The Nuclear Trust and Nuclear Liabilities Fund: Trustee-Director – Chair of Audit Committee

Announced
Body: The Nuclear Trust and Nuclear Liabilities Fund
Appointing Department: Department of Business, Energy and Industrial Strategy
Sector: Energy
Location: Meetings take place in London & Edinburgh
Number of Vacancies: 1
Remuneration: £28,500 per annum
Time Requirements: 33 days per annum

Announcement

An announcement has been made on the outcome of this appointment.

Margaret Stephens has been appointed as a trustee and director of the NLF with effect from 21 April 2020. This appointment is made in accordance with the Cabinet Office Code of Governance for Public Appointments

Date: 15/06/2020

View Announcement

Campaign Timeline

  • Competition Launched

    22/01/2020

  • Closed for Applications

    24/02/2020 at 00:00

  • Panel Sift

    TBC

  • Final Interview Date

    11 & 12 March

  • Announcement

    TBC

Interview dates subject to change

 

Assessment Panel

Vacancy Description

The Nuclear Liabilities Fund (NLF) holds approximately £9.5 billion and was established to meet the costs of decommissioning the UK’s second-generation nuclear power stations, which are currently operated by EDFE. The Fund helps ensure the industry is able to meet its security and environmental responsibilities with regard to the waste management and decommissioning of these plants.

The NLF is controlled by the Nuclear Trust, a Scottish Trust with five trustees. By convention, the trustees of the Nuclear Trust appoint themselves as directors of the NLF, with the Trust Chair chairing the NLF Board. Three of the Trustee-Directors are appointed by the BEIS Secretary of State and two by EDFE.

UK Government Investments (UKGI) on behalf of the BEIS Secretary of State is seeking to appoint a Trustee-Director with investment and finance experience to the boards of the Nuclear Trust and NLF to fill a vacancy which arises this spring with the retirement of one of the Trustee-Directors. The new Trustee-Director will also chair the NLF’s Audit Committee. The anticipated time commitment for the role is c.33 days per year.

The primary objective of the NLF board and the Trustee-Directors is to manage the Fund assets to meet its decommissioning liabilities. The Fund also has an ancillary role in offering strategic challenge to EDFE’s decommissioning plans.

The Role

This role offers the opportunity for active participation in managing innovative investment strategies to meet the Fund’s future liabilities. In addition, the right candidate will oversee the development of the Audit Committee at a time when payments out of the NLF are expected to increase significantly.

The appointee will join a board that is making a major contribution to the UK economy, to the public good and to the financial and environmental wellbeing of future generations.

Key responsibilities of the Trustees include:

  • Determining appropriate investment strategies to implement the agreed investment policy, and evaluating options and providing advice to help the BEIS Secretary of State shape future investment policy.
  • Monitoring the performance of the investment portfolio and providing appropriate oversight and challenge to NLF’s fiduciary manager in relation to investment strategy, fund governance and risk management.
  • Ongoing review of liquidity requirements, to anticipate possible changes to investment strategy necessary in the future and advice to BEIS on these.
  • Monitor, evaluate and manage risks to (and opportunities for) the fund.
  • The board is collectively responsible for fostering constructive relationships with key stakeholders to further the NLF’s strategic objective. To this end, ensure the Fund’s strategic objective is fully understood and has the support of stakeholders.
  • Appreciation of the political context within which the NLF operates and its public sector responsibility. The board’s governance and conduct must exhibit the highest standards of governance, propriety and transparency.

Person Specification

The successful candidate will need a combination of skills and attributes. These include an appetite for intellectually challenging work and a keen sense of the importance of the NLF’s mission.

Specifically, the appointee will need investment expertise and accounting and / or audit knowledge sufficient to enable them to chair the NLF’s Audit Committee. These should be combined with first class inter-personal, communication and influencing skills. The appointee must exhibit at all times the highest levels of integrity, authority and independence.

Essential criteria
– A demonstrable record of leadership at senior management level in an investment/asset management/financial institution, or similar role.
– Senior level expertise and competence in accounting or auditing.
– Experience of operating at Board level, preferably including in a non-executive capacity.  Excellent inter-personal skills and demonstrable capability to manage complex stakeholder relationships within a senior leadership context.
– Strong intellectual capability, with the capacity to understand technical financial issues and to think strategically.
– A commitment to the values of public service and the Principles of Public Life.

Desired criteria
-Previous involvement as a Non-Executive Director on a public or private sector Board and Audit committee is desirable.
-Involvement in working at senior levels within / alongside the public sector.
-Knowledge of ensuring financial dealings are prudently and systematically accounted for, audited, and publicly available.

How to Apply

In order to apply, please submit the following:

1 A cover letter – this should explain how you consider your personal skills, qualities and experience provide evidence of your suitability for this role, with particular reference to the points highlighted in the essential criteria. Please note that the cover letter is an important part of your application and is as much the means by which you will be assessed as your CV.

2 A CV

3 Diversity Monitoring Form – all candidates are requested to complete an online Diversity Monitoring Form which you will receive an email prompt to complete at the end of the application process. Any information collated from the Diversity Monitoring Forms will not be used as part of the selection process and will be treated as strictly confidential.

The preferred method of application is online at:  www.odgers.com/75359   If you are unable to apply online please email:  75359@odgersberndtson.com

Attachments
75359 The Nuclear Trust and Nuclear Liabilities Fund, Trustee-Director - Chair of Audit Committee - Candidate Brief
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