Introduction
As Chair of Remuneration Committee, this individual will ensure that the Committee makes recommendations to the Board on the Remuneration Policy of the Bank
They will also act as Non-Executive Director of the Bank and will be expected to play an active and integral part in the long-term success and the strategy of the Bank, given the collective responsibility of the Board. As a fully functioning financial services entity, the role holder should be able to contribute to matters ranging, for example, from the challenges facing SMEs with respect to finance, the management of a wide variety of risks and the technological challenges facing today’s financial services industry
Introduction from the Minister
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Introduction from the Chair
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Additional introductions
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Appointment description
The successful candidate/s will:
• Have responsibility for setting remuneration policy for the company’s Executive Board Directors and Chair (subject to Secretary of State approval). The remuneration of the Chair shall be set by Ministers.
• Provide oversight, challenge, review and make recommendations to the Board/Company Chair regarding the broader remuneration policy and practices for the company’s employees, including pension rights and any compensation payments.
• Work closely with legal, compliance and HR teams to ensure that the Bank's remuneration policies and practices for the new legal entity ‘Patient Capital Advisory Services’ (PCAS) comply with all relevant regulatory requirements, including FCA standards and MIFIDPRU guidelines. This will include the implementation of the new Long Term Incentive Plan that will be introduced for staff working on the new ‘Growth Fund’.
• Work with the HR team to oversee the remuneration of individuals holding Senior Management Functions (SMF) roles and ensure alignment with the FCA’s Senior Managers and Certification Regime (SMCR).
• Prepare the Remuneration Committee meeting agendas, in conjunction with the Company Secretary and Reward Director, to ensure all required business is brought before the Committee to enable it to efficiently carry out its duties and responsibilities.
• Establish procedures to govern the Remuneration Committee's work and ensure the Committee fully discharges its duties.
Organisation description
The British Business Bank is the UK’s economic development bank, with a commercial and mandated arm. It is a
progressive and dynamic government-owned economic development bank, dedicated to making finance markets work
better for smaller businesses. Independently managed, its remit is to design, deliver and efficiently manage UK-wide
smaller business access to finance interventions for the UK government, involving both investment and banking
programmes. The Bank’s core debt and equity programmes now support over £17.4bn of finance to almost 64,000
smaller businesses, across the whole spectrum of developmental state, from start-ups and scale-ups to viable but
underfunded.
As well as increasing the supply and diversity of finance for UK smaller businesses through its programmes, the Bank
works to raise awareness of their broader finance options. The British Business Bank Finance Hub provides
independent and impartial information to businesses about finance options, featuring short films, expert guides,
checklists and articles from finance providers to help make their application a success.
Mission and objectives
The British Business Bank’s mission is to improve access to finance for SME’s and to drive sustainable growth and
prosperity across the UK, and enable the transition to a net zero economy, by supporting access to finance for smaller
businesses. The Bank’s role is to deliver against four strategic objectives:
1. Driving Sustainable Growth – Ensuring smaller businesses can access the right type of finance they need to
start, survive and grow.
2. Backing Innovation – Ensuring innovative businesses can access the right capital to start and scale.
3. Unlocking Potential – Unlocking growth by ensuring entrepreneurs can access the finance they need
regardless of where and who they are.
4. Building The Modern, Green Economy – Financing groundbreaking solutions to climate change and helping
smaller businesses transition to net zero so they thrive in a green future.
We are a mission and purpose led organisation, focussed on our customers and our people and live by our core values
– collaboration, creativity and commitment. Increasing growth in the UK economy will be underpinned by greater long?term investment which is a crucial part of the role that British Business bank fulfils.
We work with more than 200 delivery partners to deliver our finance programmes that address existing gaps in the
market, so that smaller businesses can access the right finance for them whatever their stage of development.
We form an important part of the innovation funding landscape through our equity programmes, which invest in high?growth, innovative UK businesses, and in supporting UK debt markets, which help firms to innovate both their products
and processes.
Since 2014, the Bank has grown to become the largest domestic investor in UK venture capital and venture growth
capital. It has more than £3.8 billion in total commitments, supported 357 equity funds and 4,770 UK businesses through
its equity programmes. As of June 2024, the Bank’s equity programmes have involvement in almost two-thirds of all UK
unicorn status businesses.
In October 2024, the government announced that the British Business Bank will establish the British Growth Partnership,
subject to regulatory approval, encouraging more UK pension fund investment into the UK’s fastest growing, most
innovative companies. The British Growth Partnership will be underpinned by a new legal entity regulated by the FCA
to conduct investment advisory and fundraising activities. The financial framework for the Bank will also be reformed,
putting the Bank’s £7.9bn commercial programmes on a permanent footing.