The Universities Superannuation Scheme (USS) - Non-Executive Director

Non-Executive Director - The Universities Superannuation Scheme (USS)

Recruiter: The Universities Superannuation Scheme (USS)
Location: London based (with occasional travel to USS’s Liverpool office)
Salary: £88,300* p/a. (total fee)
Posted: 22 Aug 2021
Closes: 13 Sep 2021
Job Function: Non Executive Director
Industry: Public

Universities Superannuation Scheme (USS), with c440,000 members, and more than £85 billion in assets, is one of the largest private pension schemes in the UK and in the top 50 worldwide. Established in 1974, USS is entrusted by c340 higher education institutions to manage and administer the pension scheme and its investments through Universities Superannuation Scheme Limited (USSL) and its wholly owned subsidiary USS Investment Management Limited (USSIM). USSIM is authorised and regulated by the FCA and designated as an “enhanced firm” by the FCA and is under the Senior Managers & Certification Regime

With upcoming retirements from the USSL board of an Independent Director, USS invites applications for an independent non-executive director to join the board of USSL and also the board of its investment management subsidiary, USSIM, in December 2021. The role will have a focus on investment management (in a pensions context).

Both boards have significant responsibilities for the governance and oversight of a business providing complex operational and advisory functions within a heavily regulated environment and Board members need experience, expertise and capabilities proportionate to this. All Board members therefore require exceptional strategic thinking, leadership, communication, influencing, teamwork and decision-making skills.

The successful candidate will have expertise in the following areas:

• Recent experience of institutional investment, as a CIO, portfolio manager or advisor. Considerable understanding of investment principles, major asset classes (including private and public markets) and strategic asset allocation. Ideally candidates will have some direct experience of investment decision-making but may have subsequently moved to a broader business management role or been involved in a consulting/advisory capacity.
• A strong understanding of asset and liability management, with experience of managing pension or insurance liabilities helpful. Candidates should be familiar with the UK regulatory framework for pension funds (DB and / or DC).
• Candidates must have in-depth practical experience of the financial services sector, with demonstratable knowledge of governance and FCA regulatory responsibilities and best practice.
• Experience of working with boards/ governing bodies. We would also welcome applications from candidates who have not previously held any non-executive or trustee positions, but can demonstrate a track record of influencing (at board level) the direction of an organisation, or regularly engaging with and attending non-executive / trustee forums, outside of their day-to-day area(s) of responsibility.

We celebrate diversity and are committed to creating an inclusive environment for all employees, non-executive directors and contractors and would welcome applications from a wide range of candidates, including those who have recently left an executive role and are embarking on a plural career.

Time Commitment: Approximately 55 days per annum (30 days USSL; 25 days USSIM).
Duration: Initial 4-year term with possibility of reappointment.
Further details are available in the full role profile.

To apply, please send a copy of your CV and a statement of suitability to [email protected] including the role title and reference “USSL-NED” in the email subject line. The closing date is 13 September 2021 and interviews are expected to take place in early October.