Non-Executive Director of Court of the Bank of England
- Body
- Bank of England
- Appointing Department
- HM Treasury
- Sector
- Business, Finance & Skills
- Location
- London
- Skills required
- Audit and Risk, Business / Commercial
- Number of Vacancies
- Up-to-4
- Remuneration
- £15,000 a year, rising to £20,000 if chairing a sub-committee of the Court.
- Time Requirements
- Estimated between 2-3 days per month.
Campaign Timeline
-
Competition Launched
09/02/2022
-
Closed for Applications
09/03/2022
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Panel Sift
Early April
-
Final Interview Date
Early May
-
Announcement
18/10/2022
Announcement
An announcement has been made on the outcome of this appointment.
Her Late Majesty Queen Elizabeth the Second approved the appointment of three new non-executive directors (NEDs) of the Court of the Bank of England. These appointments will be made by the King. Lord Jitesh Gadhia, Sabine Chalmers and Tom Shropshire will take up their roles at the Bank’s Court in the coming months
Date: 18/10/2022
Assessment Panel
- Panel Member
- 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
- Second Permanent Secretary, HM Treasury Departmental Official
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- Panel Member
- Diana 'Dido' Harding
- Panel Role
- Deputy Chair of Court, Bank of England Representative of Organisation
- Positions
- Diana 'Dido' Harding's full title is The Baroness Harding of Winscombe
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| Political Activity | She a Member of the House of Lords and is a Conservative Life Peer. |
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- Panel Member
- Terry Miller
- 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 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 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 a significant 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. 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.
Non-Executive members of Court serve in a personal capacity. We are looking to appoint one or more new Non-Executive Directors of which one will become Chair of the Audit and Risk Committee, depending on the identification of suitable candidates. The estimated time commitment is between two and three days per month and the appointment is expected to commence in Summer 2022.
Person Specification
A Non-Executive Director of Court is likely to have substantial experience in one or more of the following:
- Leadership at board level in a major financial services firm, a listed company or a substantial multinational corporation.
- 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.
- Building up a successful enterprise of a significant size themselves.
Candidates for the Non-Executive Director(s) 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 a breadth and balance of skills and experience between all members of the Court. The main specific qualities that we are looking for in these appointments are:
- A broad background in finance.
- Undisputed integrity and standing, including the ability to maintain discretion and engender trust in staff, peers and stakeholders.
- Excellent interpersonal and influencing skills, such as the ability to build strong relationships with other members of the Court, senior Bank officials and key stakeholders, and bring diversity of thought to the Court.
Other desirable skills and experience include:
- Experience delivering organisational effectiveness, given the need for the Court to ensure the most efficient use of the Bank’s resources, including public funds.
- Experience in audit and accountancy.
How to Apply
The preferred method of submission is by email to nedboe@egonzehnder.com, copying boerecruitment@hmtreasury.gov.uk
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:
- completed Political Activity, Conflict of Interest and Diversity Monitoring questionnaires;
- a full CV (including nationality, education and professional qualifications, career history, and relevant achievements and responsibilities); and,
- a covering letter (not exceeding two sides) summarising the evidence from your career which best demonstrates your qualifications and experience for the role.
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.
- Interviews for these roles are expected to take place in April 2022.
- 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.
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.