The Bank of Englands Court of Directors
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Issued 11 June 2008
Her Majesty The Queen has been pleased to approve the reappointment as
Non-Executive Directors of the Court of the Bank of England of:
- Arun Sarin
- Geoffrey Wilkinson
- Paul Myners CBE
- Sir Callum McCarthy
The Government stated in Financial Stability and Depositor Protection
(January 2008) that it intends to legislate to have a smaller, more effective
Court with responsibility for overseeing the Bank's work in financial stability.
It plans to implement the changes to the size and composition of the Court as
part of the Banking Bill announced in the Queen's Speech on 6 November 2007.
1. Appointments are from 1 June 2008. and this will be their second term. Under
the Bank of England Act 1998 appointments as Non-Executive Directors of the
Court of the Bank of England are for a three-year term.
2. The Government stated in
Financial Stability and Depositor Protection that it intends to legislate to
have "a smaller, more effective Court with responsibility for overseeing the
Bank's work in financial stability". The Government plans to implement the
changes to the size and composition of the Court as part of the Banking Bill
announced in the Queen's speech on 6 November 2007. Those being appointed are
aware of these intentions and are content to be appointed on this basis.
3. Non-Executive Directors to the Court of the Bank of England currently receive
a remuneration of £6,000 per year with the chair of the sub-committee of
non-executive directors (NedCo) receiving £12,000 per year and chair of various
Court sub-committees receiving £9,000 per year.
4. Arun Sarin is the current Chief Executive of Vodafone Group plc. Geoffrey
Wilkinson is a Non-Executive Director at the South West Strategic Health
Authority and a member of the England Committee of the BIG Lottery Fund. Paul
Myners CBE holds a number of non-executive positions including Chairman of the
Guardian Media Group, Chairman of Land Securities Group plc and Chairman of the
Low Pay Commission.
5. As part of their role as Non Executive Directors Arun Sarin and Geoffrey
Wilkinson sit on the remuneration committee of the Court of the Bank of England.
Paul Myners sits on the audit committee.
6. The appointment of the Chairman of the FSA to the Court of the Bank of
England mirrors the appointment of the Deputy Governor for Financial Stability
to the Board of the FSA. It is ex officio and by longstanding convention,
captured in the 1997 Memorandum of Understanding between the Treasury and the
Bank of England, which was updated in 2006 to include the FSA. Sir Callum
McCarthy will step down as Chairman of the FSA in September 2008 and will also
step down as a Non Executive Director of the Court at that time.
7. The Bank of England is the central bank of the UK. It is governed by a board
of directors known as the Court of Directors, which oversees the operations of
the Bank, except its monetary policy decision-making, which is the
responsibility of the separately appointed Monetary Policy Committee (MPC).
Further details, including current Court members, can be found on the
Bank of England website.
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Article Published/Sorted/Amended on Scopulus 2008-07-11 14:08:33 in Economic Articles