Appointment details

Non-Executive Director Debt Management Office

Summary

• Organisation: Debt Management Office
• Sponsor department: HM Treasury
• Location: London
• Sectors: Finance and Audit
• Skills: Audit and Risk
• Number of vacancies: 1
• Time commitment: 18 day(s) per annum
• Remuneration: £20000 per annum
• Length of term: 3 years
• Application deadline: 11am on 9 January 2025

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Timeline for this appointment

1. Opening date

   26 November 2024

2. Application deadline

   11am on 9 January 2025

3. Sifting date

   27 January 2025

4. Interviews expected to end on

   7 March 2025

Timeline dates are only an estimate and can change

About the appointment

Introduction from the Minister

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 has a reputation of professionalism and delivery, responding flexibly to changing market conditions. The Advisory Board play a key part in this, ensuring strong corporate governance and 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 (NED). Someone who can use their expertise of related areas in financial markets to provide advice, support and constructive challenge to the DMO executive. The successful candidate will have the highest possible levels of personal integrity, as well as being able to collaborate effectively with other members of the Board. The NED would also chair the DMO Audit and Risk Committee, so we are looking for someone with relevant experience here.  

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. 

Tulip Siddiq (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 over £3 trillion in total gilt issuance, while annual turnover in its cash management operations was £5 trillion in 2023-24. 

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 following the outbreak of the COVID-19 pandemic. There are of course new challenges ahead but 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 NED to join 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 and, in particular, to support the DMO through its transition to new leadership, following the retirement earlier this year of former Chief Executive Sir Robert Stheeman after over 21 years at the DMO.  

We are actively searching for a diverse range of candidates and particularly welcome applicants from under-represented groups. 

We very much look forward to working with the successful candidate in due course. 

Dame Sue Owen (Non-Executive Chair of the DMO) and Jessica Pulay (Chief Executive of the DMO)

Appointment description

We are 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 Executive Committee  
• Enhance the range of skills and experience represented on the Board, including providing wholesale financial market expertise  
• Effectively chair the DMO’s Audit and Risk Committee, with the potential to initially be a member of the Committee and transition to chairing at a later date 

Organisation description

The UK Debt Management Office (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 25 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 Chief Executive Officer (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 Board supports the Chief Executive Officer in the achievement of the Agency’s objectives. The Board’s role is to:  

• Review and provide constructive advice on how the DMO manages and delivers its core activities, objectives and key strategic projects over the course of each financial year;  
• Monitor the development of key policies and business initiatives, including major strategic projects, taking account of key risks and advising whether there are adequate mitigations in place; 
• Monitor and advise on the DMO’s control environment and financial position, taking due account of the role and recommendations made to the Accounting Officer by the DMO’s Audit Committee; 
• Promote the DMO’s core values and ethos, providing support to ensure that all DMO activities are conducted in an appropriate and fair manner and command respect both internally and externally; and 
• Advise and provide constructive challenge to ensure that the decision-making and risk-management processes in the DMO are fit for purpose and robust.  

The current membership of the Advisory Board is as follows: 

• Dame Sue Owen – Non-Executive Chair 
• Jessica Pulay – Chief Executive Officer and Accounting Officer 
• Jo Whelan – Deputy Chief Executive and Co-Head of Policy and Markets 
• Jim Juffs – Chief Operating Officer 
• Paul Fisher – Non-Executive Director (term ending shortly)  
• Martin Egan – Non-Executive Director 
• Ruth Curtice – Non-Executive Director (HM Treasury Representative)  

Person specification

Essential criteria

• Strong knowledge of UK wholesale financial markets, especially the gilt market and sterling money markets 
• Experience at a senior management level in a relevant environment 
• The highest levels of personal integrity, standing, authority and credibility 
• Influencing and communicating skills, including an ability to develop an effective and constructive relationship with the CEO, other executives, the NEC and other NEDs 
• Experience of managing risk, audit and control issues at an organisational level   

Desirable criteria

• Extensive experience in issues surrounding financial regulation and oversight Experience in a non-executive role

Application and selection process

How to apply

In order to apply you will need to create an account or sign in.

