Introduction from the Secretary of State
Thank you for your
interest in the non-executive director (NED) role on the Advisory Board of the
UK Debt Management Office (DMO).
The DMO is a
well-run and efficient organisation, which is flexible when faced with evolving
market conditions. Its efforts during the course of the COVID-19 pandemic have
clearly demonstrated this.
The relationship
between HM Treasury and the DMO is one of great importance, as we work together
to ensure the Government’s financing needs are met in line with our agreed debt
management strategy. The Advisory board play a key part in this, ensuring
strong corporate governance, providing advice, support and challenge to the
Executive Committee.
We are looking for
a highly effective and talented individual to join the DMO’s Advisory Board as
a non-executive director. The candidate should be one who exhibits the highest
possible levels of personal integrity, as well as being able to provide
constructive challenge to the DMO Executive. In order to bring specific insight
and expertise to Board discussions, the successful candidate would also have a
background in financial markets at a senior level, preferably closely related
to the DMO’s specific areas of debt capital markets and treasury operations. It
is also envisaged that the successful candidate will join the DMO’s Audit
Committee.
If you have the
skills and experience, we are looking for, then we very much look forward to
hearing from you and wish you every success with your application. We are
actively searching for a diverse range of candidates and particularly welcome
applicants from under-represented groups.
Andrew Griffith, Economic Secretary to the Treasury and City Minister
Introduction from the Chair
Thank you for your
interest in the NED role on the DMO’s Advisory Board.
The DMO aims to be
a centre of excellence, working with HM Treasury on the provision of policy
advice on, and the delivery of, the Government’s financing needs, acting as a
key gateway for Government to the wholesale financial markets. It performs
these functions primarily to support HM Treasury’s objectives.
Since its establishment
in 1998, the DMO has successfully established itself as a key participant in
the wholesale capital financial markets, raising in excess of £2.8 trillion in
total gilt issuance, while annual turnover in its cash management operations is
in excess of £7 trillion.
The DMO has
successfully delivered all its annual debt and cash management remits, often in
unexpected and challenging circumstances – most notably during the Global
Financial Crisis of 2008-09 and, more recently, following the outbreak of the
COVID-19 pandemic. There are of course new challenges ahead. In the financial
year 2020-21, the DMO’s financing remit was increased, through a succession of
revisions, from an initial £156.1 billion to a record £483.5 billion. Despite
the significant increase in the volume of operations, the DMO continues
successfully to deliver its core objectives and remain operational on every UK
business day.
We are now looking
for a non-executive director to sit on the Advisory Board who will add a
valuable external viewpoint and help to provide constructive and independent
challenge to support the Board in delivering its key responsibilities. We very
much look forward to working with the successful candidate in due course.
Sir Robert Stheeman, CEO of the UK DMO
Dame Sue Owen, Non-executive Chair of the DMO Advisory Board
Role description
The DMO is looking for a person with previous relevant financial markets experience at a senior level but who (or whose current employer) is no longer directly active in the DMO’s areas of debt capital markets to join its Advisory Board as a Non-Executive Director. In view of the DMO’s key role in government financing, the need for the highest levels of integrity and impartiality is paramount and the candidate is not expected to represent any specific constituency or stakeholder interest. The Non-Executive Director role is primarily to attend and participate actively in Advisory Board meetings and:
- Support the Chief Executive and senior team
- Enhance the range of skills and experience represented on the Board
- Bring additional experience and judgement to the full array of Board issues.
Organisation description
The DMO was established on 1 April 1998 when responsibility for government wholesale sterling debt issuance was transferred from the Bank of England. During the last 23 years the DMO has established a leading reputation for best practice in government debt and cash management in global financial markets and within its international peer group.
The DMO's remit is to carry out the Government's debt management policy of minimising financing costs over the long term, taking account of risk, and to minimise the cost of offsetting the Government's net cash flows over time, while operating in a risk appetite approved by Ministers in both cases.
Since 2002 the DMO has also successfully taken responsibility for lending to local authorities through the PWLB lending facility and for managing the investments of a number of major public funds, through its operation on behalf of the Commissioners for the Reduction of National Debt (CRND).
In institutional terms, the DMO is legally and constitutionally part of HM Treasury and, as an executive agency, it operates at arm's length from Ministers. The Chancellor of the Exchequer determines the policy and financial framework within which the DMO operates, and delegates to the Chief Executive operational decisions on debt and cash management, and day-to-day management of the office.
The respective responsibilities of the Chancellor and other Treasury Ministers, the Permanent Secretary to the Treasury, and the DMO's Chief Executive are set out in a published Framework Document. The Chief Executive (who also acts as the DMO’s Accounting Officer) is accountable for the DMO's performance and operations, both in respect of its administrative expenditure and the Debt Management Account (DMA) which records all the DMO’s issuance and trading transactions.
Board composition
The current membership of the Advisory Board is as follows:
- Sue Owen – Non-Executive Chair
- Robert Stheeman – Chief Executive and Accounting Officer
- Jo Whelan – Deputy Chief Executive and Co-Head of Policy and Markets
- Jim Juffs – Chief Operating Officer
- Jessica Pulay – Co-Head of Policy and Markets
- Paul Fisher – Non-Executive Director
- Paul Richards – Non-Executive Director (term ending shortly)
- Ruth Curtice – Non-Executive Director (HM Treasury Representative)