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About the Bank

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)
Mervyn Allister King, Esq
Date of first appointment in current position
1 July 2003
Expiry date of appointment
30 June 2013
       
Charles Bean
Deputy Governor, Monetary Policy
Charles Bean
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

Sir John Gieve
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
Brendan Barber
Date of first appointment in current position
1 June 2003
Expiry date of appointment
31 May 2009
       
Roger Carr, Esq.
Chairman of Centrica plc
Mr Roger Carr
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
Ms Amelia Chilcott Fawcett
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
The Hon. Peter Jay
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
Professor Sir John Andrew Likierman
Date of first appointment in current position
1 June 2004
Expiry date of appointment
31 May 2010
       
Sir Callum McCarthy
Chairman, Financial Services Authority
Callum McCarthy, Esq
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.
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
Sir Thomas John Parker
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
Dr David Potter, CBE
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
Ms Susan Rice
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.
Professor David Wiliam Rhind
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
 
Arun Sarin Esq

Date of first appointment in current position
1 June 2005
 Expiry date of appointment
31 May 2011
 
James Murray Strachan, Esq.
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
Robert Charles Michael Wigley, Esq
Date of first appointment in current position
1 June 2006
Expiry date of appointment
31 May 2009
 
Geoffrey Charles George Wilkinson, Esq.
Geoffrey Wilkinson, Esq
Date of first appointment in current position
1 March 2005
Expiry date of appointment
31 May 2011

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