Chair of Court of the Bank of England

Closed
Body: Bank of England
Appointing Department: HM Treasury
Sector: Business, Finance & Skills
Location: London
Skills required: Audit and Risk, Business / Commercial, Major Projects, Regulation
Number of Vacancies: 1
Remuneration: £48,000 a year
Time Requirements: Variable but on average around 2-3 days per week.

Campaign Timeline

  • Competition Launched

    09/02/2022

  • Closed for Applications

    09/03/2022

  • Panel Sift

    Early April

  • Final Interview Date

    Early May

  • Announcement

    TBC

 

Assessment Panel

  • Tom Scholar

    Panel Chair

    Permanent Secretary, HM Treasury • Departmental Official

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  • Charles Roxburgh

    Second Permanent Secretary, HM Treasury • Departmental Official

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  • Diana 'Dido' Harding

    Deputy Chair of Court, Bank of England • Representative of Organisation

    Diana 'Dido' Harding's full title is The Baroness Harding of Winscombe

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  • Terry Miller

    Non-Executive Director and Senior Independent Director, Galliford Try • Senior Independent Panel Member

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Vacancy Description

The Bank of England is the central bank of the United Kingdom. The Court of Directors is the Bank’s governing board, and comprises the Bank’s Governor, the four Deputy Governors, and up to nine non-executive directors. Court manages the Bank’s affairs, and has responsibility for determining the Bank’s objectives and strategy, and for oversight of the Bank’s performance and effective discharge of its statutory and other objectives. Non-executive members of Court have the right to observe meetings of the three main policy committees of the Bank, the Monetary Policy Committee, the Financial Policy Committee and the Prudential Regulation Committee.

The Chair plays a vital role at a time of continuing change in the Bank functions and organisation. Working closely with the Governor, the Chair is key to the Bank’s governance and the life of the Bank more broadly.

The key responsibilities of the Chair include:

  • involvement in key recruitment decisions affecting the Court and the most senior staff;
  • ensuring the sub-committees of Court work effectively to meet their responsibilities;
  • ensuring the effectiveness of Court;
  • ensuring the performance of individual Non-Executive Directors is assessed on a regular basis and that the Non-Executive Directors have the support they need to fulfil their roles effectively;
  • playing a key role in the relationship with HM Treasury as the Bank’s shareholder; and,
  • playing a key role in the relationship with the National Audit Office, and provide evidence to Parliamentary Committees on the Bank’s activities and performance as required.

The Chair serves in a personal capacity, with an estimated time requirement of two days per week on average. Appointment is expected to commence in Summer 2022.

 

Person Specification

The successful candidate will have substantial experience in one or more of the following:

  • Playing a significant role either as chair or chief executive or equivalent of a major organisation in a relevant area of public policy, the voluntary sector or a trade union.
  • Chair (executive or non-executive) or CEO of a major financial services firm, a listed company or a substantial multinational corporation.
  • Building a successful enterprise of a significant size themselves.

 

Key requirements include:

  • Leadership skills – ability to provide effective leadership to the work of the Court and its Committees. They must be of sufficient authority to command the respect of Court and to build an effective relationship with the Governor and Deputy Governors.
  • Partnership with the Governor – a demonstrated track record of building and maintaining close and effective working partnerships with senior executives while holding non-executive positions.
  • A personal track record of exercising the highest standard of corporate governance, and the ability to scrutinise and challenge the actions of the executives of the Bank in running the institution.
  • Good practical understanding of UK financial markets.
  • Undisputed integrity and standing, and the interpersonal qualities to engender trust and respect in staff, peers and other stakeholders.
  • Excellent interpersonal and influencing skills – to build strong relationships with other members of Court, the most senior Bank officials, the Government and other key stakeholders.
  • Strong presentational skills, given the likely need to give evidence to Parliamentary Committees.

 

Attachments
Chair Candidate Pack
Chair Candidate Pack
diversity-monitoring-form-accessible
Public Appointment Recruitment Privacy Notice
Disabilty Conflicts and Political Chair
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