Once you are logged into your account, click on 'apply for this role' and follow the on-screen instructions. To apply, all candidates are required to provide:

• a Curriculum Vitae (CV)
• a supporting statement
• equality information
• information relating to any outside interests or reputational issues

We will ask you to check and confirm your personal details to ensure your application is accurate.

You will also have the opportunity to make a reasonable adjustment request or apply under the disability confident scheme before you submit your application.

Overview of the application process

Public appointments are made on merit following a fair and open competition process which is conducted in accordance with the principles of the Governance Code for Public Appointments. We will deal with your application as quickly as possible and will keep you informed at key stages. We aim to conclude the appointment process within three months of the deadline for applications – this is in accordance with the Governance Code.

The assessment process

1. Ministers are responsible and accountable to Parliament for the public appointments made within their department. As a result, they must be consulted at every stage of the appointments process.

2. An Advisory Assessment Panel (“Panel”) is appointed by Ministers to assist them in their decision making. The role of the Panel is to decide, objectively, which candidates meet the eligibility criteria for the role.

3. At the shortlisting meeting the Panel will assess applications against the eligibility criteria and decide which candidates have best met the criteria, who should be recommended for interview. Ministers will then be consulted on the Panel’s recommended shortlist. If you have applied under the Disability Confident Scheme and you meet all the essential criteria, then you will also be invited for an interview.

4. Once the shortlist has been agreed by Ministers, you will be advised (by e-mail) whether you have been shortlisted. Those shortlisted will be invited to an interview.

5. The Panel will meet again to interview candidates and determine who is appointable to the role. The Panel may invite you to make a brief presentation at the start of the interview and will go on to question you about your skills and experience, including asking specific questions to assess whether you meet the criteria set out for the post. The Panel will also explore with you any potential conflicts of interest or any other issues arising from your personal and professional history which may impact on an appointment decision.

6. Details of the panel’s assessment of interviewed candidates are provided to Ministers, including whether they have judged a candidate to be appointable to the role. It is then for Ministers to determine merit and decide who should be appointed. In some circumstances, Ministers may choose not to appoint any candidates and re-run the competition.

7. Ministers may choose to meet with candidates before deciding the outcome. Candidates should therefore be prepared for a short time gap between interview and a final appointment decision being made. Candidates who have been interviewed will be kept informed of progress.

8. Once the decision on the appointment has been made, interviewed candidates will be advised of the outcome of their application, including whom they may approach for feedback. Successful candidates will be issued with their Terms & Conditions and a letter of appointment should they agree to take up the position.

Further information about appointments, including tips on applying, can be found on our guidance pages on gov.uk.

Advisory Assessment Panel (AAP)

• Dame Sue Owen – Non-Executive Chair, DMO (panel chair)
• Azin Roussos - Deputy Director, Debt and Reserves Management, HM Treasury 
• Martin Egan - Non-Executive Director, DMO
• Katherine Braddick – Group Head of Strategic Policy and advisor to the CEO, Barclays (independent panel member) 

Advisory Assessment Panels (AAP) are chosen by ministers to assist them in their decision-making. These include a departmental official and an independent member. For competitions recruiting non-executive members of a board (apart from the Chair), the panel will usually include a representative from the public body concerned.

AAP’s perform a number of functions, including agreeing an assessment strategy with ministers, undertaking sifting, carrying out interviews in line with the advertised criteria and deciding objectively who meets the published selection criteria for the role before recommending to ministers which candidates they find appointable. It is then for the minister to decide who to appoint to the role.

Eligibility criteria

In general, you should have the right to work in the UK to be eligible to apply for a public appointment.

There are a small number of specialist roles that are not open to non-British citizens. Any nationality requirements will be specified in the vacancy details.

The Government expects all holders of public office to work to the highest personal and professional standards. 

