By Sir David Lees and John Footman.
The Court is the Bank’s Board of Directors. Its role has changed over the years as the Bank has evolved from a privately owned bank into a public institution, and especially over the past 20 years. In statute, Court’s task is to ‘manage the affairs of the Bank’. It sets the Bank’s strategy and budget and risk standards, and oversees internal controls through its Audit and Risk Committee. Court also monitors the processes and performance of the Bank’s key policy Committees — the Monetary Policy Committee, the Financial Policy Committee and the Board of the Prudential Regulation Authority. This role is performed by the nine non-executives, who sit on an Oversight Committee created by the 2012 Financial Services Act.