Non-Executive Director, British Patient Capital (BPC)

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 £20,000 per annum.
Time Requirements: The time commitment is expected to be approximately 20 days per year, including two Strategy days and six formal BPC Board meetings which will 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 be commenced as soon as possible after the Closing Date

Vacancy Description

 

As part of the Budget in November 2017 and in response to the Patient Capital Review, the Chancellor announced an action plan to unlock over £20 billion to finance growth in innovative firms over 10 years. This plan allocated additional resources to the British Business Bank. British Patient Capital will be seeded with c. £400m of existing and approved venture and growth fund commitments and will look to invest £2.5bn over the next decade.

It is intended that British Patient Capital will become an independent private entity in due course. It could be floated on the London Stock Exchange or sold to a fund management group or to institutional investors in due course. It will encourage and facilitate innovation and help ensure that the best knowledge-intensive, high growth businesses get more access to the venture capital they need to grow.

A Non-Executive Directors is sought to provide oversight, governance and strategic challenge to BPC to ensure that any investments approved are in line with the company’s investment strategy and mandate. They will play an important part in developing the strategy of BPC, both in terms of broad, high level decisions around capital allocation, and also to drive the set up and growth and the journey towards independence.  Success of BPC will be measured by a number of metrics including its quantum, returns, and the degree to which it has developed a profile in the eye of the institutional investment community.  The non executive director will have a complementary set of skills to help drive these outcomes, and balance them with the objectives of the parent, the British Business Bank, and ultimately the Government.

In this unique entity, the non-executive director will use their networks to build brand awareness and develop strategic relationships.  They will be ambassadors and advocates as well as experts in venture capital and growth capital investing.  They will also provide governance and challenge across the more traditional Board agenda items of risk, audit and remuneration although these will be influenced and guided from the parent Board level.  The candidate will bring gravitas and broad asset management experience as well as currency and fluency in the venture capital/ fund of funds and entrepreneurial intellectual capital areas.

The successful candidate will:

  • Help define, challenge, and oversee the strategy of the BPC, bringing their broad investment experience to bear in the early stages of investment strategy and capital allocation.
  • Be a brand ambassador for the BPC, utilising their network to raise its profile across the institutional investor base.
  • Be actively involved in assessing larger scale investment and partnership choices.
  • Lead the BPC on its journey to independence and bring valuable experience in terms of listing a fund or business and/or of fund raising from institutional investors.
  • Bring relevant outside expertise, networks, and original thinking to BPC.
  • Provide an informed and independent view on Board matters, both strategic and operational.
  • Scrutinise the performance of management in meeting agreed objectives and rigorously monitor the reporting of performance.
  • Provide independent counsel to the Chief Executive Officer and act as a sounding board for the senior management team as appropriate.
  • Develop effective relationships with the Board and Executives of the BBB and BBI.
  • Help determine BPC’s risk appetite and ensure that effective and appropriate risk management controls are in place.
  • Ensure that BPC has in place effective and robust financial control procedures.
  • Ensure that BPC accounts properly to its stakeholders by producing an accurate account of its business and financial performance; probe to check the integrity of financial information.
  • Ensure that high levels of conduct, accountability and corporate governance are upheld, whilst remaining personally focused on adding value to core business discussions
  • Ensure that BPC has appropriate executive succession planning procedures in place.
  • Regularly update and refresh his/her skills, knowledge and familiarity with BPC’s business.
  • Regularly update their knowledge of the regulations with which BPC must comply.  Monitor compliance with these regulations

Person Specification

BPC 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 candidates may have a senior and successful track record in one or more of the following investment areas:

BPC 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 candidates may have a senior and successful track record in one or more of the following investment areas:

  • Patient Capital
  • Venture Capital
  • Growth Capital
  • Private Equity
  • Development Capital
  • Alternative Investment

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 this new 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 BPC to want to add real value to the Board and the business.

BPC 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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