You cannot be considered for a public appointment if:

• you are disqualified from acting as a company director  (under the Company Directors Disqualification Act 1986);

• have an unspent conviction on your criminal record;

• your estate has been sequestrated in Scotland or you enter into a debt arrangement programme under Part 1 of the Debt Arrangement and Attachment (Scotland) Act 2002 (asp 17) as the debtor or have, under Scots law, granted a trust deed for creditors.

When you apply, you should declare if:

• you are, or have been, bankrupt or you have made an arrangement with a creditor at any point, including the dates of this. 

• you are subject to a current police investigation.

You must inform the sponsor department if, during the application process, your circumstances change in respect of any of the above points. 

When you apply you should also declare any relevant interests, highlighting any that you think may call into question your ability to properly discharge the responsibilities of the role you are applying for. You should also declare any other matters which may mean you may not be able to meet the requirements of the Code of Conduct of Board Members (see Outside interests and reputational issues section below)

If you need further advice, please contact PublicAppointments-HMT@hmtreasury.gov.uk

Security clearance

The successful candidate will be required to undertake Baseline Personnel Security Standard checks in line with the Civil Service guidelines. Additional Security Clearance may also be required for certain roles. However, where this applies, candidates will be notified during the appointment process. Further information on National Security Vetting can be found on the Gov.uk website here.

Additional information for candidates

Equality and diversity

We encourage applications from talented individuals from all backgrounds and across the whole of the United Kingdom. Boards of public bodies are most effective when they reflect the diversity of views of the society they serve. 

We collect data about applicants’ characteristics and backgrounds, including information about people’s educational and professional backgrounds, so that we can make sure we are attracting a broad range of people to these roles and that our selection processes are fair for everyone. Without this information, it makes it difficult to see if our outreach is working, if the application process is having an unfair impact on certain groups and whether changes are making a positive difference.

When you submit your application, your responses are collected by the Cabinet Office and the government department(s) managing your application. The data is used to produce management information about the diversity of applicants. You can select “prefer not to say” to any question you do not wish to answer. The information you provide will not be seen by the Advisory Assessment Panel who review applications against the advertised criteria and conduct interviews.

Disability confident

We are a member of the Government’s Disability Confident scheme. We use the Disability Confident scheme symbol, along with other like-minded employers, to show our commitment to good practice in employing people with a disability. The scheme helps recruit and retain disabled people. As part of implementing the scheme, we guarantee an interview for anyone with a disability whose application meets the essential criteria for the role, set out in the advert, and who has asked that their application is considered under the scheme. Indicating that you wish your application to be considered under the scheme will in no way prejudice your application. By ‘essential criteria', we mean that you must provide evidence which demonstrates that you meet the level of competence required under each of the essential criteria, as set out in the job-advert. When you apply you will have the opportunity to select if you would like your application considered under this scheme.

Reasonable adjustments

We are committed to making reasonable adjustments to make sure applicants with disabilities, physical or mental health conditions, or other needs are not substantially disadvantaged when applying for public appointments. This can include changing the recruitment process to enable people who wish to apply to do so.

Some examples of common changes are:

• ensuring that application forms are available in different or accessible formats;
• making adaptations to interview locations;
• allowing candidates to present their skills and experience in a different way;
• giving additional detailed information on the selection / interview process in advance to allow candidates time to prepare themselves;
• allowing support workers, for example sign language interpreters;
• making provision for support animals to attend.

When you apply you will have the opportunity to request reasonable adjustments to the application process.

Principles of public life

The Seven Principles of Public Life (also known as the Nolan Principles) apply to anyone who works as a public office-holder.

1. Selflessness

Holders of public office should act solely in terms of the public interest.

2. Integrity

Holders of public office must avoid placing themselves under any obligation to people or organisations that might try inappropriately to influence them in their work. They should not act or take decisions in order to gain financial or other material benefits for themselves, their family, or their friends. They must declare and resolve any interests and relationships.

3. Objectivity

Holders of public office must act and take decisions impartially, fairly and on merit, using the best evidence and without discrimination or bias.

4. Accountability

Holders of public office are accountable to the public for their decisions and actions and must submit themselves to the scrutiny necessary to ensure this.

