Trustee - Nuclear Liabilities Fund

Body: Nuclear Liabilities Fund
Appointing Department: UK Government Investments
Sectors: Business, Finance & Skills, Energy
Location: London
Skills required: Business / Commercial
Number of Vacancies: 1
Remuneration: £28,500 per annum
Time Requirements: Expected 2.5 days per month


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

Catherine Cripps has been appointed as a Trustee to the Nuclear Liabilities Fund with effect from 1 November 2017. She is also a Non-Executive Director at CQS Management, and has held non-executive positions there since 2013.
Catherine previously held senior positions at Credit Suisse, and latterly GAM, where she was the Head of Research as well as acting as deputy Chief Investment Officer of their multi-manager business.
Catherine is currently undertaking research in Quantum Physics at Imperial College, London.

Campaign Timeline

  • Competition Launched


  • Closed for Applications

    21/07/2017 at 12:00

  • Panel Sift

    Week commencing 24 July

  • Final Interview Date

    Week commencing 11 September

  • Announcement

    October 2017


Assessment Panel

  • Emily Ashwell Added 03/07/2017

    Panel Chair

    Executive Director • Departmental Official

    Show more information

  • Richard Wohanka Added 03/07/2017

    Chair of the Nuclear Liabilities Fund • Representative of Organisation

    Show more information

  • Rosie Varley Added 05/07/2017

    Independent Member

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Vacancy Description

The Secretary of State for Business, Energy and Industrial Strategy (BEIS) is seeking to appoint a Trustee to the Nuclear Liabilities Fund (NLF).

The NLF is a Scottish registered company and Trust investing assets to meet the costs of decommissioning the UK’s eight operational nuclear power stations, which are owned by EDF. The NLF currently holds assets of circa £9 billion, of which £7.4 billion is held in the National Loans Fund, the Government lending account. A further £1.6 billion is actively managed by the NLF trustees, predominantly in UK asset classes, such as infrastructure and property.

UK Government Investments, which acts as shareholder in relation to the Government’s holding in NLF and oversees the governance and performance of the NLF, now wishes to identify a further Trustee for the Fund. The Board currently operates three sub-committees: an Investment committee, an Audit committee and a Remuneration and Nominations committee. The Board allocates responsibilities to individual Trustees according to skills and experience and, in this instance, the Trustee is expected to chair and/or participate in the Audit and/or Investment Committee and hence will require the commensurate skills and experience to discharge these responsibilities.

Key responsibilities:

The formal responsibilities of the Board in accordance with the Trust Deed are to “…receive and hold monies, investments and other assets for the purposes of making payments towards discharging Nuclear Liabilities.” The Board is responsible for the delivery of the investment policy set by the SoS, taking all necessary actions to fulfil this responsibility.

This will include (but not be limited to):

  • Determining appropriate investment strategies to implement the agreed investment policy, and evaluating options and providing advice to help the SoS shape future investment policy
  • Monitoring and reviewing the implementation of the investment strategy and portfolio performance
  • Monitoring and managing risks to, and opportunities for, the Fund
  • Regularly reviewing Fund sufficiency, including liquidity requirements, to help inform updates and advice to BEIS Ministers on potential changes to future investment strategy
  • Ensuring it has access to such expert advice as is necessary appropriately to discharge its responsibilities
  • Developing collaborative strategic relationships to support and promote the core purposes of the Fund
  • Developing and leading the NLF’s stakeholder management strategy to ensure the Fund’s strategic objectives are understood by, and have the support of, key stakeholders
  • Ensuring the proper running of the NLF by, inter alia:
    • ensuring compliance with relevant aspects of the UK Corporate Governance Code;
    • ensuring the NLF’s resources are used effectively and efficiently in fulfilling the Board’s responsibilities; and
    • Ensuring the Board recognises the public service element of the NLF’s mission and the political context in which it operates, and embedding high standards of governance, propriety and transparency consistent with the fund’s status as a public body.

Person Specification

Candidates must be able to demonstrate experience commensurate with this role and the highest levels of integrity, authority and independence. Specific criteria include:


  • Relevant experience and a clear record of leadership at senior management level in an investment/asset management/financial institution, or similar role
  • Senior level experience and competence in accounting or auditing
  • Experience of operating at Board level, preferably including in a non-executive capacity.
  • Excellent inter-personal skills and experience of managing 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


  • Previous experience as a non-executive Director on a public or private sector Board and Audit committee is highly desirable
  • Demonstrable knowledge of asset management and investment strategies and their risks, ideally with experience of fund management
  • Experience of working at senior levels within or alongside the public sector
  • Experience of ensuring financial dealings are prudently and systematically accounted for, audited, and publicly available

How to Apply

Further details on the process to be found in the applicant information pack (attached)

NLF Trustee Application Pack
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