Non-Executive Director, British Business Bank (BBB)

Body: British Business Bank plc
Appointing Department: Department of Business, Energy and Industrial Strategy
Sectors: Business, Finance & Skills
Location: London & Sheffield
Skills required: Business / Commercial
Number of Vacancies: 1
Remuneration: The annual fee payable will be £25,000 per annum.
Time Requirements: The time commitment is expected to be approximately 20 days per year, including two Strategy days and seven formal BBB Board meetings, which will primarily take place in London and Sheffield.

This is not a ministerial appointment.

Campaign Timeline

  • Competition Launched

    04/12/2018

  • Closed for Applications

    18/12/2018

  • Panel Sift

    07/01/2019

  • Final Interview Date

    TBC

  • Announcement

    TBC

Interviews to take place soon after the closing date

Vacancy Description

The UK Government established the British Business Bank (BBB) in 2014. The British Business Bank is 100% Government owned, but independently managed. It brings expertise and Government money to the smaller business finance markets. The Bank doesn’t lend or invest directly. Instead it works with over 100 partners such as banks, leasing companies, venture capital funds and web-based platforms.

Businesses apply for finance through its partners who, because they work with the Bank, can lend and invest more, especially to younger and faster growing companies.

In total the Bank works through more than 100 finance partners in the market, and will unlock up to £10 billion of new finance and bring greater choice and information on finance options to smaller businesses.

The Bank has six objectives:

  • increase the supply of finance available to smaller businesses where markets don’t work well.
  • help to create a more diverse finance market for smaller businesses, with a greater choice of options and providers.
  • encourage and enable SMEs to seek the finance best suited to their needs.
  • managing taxpayer resources efficiently and within a robust risk management framework.
  • be the centre of expertise on smaller business finance in the UK, providing advice and support to Government.
  •   identify and help to reduce imbalances in access to finance for smaller businesses across the UK.

The British Business Bank’s work and corporate culture is driven and supported by its organisation’s values:

  • Enabling – our overarching ethos
  •  Connecting
  •  Innovative
  •  Openness
  •  Talent
  •  Commercially Responsible.

The long-term success and the strategy of BBB is the collective responsibility of the Board, in consultation with the Department for Business, Energy and Industrial Strategy.  The board of BBB plc also operates through four board committees: i) Audit, ii) Risk, iii) Remuneration and iv) Nomination. The new appointee will sit on at least one committee.

Board members promote the highest standards of corporate governance with the personal credibility and presence to engage, as needed, with Ministers and senior Government and business stakeholders. This is a collaborative Board with a constructive approach and a strong belief in the Bank’s mission.

The successful candidate will:

Contribute to setting, monitoring and challenging the strategic direction of the Bank, by assisting in developing key strategic objectives, overseeing the achievement of those objectives and challenging the on-going appropriateness of those objectives.

  • Contribute to open and honest debate at Board meetings and provide constructive challenge to the executive decisions, adding diversity of thought and industry experience to the Board.
  • Promote the long-term success of the Bank and ensure the accountability of the Bank, scrutinising the performance of management in meeting agreed goals and objectives, and monitoring the reporting of performance.
  • Uphold high standards of integrity and probity and support the Chairman and executive directors by seeking to instill the appropriate culture, values and behaviours in the boardroom and beyond.
  • Commit sufficient time and resource to fulfil all functional responsibilities and continually develop personal capabilities to do so.

Further details on the Bank can be found on the website at https://www.british-business-bank.co.uk/

 

Person Specification

It is important that the new appointee both understands and is aligned to the mission of the Bank appreciating the legal and regulatory parameters within which it operates. Whilst the Bank has operational independence, government ownership brings particular responsibilities both in terms of managing the relationship with the government as a stakeholder, but also in the governance aspects of utilising taxpayers’ money. Candidates will need to navigate these issues being comfortable and confident in developing and managing relationships with key stakeholders.

 

BBB requires a strategic, commercial, high profile senior leader from the investment arena, with a deep understanding of venture capital, growth capital and patient capital issues. They will have a broad network amongst institutional investors, and strong grasp of the venture/growth/patient capital ecosystem. They will ideally have had experience of listed vehicles and of raising capital, investing in venture funds, and selling a business or fund.

Furthermore, they will have a genuine interest in the venture and growth capital sector and in contributing to the growth of the country in the context of the BBB, government and the wider public sector.

The successful candidate will:

  • Have a successful background in patient/growth/venture capital, or in development capital more broadly, including intellectual capital.
  • Have a strong network and profile amongst the venture capital institutional investor community.
  • Ideally bring experience of listing or selling a business or fund.
  • Bring broad general management experience with a strong and successful track record of developing and implementing strategy.
  • Be a highly regarded, widely respected individual in the investment arena, in order to raise the profile of the Bank’s new patient capital fund on its journey to independence.
  • Bring an appreciation of governance and the structures of public/private funds, ideally including from a listed business.
  • Have a track record or strong familiarity with fund raising from large institutional investors.
  • Be prepared to be appropriately challenging to the executive and able to scrutinise its performance, whilst also providing appropriate support.
  • Be able to work effectively as part of a team, in a low ego environment. Flexibility, a sense of humour and good interpersonal skills are also important.
  • Have the intellect and breadth of vision that will enable him/her to fully contribute to strategic and high level operational discussions.
  • Apply common sense, pragmatism and good business judgement to key issues.
  • Have strong communication skills and the ability to articulate complex issues confidently and clearly.
  • Be an enthusiastic, inquisitive and robust individual, committed to pursuing and exploring all issues relevant to the business and governance of the firm.
  • Have the time to carry out this role effectively and the interest in BBB to want to add real value to the Board and the business.

BBB is committed to reflecting diversity of all types amongst its Board members

 

Additional Information

None

How to Apply

Applications by covering letter attaching CV to be submitted by email to:

peter.henry@odgersberndtson.com

Peter Henry

Odgers Berndtson

95a George St

Edinburgh EH2 3ES

This post is NOT regulated by The Commissioner for Public Appointments.

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