Governor of the Bank of England
|Body:||The Bank of England|
|Appointing Department:||HM Treasury|
|Sector:||Business, Finance & Skills|
|Number of Vacancies:||1|
|Time Requirements:||8 years|
Sir Tom Scholar Added 24/04/2019
Permanent Secretary, HM Treasury • Departmental Official
Charles Roxburgh Added 24/04/2019
2nd Permanent Secretary, HM Treasury • Departmental Official
Bradley Fried Added 24/04/2019
Chair of the Court of the Bank of England • Representative of Organisation
Dame Kate Barker
Former MPC member and senior economist • Senior Independent Panel Member
The Governor of the Bank of England chairs the Bank’s three major policy committees – the Monetary Policy Committee, the Financial Policy Committee and the Prudential Regulation Committee. As such the Governor plays a central role in setting monetary, macro-prudential and micro-prudential policy. She/he also has senior responsibility for resolution policy and the supervision of financial market infrastructure, and has senior responsibilities for the Bank’s culture, the production and integrity of the Bank’s financial information and the development of the Bank’s business model and strategy.
The position of Governor of the Bank of England will fall vacant when Mark Carney’s term ends on 31 January 2020. Candidates should be able to commit to an eight-year term.
The Governor is the Bank’s principal communicator on all policy matters and accountability to Parliament takes the form of frequent appearances before the Treasury Select Committee. Outside Parliament, the Governor will be expected to explain the Bank’s policy positions to diverse audiences in order to build and retain public confidence in the Bank’s functions, to provide assurance to domestic and international markets and to maintain the transparency of the Bank’s decision-making.
The Governor is the Bank’s primary representative at international policy fora, with the opportunity to shape and influence discussions, particularly relating to the international financial regulatory reform agenda. The Governor is the Bank’s official representative at meetings of the G7, G20, the Bank for International Settlements, and (as Alternate Governor) at the International Monetary Fund.
The successful candidate must demonstrate that she/he can successfully lead, influence and manage a complex and powerful financial institution, inspiring confidence and credibility within the Bank, throughout financial markets, in the wider public arena and on the international stage. She/he will need a broad range of capabilities ranging from macroeconomics, to understanding developments in, and the structure of, financial markets, to macro-prudential and micro-prudential supervision.
Potential candidates will have substantial experience of working at the most senior level in a major bank or other financial institution or of working in, or involvement with, central banking (e.g. the Bank for International Settlements or the International Monetary Fund).
Additionally, candidates will have:
- Extensive knowledge and experience of financial markets and the risk cultures therein and be credible on both microeconomic and macroeconomic issues, domestically and internationally.
- Successfully led a large financial organisation and will demonstrate personal effectiveness, determination and resilience.
- The ability to maintain global confidence in UK financial services through maintaining the resilience of the financial system and the safety and soundness of regulated firms.
- The ability to use sound judgement to make decisions in a timely manner against a background of uncertainty.
- Proven and effective leadership skills, to encourage teamwork and to develop talent. Given the breadth of the Bank’s responsibilities, the ability to delegate will be particularly important.
- Experience of communicating with authority and credibility internally, to Parliament, the media, the markets and the wider public.
HMT is committed to diversity and providing equal opportunities for all. Applications are therefore welcome irrespective of age, gender, ethnicity, sexual orientation or disability.
How to Apply
The details and two forms you are asked to complete as part of the application are explained below.
Applications must be submitted to the following email address: email@example.com
You need to provide the following information:
- A full CV (including nationality, education and professional qualifications, career history, and relevant achievements and responsibilities as well as contact numbers and e-mail addresses).
- The names of two referees should be included in the CV. Referees should know you in a capacity to comment on your suitability for the appointment and have authoritative and personal knowledge of your achievements. References will only be taken up for short listed candidates, but will be sought prior to interview.
- A covering letter of no more than three sides of A4 explaining how you meet the appointment criteria, as detailed in the candidate profile, and summarising the evidence from your career which best demonstrates your qualifications for the appointment. If you believe you may have a potential conflict of interest please do flag this in the covering letter, as it may be explored at interview.
You will need to complete two additional forms:
- A Disability Confident Scheme, Political Activity and Conflict of Interest questionnaire.
- A Diversity Monitoring Form. Information submitted in the Diversity Monitoring Form is used for monitoring purposes only and will not be seen by any selection panel.
More information is included in the candidate pack.
Your application will be acknowledged shortly after receipt and you will be informed by email or by telephone of the progress of your application.
Applications should arrive by 2300 BST on Wednesday 5 June 2019.
If you would like to have a confidential discussion on potential conflicts of interest issues, your suitability to apply, the application process or any technical queries on completing the application, please do not hesitate to call Kate Grussing, Sally Springbett or Caroline Turner at Sapphire Partners on +44 (0)20 7292 9970. Alternatively, please email Kate or Sally at: firstname.lastname@example.org or email@example.com. For calls out of office hours you can reach Kate at +44(0)7818 427 221.
Once the closing date for applications has passed, 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 qualified applicants will be invited to panel interview.
Panel interviews are expected to take place in central London in Summer 2019. The appointment will begin on 1 February 2020, after the current Governor, Mark Carney’s term ends on 31 January 2020.
This post is NOT regulated by The Commissioner for Public Appointments.