Non-Executive Directors play an active part in the
long-term success and the strategy of the NWF, given the collective
responsibility of the Board. They are expected to contribute to matters ranging,
for example, from supporting the government's growth and clean energy missions to
the management of a wide variety of risks, as well as assessing the different
strategies and interventions that might be required for different regions of
the UK where there is an undersupply of private finance. The Board is also
responsible for the review and approval of lending and investment decisions
above a certain threshold.
Responsibilities
for a Non-Executive Director include:
- Contributing to setting,
monitoring and challenging the strategic direction of NWF, by assisting in
developing key strategic objectives, overseeing their achievement and
ensuring they remain appropriate;
- Contributing to open and honest
debate at Board meetings and providing guidance and constructive challenge
to the executive decisions, adding diversity of thought and industry
experience to the Board;
- Promoting the long-term success
of NWF and ensuring the accountability NWF, scrutinising the performance
of management in meeting agreed goals and objectives, and monitoring the
reporting of performance;
- Contributing to raise the
profile of NWF, by promoting its image and recognition if required;
- Upholding high standards of
integrity and probity, supporting the Chair and Executive Directors by
seeking to instill the appropriate culture, values and behaviours in the
boardroom and beyond;
- Committing sufficient time and
resource to fulfil all functional responsibilities and continually
developing personal capabilities to do so.
The
successful candidates may be asked to serve on one or more of the Board
committees, contributing to the effective performance of the committee.The National Wealth Fund
(NWF) is at the forefront of investing public money for our future.
The NWF will have
£27.8 billion of financial capacity. It will have an increased risk appetite
with up to £7 billion in economic capital to hold against investments. Its
mandate is set out in its Strategic Steer from the Chancellor of the Exchequer,
although it will operate with a high degree of operational independence in its day-to-day
activities, especially with regards to investment decisions. Through its
leadership role, the NWF provides markets with the long-term certainty to build
and supports investor confidence. It invests in key projects to reduce carbon
emissions, create jobs, improve the UK’s economic security and support regional
and local authorities to invest in their areas.
To date the NWF, and
its predecessor organisation, has invested £5.3 billion, mobilising £12.9 billion
of private finance and created 20,000 jobs. The Chancellor set the ambition to
go further over this parliament, entrusting NWF with additional capital to be
deployed over and above the original commitment.
Strategic Objectives for this parliament
The objectives of
the NWF are reflected in its triple bottom line: helping deliver the
government's growth and clean energy missions, generating a return for the
taxpayer, and crowding in private capital.
Growth is the
government’s number one mission. The NWF is a key lever for helping to deliver
the investment underpinning this mission. It will do this by:
- Investing in the growth-driving sectors in the Industrial Strategy.
- Investing in support of the Infrastructure Strategy.
- Investing to support strong foundations for economic security and resilience.
- Investing in city regions, high potential clusters, and local growth plan priorities.
- Ensuring the benefits of investment are felt in all four nations of the UK, working collaboratively with the Scottish National Investment Bank, Development Bank of Wales, and the Northern Ireland Executive.
The NWF will also
support the clean energy mission, which outlines the strategic direction for
this government's commitment to achieving net zero by 2050. It has two pillars:
95% clean power 2030; and accelerating the transition to net zero carbon
emissions by 2050.
NWF investment is in capital
intensive projects, businesses or assets. This includes:
- Prioritising investment in the modern
Industrial Strategy sectors of clean energy, digital and technologies, and
advanced manufacturing, alongside transport.
- Committing at least £5.8 billion into green
hydrogen, carbon capture, ports, gigafactories and green steel.
- Considering investments in dual-use
technologies and supply chain resilience across these priority sectors which
better support the UK’s defence and security.
- Remaining flexible to invest in support of
emerging government priorities and in response to changing market conditions.
The NWF will seek to make positive returns for the Exchequer
across its whole portfolio, covering at least the government’s cost of
borrowing and institutional overheads. The NWF should aim to invest billions of
pounds each year, subject to market conditions, roughly doubling investment
activity relative to the 2024-25 financial year.
NWF investment is expected to crowd in significant private
capital over time, supporting sectors' development by crowding-in at sector
level and targeting market weakness, unlocking projects that otherwise would
not proceed.
Full details on the Government’s priorities for the NWF are
provided through the Chancellor’s new Statement
of Strategic Priorities.
For further information on the NWF
and what it does please visit its website: National Wealth Fund.
The NWF’s board is currently chaired by Chris Grigg and
comprises two executives (CEO and CFO), a shareholder nominated non-executive
director and five independent non-executive directors. The board has three
subcommittees: Audit & Risk, Remuneration and Nominations Committee.
Executive Directors:
- John Flint – Chief Executive Officer
- Annie Ropar – Chief Financial Officer
Non-Executive
Directors:
- Chris Grigg – Chair
- Elena Ciallie – Shareholder Representative Director
- Bridget Rosewell – Senior Independent Director,
Chair of Audit & Risk Committee
- Tania Songini – Non-Executive Director, Chair of
Remuneration Committee
- Nigel Topping – Non-Executive Director
- Marianne Okland – Non-Executive Director
- Muriel Dube – Non-Executive Director
Further information on the board’s composition, including
detailed biographies of the current board members, may be found here: The Board of
Directors | National Wealth Fund