Following the first meeting of the new Court of Directors, Sir David Lees, Chair of the Court, has appointed the following non-executive Directors of the Bank as members of the Financial Stability Committee (FSC):
Sir David Lees
The other members of the FSC are the Governor and the two Deputy Governors of the Bank.
Roger Carr has agreed to accept appointment to the FSC as an interim measure, pending the appointment of a further member of Court.
Notes for editors
1. The Financial Stability Committee (FSC)
The FSC has been created by the 2009 Banking Act as a sub-committee of Court, and consists of the Governor and Deputy Governors and four (non-executive) Directors appointed by the Chair of Court. The Governor chairs the Committee.
The Act lists the Committee's functions as:
- To make recommendations to the Court of Directors, which they shall consider, about the nature and implementation of the Bank's strategy in relation to the Financial Stability Objective
- To give advice about whether and how the Bank should act in respect of an institution, where the issue appears to the Committee to be relevant to the Financial Stability Objective
- In particular, to give advice about whether and how the Bank should use stabilisation powers under Part 1 of the Banking Act 2009 in particular cases
- To monitor the Bank's use of the stabilisation powers
- To monitor the Bank's exercise of its functions under Part 5 of the Banking Act 2009 (inter-bank payment systems), and
- Any other functions delegated to the Committee by the Court of Directors for the purpose of pursuing the Financial Stability Objective.
The Treasury has the power to appoint a person to represent the Treasury at meetings of the Committee. That person may not vote but "shall in all other respects be a member of the Committee".
2. The Court of Directors
On the coming into force of the Banking Act the members of the former Court left office to be succeeded by a new, smaller Court: this has nine Directors (all non-executive) in addition to the Governor and two Deputy Governors. The Treasury announced on 29 May (http://www.hm-treasury.gov.uk/press_50_09.htm) the appointment of eight of the nine non-executive Directors. Following a further selection process, a ninth member will be appointed to the Court, with a view to joining the FSC. In the meantime, so that the FSC can be properly constituted from the start, Roger Carr has agreed to serve on an interim basis.
3. FSC members
Roger Martyn Carr is chair of Centrica plc (2004-) and Cadbury Schweppes plc (2008-). He has also been a non-executive director of the Court of the Bank of England since 2007. He has been a non-executive director of Centrica since 2004. He was also the senior non-executive director (2000-2003) and deputy chair (2003-2008) of Cadbury Schweppes. He has also previously held a number of non-executive and executive roles with Mitchells and Butlers plc, Six Continents plc, Chubb plc, Thames Water plc and Williams plc.
Sir David Lees is currently Chairman of Tate and Lyle (1998-) and Deputy Chairman of Qinetiq (2005-). He has previously held a variety of roles, including Deputy Chairman of Brambles Industries (2001-2006), Non Executive Director and then Chairman of Courtaulds plc (1991-1998), Chairman and Chief Executive (1988-1996) and Chairman (1996-2004) of GKN plc, Non Executive Director of the Bank of England (1991-1999), Chairman of the CBI Economic Affairs Committee (1988-1994). He originally qualified as a Chartered Accountant. He was appointed a Knight Batchelor in The Queen's Birthday Honours List in 1991.
Mark Edward Tucker is currently group chief executive of Prudential plc (2005-) but has announced he will step down in September 2009. Previous to this he was group finance director of HBOS (2004-2005), and before that held a number of positions within the Prudential group, including chief executive of Prudential Corporation Asia Limited (1993-2003). He first joined Prudential in 1985.
Harrison Hurst Young is a non-executive director of the Commonwealth Bank of Australia (2007-), where he is chair of the risk committee and a member of the audit committee. Harrison Young has been chair of Morgan Stanley Australia (2003-2007) and vice chair of Morgan Stanley Asia (1998-2003). Prior to this he spent two years as chief executive of China International Capital Corporation, and was a senior officer of the Federal Deposit Insurance Corporation (1991-1994).