5. Openness

Holders of public office should act and take decisions in an open and transparent manner. Information should not be withheld from the public unless there are clear and lawful reasons for so doing.

6. Honesty

Holders of public office should be truthful.

7. Leadership

Holders of public office should exhibit these principles in their own behaviour and treat others with respect. They should actively promote and robustly support the principles and challenge poor behaviour wherever it occurs.

Code of conduct for board members

The Government expects all holders of public office to work to the highest personal and professional standards. In support of this, all non-executive board members of UK public bodies must abide by the principles set out in the Code of Conduct for Board Members of Public Bodies. The Code sets out the standards expected from those who serve on the boards of UK public bodies and will form part of your terms and conditions of appointment.

Management of outside interests and consideration of reputational issues

Holders of public office are expected to adhere and uphold the Seven Principles of Public Life and the Code of Conduct for Board Members of Public Bodies. Before you apply you should consider carefully: 

• any outside interests that you may have, such as shares you may hold in a company providing services to government; 
• any possible reputational issues arising from your past actions or public statements that you have made; 
• and/or - any political roles you hold or political campaigns you have supported; 

which may call into question your ability to do the role you are applying for.

You will need to answer relevant questions in relation to these points when making an application. Many conflicts of interest can be satisfactorily resolved and declaring a potential conflict does not prevent you from being interviewed. If you are shortlisted for an interview, the panel will discuss any potential conflicts with you during that interview, including any proposals you may have to mitigate them and record that in their advice to ministers. Alongside your own declaration, we will conduct appropriate checks, as part of which we will consider anything in the public domain related to your conduct or professional capacity. This may include searches of previous public statements and social media, blogs or any other publicly available information. The successful candidate(s) may be required to give up any conflicting interests and their other business and financial interests may be published in line with organisational policies. 

Details of declared political activity will be published when the appointment is announced, as required by the Governance Code (political activity is not a bar to appointment, but must be declared).

Status of appointment

As this is an office holder appointment, you will not become a member of the Civil Service. You will not be subject to the provisions of employment law.

Appointment and tenure of office

Appointments are for the term set out in this advert, with the possibility of re-appointment for a further term, at the discretion of Ministers.  Any re-appointment is subject to satisfactory annual appraisals of performance during the first term in the post. There is no automatic presumption of reappointment; each case should be considered on its own merits, taking into account a number of factors including, but not restricted to, the diversity of the current board and its balance of skills and experience. In most cases, the total time served in post will not exceed more than two terms or ten years in any one post. 

Remuneration, allowances and abatement

Remuneration for this role is treated as employment income and will be subject to tax and National Insurance contributions, both of which will be deducted at source under PAYE before you are paid.

You can claim reimbursement for reasonable travel and subsistence costs which are properly and necessarily incurred on official business, in line with the travel and subsistence policy and rates for the organisation to which you are applying. Reimbursement of “home to office” travel and subsistence will be subject to PAYE tax and NI deductions. 

Pension and redundancy

This is an office holder appointment and does not attract any benefits under any Civil Service Pension Scheme. You will not be eligible for redundancy pay as you are not an employee. No other arrangements have been made for compensation upon the end of your term of appointment because an office holder who is appointed for a limited duration would have no expectation of serving beyond that period.

Application feedback

We will notify you of the status of your application. We regret that we are only able to offer detailed feedback to candidates who have been unsuccessful at the interview stage.

How to complain

We aim to process all applications as quickly as possible and to treat all applicants with courtesy.

Please contact HM Treasury’s Public Appointments Officer in the first instance if you would like to make a complaint regarding your application, by emailing PublicAppointments-HMT@hmtreasury.gov.uk. They will acknowledge your complaint upon receipt and respond within 15 working days.

Data protection

The Cabinet Office will use your data in line with our privacy policy.

The Treasury's Privacy Policy is attached. 

Contact details

If you are interested in applying or knowing more about the role, please get in touch with HM Treasury’s Public Appointments Officer who will be able to advise further by emailing PublicAppointments-HMT@hmtreasury.gov.uk.

Attachments

• Candidate Pack

• Privacy Notice