Non-Executive Director - Court of Directors- The Bank of England

Closed
Body: Court of Directors- The Bank of England
Appointing Department: HM Treasury
Sectors: Business, Finance & Skills, Charity & Public Sector, Regulation
Location: London
Skills required: Accountancy, Audit and Risk, Business / Commercial, Change Management, IT / Digital, Major Projects, Regulation
Number of Vacancies: 2
Remuneration: Non-Executive Directors receive remuneration of £15,000 a year. Non-Executive Directors that also chair a sub-committee of Court and the Deputy Chairman of Court will receive additional remuneration of £5,000 a year. In addition, all Non-Executive Directors receive payments to cover expenses.
Time Requirements: Around 2 to 3 days a month. This includes a minimum of seven meetings of Court a year and additional meetings as required of a Committee.

Campaign Timeline

  • Competition Launched

    19/02/2019

  • Closed for Applications

    19/03/2019

  • Panel Sift

    TBC

  • Final Interview Date

    TBC

  • Announcement

    TBC

 

Assessment Panel

  • Sir Tom Scholar Added 19/02/2019

    Panel Chair

    Permanent Secretary, HM Treasury • Departmental Official • Departmental Official

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  • Charles Roxburgh Added 19/02/2019

    2nd Permanent Secretary, HM Treasury • Departmental Official • Departmental Official

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  • Bradley Fried Added 19/02/2019

    Chair of the Court of The Bank of England • Representative of Organisation

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  • Terry Miller Added 19/02/2019

    Non-executive director and Senior Independent Director- Galliford Try. • Independent 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 Governors and seven Non-Executive Directors. The 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 of its statutory and other objectives. Court is responsible for ensuring the effective discharge of the Bank’s functions, and the most efficient use of its resources.

The Non-Executive Directors play an important role in reviewing the Bank’s performance, risk and financial controls.   They can expect to be appointed to one or more sub-committees of Court, including those for Remuneration and Audit and Risk. All non-executive members of Court have the right to observe meetings of the MPC and other policy committees of the Bank. The estimated time commitment is between two and three days per month.

Person Specification

Non-executive members of Court serve in a personal capacity. We are looking to appoint two Non-Executive Directors, with the appointments expected to commence on or before 1 May 2019 and 1 June 2019.

A Non-Executive Director of Court is likely to have substantial experience in one or more of the following:

  • A prominent role either as Chair, Chief Executive, Managing Director or Executive Board member in a relevant area of public policy or the voluntary sector
  • Leadership at board level in a major financial services firm, a FTSE 100 company or a substantial multinational corporation.
  • Building up a successful enterprise of a significant size themselves.

Candidates for the Non-Executive Director position must be leaders within their chosen professions, with a strong technical and financial grasp in their field, combined with an interest in the wider public policy debate and in economic and financial policy in particular.

When appointing candidates, the Government judges it important to maintain an appropriate breadth and balance of skills and experience between all members of Court. The main specific qualities that we are looking for in this appointment are:

  • A broad background in finance, industry or a trades union
  • Recent and relevant financial experience
  • Undisputed integrity and standing, including the ability to maintain discretion and engender trust in staff, peers and stakeholders
  • Excellent interpersonal and influencing skills, including the ability to build strong relationships with other members of Court, the most senior Bank officials and key senior stakeholders

Other desirable skills and experience include:

  • Experience delivering organisational effectiveness, given the need for Court to ensure the most efficient use of the Bank’s resources, including public funds

 

  • Examples of successful strategic organisational planning, given the important role Court will play in ensuring a smooth transition to a new Governor in 2020

 

We value and promote diversity and actively encourage candidates from diverse backgrounds with the required experience and skills to apply. Appointments are made on merit and are subject to the Principles of Public Life set out by the Commissioner for Public Appointments and the Bank’s Code of Conduct for Members of Court.

Additional Information

Appointments to the Court are made by the Queen, on the recommendation of the Prime Minister and the Chancellor of the Exchequer.

References

The names of two referees are asked for as part of the application form. Referees must be people who know you in a capacity to comment on your suitability for the appointment for which you have applied and will be expected to have authoritative and personal knowledge of your achievements. References will only be taken up for short listed candidates called to interview as soon as the interview arrangements have been made.   Referees will be advised accordingly.

 Expenses

If you are invited for interview reasonable and necessary travel expenses will be reimbursed.

Equality of Opportunity

HM Treasury and the Bank of England are committed to ensuring a truly diverse workforce. All disabled applicants will be guaranteed an interview, provided they meet the minimum criteria for the post.

 Regulation by the Commissioner for Public Appointments

The Commissioner for Public Appointments regulates appointments to provide independent assurance that appointments by Ministers to the boards of public bodies are made in accordance with the Government’s Principles of Public Appointments and Governance Code. More information about the role of the Commissioner is available from:

Home

For full details of the complaints process for public appointments please click on the following link which will take you to the Commissioner for Public Appointments website:

Complaints and Investigations

Alternatively please contact the Commissioner’s office on 020 7271 0833 or by emailing publicappointments@csc.gov.uk for a printed copy.

If you are not completely satisfied with the appointments process – please raise any complaint in the first instance to: nedboe@hmtreasury.gov.uk

Attachments
Public Appointment Recruitment Privacy Notice
Monitoring Form
Application-form-BoE-2019- 190219
Public Appointment Recruitment Privacy Notice
Candidate-Pack-BoE-2019-190219
Political-Activity-Conflict-of-Interest-and-Guarantee-int-BoE-2019
Political-Activity-Conflict-of-Interest-and-Guarantee-int-BoE-2019_
Application-form-BoE-2019-190219
Candidate-Pack-BoE-2019-190219
Monitoring-Form
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