Non-Executive Director - Bank of England
Body: Bank of England
Appointing Department: HM Treasury
Sectors: Business, Finance & Skills, Regulation
Location: The Bank of England, 1 Threadneedle Street, London
Skills required: Accountancy, Audit and Risk, Business / Commercial, Regulation
Number of Vacancies: 1
Remuneration: Non-Executive Directors receive remuneration of £15,000 a year. Non-Executive Directors that also chair a sub-committee of Court and the Deputy Chairman of Court will receive additional remuneration of £5,000 a year. In addition, all Non-Executive Directors receive payments to cover expenses.
Time Requirements: Around 2 to 3 days a month. This includes a minimum of seven meetings of Court a year and additional meetings as required of a Committee.
- Competition Launched: 23/01/2018
- Closed for Applications: 20/02/2018
- Panel Sift: TBC
- Final Interview Date: TBC
- Announcement: TBC
- Sir Tom Scholar
Permanent Secretary, HM Treasury • Departmental Official
- Charles Roxburgh
2nd Permanent Secretary, HM Treasury • Departmental Official
- Sir Anthony Habgood
Chair of Court, Bank of England • Representative of Organisation
- Lynne Peacock
Non-Executive Director, Nationwide Building Society • Senior Independent Panel Member
The Bank of England is the central bank of the United Kingdom and exists to ensure monetary and financial stability. The Court of Directors is responsible for setting and monitoring the Bank’s objectives and strategy, including its financial objectives.
Candidates are sought for the role of Non-Executive Director. The Non-Executive Directors play an important role in reviewing the Bank’s performance and financial controls. Non-Executive Directors should expect to be appointed to one or more sub-committees of Court.
While specific policy responsibilities are reserved to the statutory committees, the Court of Directors is required by the Act to “manage the Bank’s affairs”, other than the formulation of monetary policy. It must determine the Bank’s objectives and strategy, to ensure the effective discharge of the Bank’s functions and the most efficient use of the Bank’s resources. It takes the major decisions on finance, resources and appointments. Members of Court may observe the meetings of the policy committees, and are supported by an Independent Evaluation Office (IEO).
Non-Executive Directors of Court are appointed by Her Majesty the Queen on the advice of the Prime Minister and the Chancellor of the Exchequer. Appointments are made for up to four years and there is the possibility of reappointment at the end of the term.
The average time commitment required of a Non-Executive Director of Court is estimated to be around 2 to 3 days per month. This may vary depending on the workload of the Court sub-committees that a Non-Executive Director may sit on or chair. This includes a minimum of seven meetings of Court a year and additional meetings as required of a Committee.
Court meetings mostly take place at the Bank’s head office in Threadneedle Street in the City of London.
Appointment to the Court is expected to commence in June 2018.
A non-executive member of Court is likely to have substantial experience in one or more of the following:
- 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
- Leadership at board level in a major financial services firm, a FTSE 100 company or a substantial multinational corporation.
- Building up a successful enterprise of a significant size themselves.
Candidates for the Non-Executive Director position must be leaders within their chosen professions, with a strong technical and financial grasp in their field, combined with an interest in the wide public policy debate and in economic and financial policy in particular.
The main specific qualities that we are looking for in this appointment are:
- A broad background in the financial services sector.
- Recent and relevant financial experience, given that the successful candidate is likely to be a candidate for the Audit and Risk Committee.
- Undisputed integrity and standing, including the ability to maintain discretion and engender trust in staff, peers and stakeholders.
- Excellent Interpersonal and influencing skills, including the ability to build strong relationships with other members of Court, the most senior Bank officials and key senior stakeholders.
Other desirable skills and experience include:
- Experience delivering organisational effectiveness reviews, given the need for Court to ensure the most efficient use of the Bank’s resources, including public funds.
- Examples of successful strategic organisational planning, given the important role Court will play in ensuring a smooth transition to a new Governor.
A continuing connection with a firm regulated by the Bank would be a bar to appointment given the Bank’s role in UK financial markets.
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.
If you are invited for interview reasonable and necessary travel expenses will be reimbursed.
- Equality of Opportunity
HM Treasury and the Bank of England are committed to ensuring a truly diverse workforce. All disabled applicants will be guaranteed an interview, provided they meet the minimum criteria for the post.
- Regulation by the Commissioner for Public Appointments
The Commissioner for Public Appointments regulates appointments to provide independent assurance that appointments by Ministers to the boards of public bodies are made in accordance with the Government’s Principles of Public Appointments and Governance Code. More information about the role of the Commissioner is available here.
If you are not completely satisfied with the appointments process – please raise any complaint in the first instance to: email@example.com
How to Apply
Applications must be submitted no later than 23:00, 20 February 2018.
Applications should consist of:
- The completed application form
- The completed Political Activity, Conflict of Interest and Diversity Monitoring questionnaire
- A full CV (including nationality, education and professional qualifications, career history, and relevant achievements and responsibilities)
- A covering letter (not exceeding two sides) summarizing the evidence from your career which best demonstrates your qualifications for the appointment.
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 which will be held in London.
- Interviews for these roles are expected to take place in central London in March 2018.
- Interviews will be conducted by a panel consisting of senior officials from the Treasury and the Bank and an external member who is independent of both the Treasury and the Bank.
If you are unable to submit your application by email or need any further assistance, including information in other formats, please contact:
1 Horse Guards Road
- Role Profile
- Application Form
- Political Activity, Conflict of Interest and Diversity Monitoring questionnaire
This post is regulated by The Commissioner for Public Appointments