Bank of England and Financial Services Act 2016 (c. 14)

PART 1 The Bank of England

Governance

4 Functions of non-executive directors

(1) Schedule 1 to the Bank of England Act 1998 (court of directors) is amended as follows.

(2) In paragraph 14 (remuneration)—

(a) at the beginning insert—

“(A1) The remuneration of the Governor and Deputy Governors of the Bank is to be determined by a sub-committee of the court of directors consisting of 3 or more non-executive directors of the Bank.”;

(b) in sub-paragraph (1) for “the Oversight Committee” substitute “that sub-committee”.