Chair of the Students Loans Company Board
|Body:||Student Loans Company|
|Appointing Department:||Department for Education|
|Sectors:||Business, Finance & Skills, Charity & Public Sector, Education|
|Location:||The board meets 10 times each year, meetings are generally held in Glasgow and also on occasion in London, Llandudno Junction and Darlington. The Chair will be expected to travel to these locations as necessary.|
|Skills required:||Business / Commercial|
|Number of Vacancies:||1|
|Remuneration:||£50,000 per annum|
|Time Requirements:||We expect the time demand on a non-executive Chair to be around 8 days per month, but may occasionally increase in exceptional circumstances.|
Closed for Applications
06/08/2019 at 11pm
August 2019 (Date TBC)
Final Interview Date
October 2019 (Date TBC
Paul Kett Added 03/05/2019
Director General for Higher and Further Education, DfE • Departmental Official
Natalie Campbell Added 03/06/2019
Senior Independent Panel Member
Ian Ferguson Added 03/06/2019
DfE Non-Executive Director and Chair of the Auditand Risk Committee • Other Panel Member
Dame Julia Goodfellow Added 03/06/2019
Chair, Public Health England • Other Panel Member
|The SLC delivers finance to students to enable them to participate in education. It is a not-for-profit organisation which was set up in 1989. SLC’s role has expanded significantly over the last 30 years to incorporate a wide range of products and services and it is now one of Government’s most high-profile delivery bodies, which manages a loan book worth more than £117bn, processes more than 1.5 million new loan applications each year and holds data on 8 million borrowers.
The business model of the SLC is akin to that of a mid-tier UK financial services institution. It is incorporated as a company limited by shares under the Companies Act and is wholly in public ownership – with the department for Education (England) being the majority shareholder and the remaining shares held by the devolved administrations in Scotland, Northern Ireland and Wales.
The SLC’s primary functions are:
The SLC service around 1.8 million applications per year, handle 4.6 million phone calls, make payments worth £18bn annually and manage over 8 million customers with loans totalling more than £117bn. SLC have sites across the UK; in Glasgow, Darlington and Llandudno Junction.
As non-executive Chair, you will be joining the SLC Board at a pivotal moment in the SLC’s history. The Company will face a number of challenges and opportunities during the coming months and years, including delivery of recommendations from the Post-18 Funding Review and the recommendations of the Tailored Review – which is attached to this specification. A key role for the Chair will be to work with the Board and oversee the executive to ensure that the resources and skills available to the Company are commensurate with its delivery obligations.
The SLC administers the data underpinning one of Government’s major assets: the Student Loan book. These data are supporting the sale of tranches of loans to monetise that asset for the benefit of the exchequer and taxpayers (£3.5bn raised to date) and there may be other opportunities to realise the value of the SLC’s data in the future.
The Company has recently commenced a major transformation programme which will radically overhaul SLC’s technology and working practices – allowing it to better engage with its digitally fluent user base. This transformation is still in its early stages – and will need careful oversight and scrutiny by the Board to ensure it achieves desired outcomes. Change management and supporting the executive to modernise the SLC over the next few years will be a key responsibility for the incoming Chair and the rest of the Board.
Governance Arrangements and the Role of the Chair
The SLC is led by a Board that consists of:
Under the leadership of the Chair, the Board will need to ensure it continues to have the right balance of skills and experience which allow it to direct SLC’s business, whilst providing support and constructive challenge to the executive leadership Team. The Chair will need to demonstrate high standards of corporate governance at all times, provide assurance on risk management and internal control, and ensure that best practice is followed. As a public body, the Chair will also need to ensure the Company is both compliant and acting within all financial and governance controls set by HM Government. The specific roles and responsibilities of the Board and its members are set out the SLC Framework Document, here: www.slc.co.uk/media/10196/slc-framework-document.pdf
The Chair of the SLC Board has the usual fiduciary duties associated with a director of a UK Company, but is also answerable to the Minister for Higher Education. This relationship is one of the primary formal communication channels between SLC and its parent department. Striking the right balance between the Board exercising its fiduciary duties and acting on instructions from its shareholders will be a key task for the Chair. The Minister for Higher Education writes to the SLC’s Chair annually on behalf of all four Shareholders setting out their strategic priorities for the year. This is a key document and will form the basis for the Chair’s own objectives.
The Chair will support the Chief Executive to ensure that the shareholders’ policies are delivered, and clearly communicated and disseminated throughout the SLC. In line with Framework Document, the Chair will be expected to:
|We are looking for an exceptional candidate who has a track record of leadership at a senior Board level and the credibility and authority with which to engage with senior officials and Ministers. Throughout the application and interview stage, candidates will need to demonstrate how they meet all the following essential criteria:
In addition, throughout all stages of the application process, the Panel will be keen to understand whether candidates fulfil any of the following desirable criteria:
This non-executive Chair will be required to attend Board meetings (10 per year), Board Sub-Committee meetings and other ad-hoc meetings as required. Board meetings are generally held in Glasgow and also on occasion held in London, Llandudno Junction and Darlington. The Chair will be expected to travel to these locations as necessary.
Diversity and Equal Opportunities
The Department for Education is committed to the principle of making public appointments based on merit with openness, fairness and equal opportunities for all. Applications are welcome from all, but we particularly encourage applications from women, people from an ethnic minority, people with disabilities and other underrepresented groups. Both UK nationals and international candidates are encouraged to apply.
We ask that all applicants complete an anonymised diversity monitoring form used for data gathering information in order to ensure departments are recruiting from the widest possible pool.
Due Diligence Checks
Due diligence checks, including referencing, will be conducted on all applicants at the sift stage of the recruitment process.
Reasonable expenses for travel and subsistence incurred whilst carrying out the responsibilities of the post will be reimbursed and subject to the Student Loan Company’s travel and expenses policy.
The post is not pensionable.
Term of appointment
An expectation of up to two three-year terms, with renewal after the first term subject to satisfactory performance appraisal.
How to Apply
Please submit the following documents by email to:
- A covering letter of no more than two sides of A4 paper (in Arial size 12 font), stating how you meet each essential and desirable criteria for the role.
- A CV
- Candidate Application Form
- Diversity form
- Guaranteed Interview Scheme form (if applicable)
Please include the heading “SLC Chair Application” in the subject box. If submitting your application by email, please submit your application documents as separate attachments.
Alternatively, you can send your application via post to:
HR, Public Appointments
Please note the following.
- We cannot accept applications submitted after the closing date.
- Applications will be assessed on the documentation provided. Please refer to the advert and checklist to ensure you have provided the necessary documentation.
- We will assess it based solely on documentation provided. Applications will be acknowledged upon receipt.
- Feedback will only be given to candidates unsuccessful following interview.
|Diversity Monitoring Form|
|Public Appointments Privacy Notice|
|Candidate Application Form|
|Applicant Pack Chair of the SLC|