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The Court of Directors

The Bank of England Act 1998, which came into force on 1 June 1998, changed the constitution and duties of the Court of Directors from that set out in the previous Act of 1946, strengthening the Bank's governance and accountability, as well as formalising the Bank's responsibility for the conduct of monetary policy.

The 1998 Act provides for the appointment, by the Crown, of a Governor, two Deputy Governors and sixteen Non-Executive Directors . The term of appointment for the Governor and two Deputy Governors is five years and for the Directors, three years, all of which are renewable.

Photographs and Involvements

Court meets at least once a month, and its functions are to manage the Bank's affairs other than the formulation of monetary policy, which is the responsibility of the Monetary Policy Committee . This includes determining the Bank's objectives and strategy, ensuring the effective discharge of the Bank's functions and ensuring the most efficient use of the Bank's resources.

Under the Bank of England Act 1998, certain functions of Court are delegated to a sub-committee comprising the sixteen non-executive Directors of the Bank. This sub-committee is known as NedCo.

The delegated functions are:-

1. keeping under review the Bank's performance in relation to its objectives and strategy for the time being determined by Court;
2. monitoring the extent to which the objectives set in relation to the Bank's financial management have been met;
3. keeping under review the internal financial controls of the Bank with a view to securing the proper conduct of its financial affairs;
4. determining how the renumeration and pensions of the executive members of Court should be fixed;
5. keeping under review the procedures following by the Monetary Policy Committee, including determining whether the Monetary Policy Committee has collected the regional, sectoral and other information necessary for the purposes of formulating monetary policy;
6. determining the terms and conditions of the members of the Monetary Policy Committee who are appointed by the Chancellor of the Exchequer.

Mervyn Allister King, Esq. Governor (First appointed to Court 1 March 1990, appointed Executive Director 1 March 1991 and appointed Deputy Governor on 1 June 1998)
	Date of first appointment in current position 1 July 2003		Expiry date of appointment 30 June 2013
Charles Bean Deputy Governor, Monetary Policy
	Date of first appointment in current position 1 July 2008		Expiry date of appointment 30 June 2013
Sir John Gieve, C.B. Deputy Governor, Financial Stability
	Date of first appointment in current position 16 January 2006		Expiry date of appointment 15 January 2011
Brendan Paul Barber, Esq. General Secretary, Trades Union Congress
	Date of first appointment in current position 1 June 2003		Expiry date of appointment 31 May 2009
Roger Carr, Esq. Chairman of Centrica plc
	Date of first appointment in current position 1 June 2007		Expiry date of appointment 31 May 2010
Ms Amelia Chilcott Fawcett, C.B.E. Chairman, Pensions First LLP
	Date of first appointment in current position 1 June 2004		Expiry date of appointment 31 May 2010
The Hon. Peter Jay Former Economics Editor, BBC and previously H.M. Ambassador to the USA
	Date of first appointment in current position 1 June 2003		Expiry date of appointment 31 May 2009
Professor Sir John Andrew Likierman London Business School
	Date of first appointment in current position 1 June 2004		Expiry date of appointment 31 May 2010
Sir Callum McCarthy Chairman, Financial Services Authority
	Date of first appointment in current position 22 September 2003		Expiry date of appointment 31 May 2011 (to step down September 2008)
Paul Myners, Esq.
	Date of first appointment in current position 1 June 2005		Expiry date of appointment 31 May 2011
Sir Thomas John Parker Chairman, National Grid plc
	Date of first appointment in current position 1 June 2004		Expiry date of appointment 31 May 2010
Dr David Edwin Potter, C.B.E. Chairman, Psion plc
	Date of first appointment in current position 1 June 2003		Expiry date of appointment 31 May 2009
Ms Susan Rice, FCIBS D.BA Chief Executive, Lloyds TSB Scotland plc
	Date of first appointment in current position 1 June 2007		Expiry date of appointment 31 May 2010
Professor David William Rhind, Esq. C.B.E., F.R.S., F.B.A.
	Date of first appointment in current position 1 June 2006		Expiry date of appointment 31 May 2009
Arun Sarin, Esq. Chief Executive, Vodafone Group Plc
	Date of first appointment in current position 1 June 2005		Expiry date of appointment 31 May 2011
James Murray Strachan, Esq.
	Date of first appointment in current position 1 June 2006		Expiry date of appointment 31 May 2009
Robert Charles Michael Wigley, Esq. Chairman, EMEA, Merrill Lynch International
	Date of first appointment in current position 1 June 2006		Expiry date of appointment 31 May 2009
Geoffrey Charles George Wilkinson, Esq.
	Date of first appointment in current position 1 March 2005		Expiry date of appointment 31 May 2011

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  The current governance and accountability framework is set by the 1998 Bank of England Act

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