Date: 21/07/2022
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 Governor, the four Deputy Governors, and up to nine non-executive directors. 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 and effective discharge of its statutory and other objectives. Non-executive members of Court have the right to observe meetings of the three main policy committees of the Bank, the Monetary Policy Committee, the Financial Policy Committee and the Prudential Regulation Committee.
The Chair plays a vital role at a time of continuing change in the Bank functions and organisation. Working closely with the Governor, the Chair is key to the Bank’s governance and the life of the Bank more broadly.
The key responsibilities of the Chair include:
- involvement in key recruitment decisions affecting the Court and the most senior staff;
- ensuring the sub-committees of Court work effectively to meet their responsibilities;
- ensuring the effectiveness of Court;
- ensuring the performance of individual Non-Executive Directors is assessed on a regular basis and that the Non-Executive Directors have the support they need to fulfil their roles effectively;
- playing a key role in the relationship with HM Treasury as the Bank’s shareholder; and,
- playing a key role in the relationship with the National Audit Office, and provide evidence to Parliamentary Committees on the Bank’s activities and performance as required.
The Chair serves in a personal capacity, with an estimated time requirement of two days per week on average. Appointment is expected to commence in Summer 2022.
Person Specification
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 listed company or a substantial multinational corporation.
- Building a successful enterprise of a significant size themselves.
Key requirements include:
- Leadership skills – ability to provide effective leadership to the work of the Court and its Committees. They 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, and the ability to scrutinise and challenge the actions of the executives of the Bank in running the institution.
- Good practical understanding of 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.
How to Apply
The preferred method of submission is by email to boerecruitment@hmtreasury.gov.uk, copying chairofcourtboe@egonzehnder.com
If you are unable to submit your application by email or need any further assistance, including information in other formats, please contact:
Bank of England Appointments Team HM Treasury 1 Horse Guards Road SW1A 2HQ boerecruitment@hmtreasury.gov.uk
Applications must arrive no later than 9th March 2022 at 23:00.
Applications should consist of:
- 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) summarising 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 panel interviews.
- Panel interviews will take place during April 2022 and 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.
HM Treasury and the Bank of England are committed to ensuring a truly diverse workforce. We are part of the Disability Confident scheme. All disabled applicants will be guaranteed an interview, provided they meet the minimum criteria for the post.
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.