SCHEDULES
SCHEDULE 1 Court of directors
Terms of office
F81
1
Appointment as Governor of the Bank shall be for a period of 8 years.
2
Appointment as Deputy Governor of the Bank shall be for a period of 5 years.
3
A person may not be appointed—
a
as Governor, more than once, or
b
as Deputy Governor, more than twice.
4
A person appointed as Governor or Deputy Governor of the Bank shall work exclusively for the Bank; and for this purpose work in an office that an enactment requires to be held by the Governor or a Deputy Governor is to be taken to be work for the Bank.
2
F311
F322
If it appears to Her Majesty that in the circumstances it is desirable to do so, Her Majesty may, before the end of the term for which a person is appointed as non-executive director, extend the person's term of office on one occasion for a specified period of not more than 6 months.
3
If a person whose term of office is extended under sub-paragraph (2) is subsequently re-appointed as non-executive director—
a
the length of the term of his or her re-appointment (or, if the person is re-appointed more than once, of the first re-appointment following the extension) is to be reduced by a period equal to the extension, but
b
the term of that re-appointment may itself be extended under sub-paragraph (2).
F143
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4
A person appointed as Governor, Deputy Governor or F15non-executive director of the Bank may resign his office by written notice to the Bank.
Qualification for appointment
5
1
A person is disqualified for appointment as Governor, Deputy Governor or F16non-executive director of the Bank if he is a Minister of the Crown or a person serving in a government department in employment in respect of which remuneration is payable out of money provided by Parliament.
F172
An officer or employee of the Bank, other than a person holding office under section 9B(1)(e), is disqualified for appointment as non-executive director of the Bank.
F96
1
The fact that a person has held office as Governor of the Bank does not disqualify that person from appointment as Deputy Governor or non-executive director of the Bank.
2
The fact that a person has held office as Deputy Governor or non-executive director of the Bank does not disqualify that person from re-appointment to that office or for appointment to the other office or as Governor of the Bank, but this is subject to paragraph 1(3)(b).
Removal from office
7
1
A person appointed as Governor or Deputy Governor of the Bank shall vacate office if he becomes a person to whom paragraph 5(1) applies.
2
A person appointed as F18non-executive director of the Bank shall vacate office if he becomes a person to whom paragraph 5(1) or (2) applies.
8
F191
The Bank may, with the consent of the Chancellor of the Exchequer, remove a person from office as Governor, Deputy Governor or F20non-executive director of the Bank if it is satisfied—
a
that he has been absent from meetings of the court for more than 3 months without the consent of the court,
b
that he has become bankrupt F7, that a debt relief order (under Part 7A of the Insolvency Act 1986) has been made in respect of him, that his estate has been sequestrated or that he has made an arrangement with or granted a trust deed for his creditors, or
c
that he is unable or unfit to discharge his functions as a member.
F112
In relation to the Deputy Governor for prudential regulation, the reference in sub-paragraph (1)(c) to inability or unfitness to discharge functions as member of the court of directors is to be read as including a reference to inability or unfitness to discharge functions as Chief Executive of the Prudential Regulation Authority.
Powers
9
The court may act notwithstanding the existence of one or more vacancies among its members.
10
The court may appoint such sub-committees as it thinks fit.
11
F211
The court may delegate such duties and powers as it thinks fit to—
a
a member of the court,
b
any officer, F23employee or agent of the Bank,
c
a sub-committee consisting of—
i
members of the court, or
ii
one or more members of the court and one or more of the officers, F24employees and agents of the Bank.
F222
The duties and powers that may be delegated under this paragraph do not include duties and powers that are by any enactment expressly imposed or conferred on the court of directors.
F27a
include duties and powers conferred on the court of directors by section 9A (financial stability strategy), but
b
except as mentioned in paragraph (a),
F283
The court of directors retains responsibility for a duty or power which it delegates under this paragraph.
Meetings
12
1
The court shall meet at least F17 times in each calendar year.
F22
Either of the following may summon a meeting at any time on giving such notice as the circumstances appear to require—
a
the Governor of the Bank (or in his absence a Deputy Governor), and
b
the chair of the court.
F26Publication of record of meetings
12A
1
The Bank must publish a record of each meeting of the court—
a
before the end of the period of 6 weeks beginning with the day of the meeting, or
b
if no meeting of the court is subsequently held during that period, before the end of the period of 2 weeks beginning with the day of the next meeting.
2
The record must specify any decisions taken at the meeting (including decisions to take no action) and must set out, in relation to each decision, a summary of the court's deliberations.
3
Sub-paragraphs (1) and (2) do not require the publication of information whose publication within the time required by sub-paragraph (1) would in the opinion of the court be against the public interest.
4
Publication under this section is to be in such manner as the Bank thinks fit.
Proceedings
13
1
At a meeting of the court, the proceedings shall be regulated as follows.
F32
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F43
The Chancellor of the Exchequer may designate—
a
a member of the court to chair its meetings (“the chair of the court”), and
b
one or more members of the court as deputies to chair its meetings in the absence of the chair of the court.
F103A
But a member of the court who is the Governor or a Deputy Governor of the Bank may not be designated under paragraph (a) or (b) of sub-paragraph (3).
4
If a member of the court has any direct or indirect interest in any dealing or business with the Bank—
a
he shall disclose his interest to the court at the time of the dealing or business being negotiated or transacted, and
b
he shall have no vote in relation to the dealing or business, unless the court has resolved that the interest does not give rise to a conflict of interest.
5
A member of the court shall have no vote in relation to any question arising which touches or concerns him but shall withdraw and be absent during the debate of any matter in which he is concerned.
6
Remuneration
14
F30A1
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.
1
A person appointed as Governor or Deputy Governor of the Bank shall be entitled to be paid by the Bank such remuneration as F29that sub-committee may determine.
2
The Bank may pay, or create and maintain a fund for the payment of, pensions or capital grants to members, or former members, of the court who have rendered exclusive services to the Bank.
15
A F25non-executive director of the Bank shall be entitled to be paid by the Bank such remuneration as the Bank may determine with the approval of the Chancellor of the Exchequer.
Sch. 1 para. 12A and cross-heading inserted (19.2.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 2 para. 1(11) (with Sch. 20); S.I. 2013/113, art. 2(2), Sch. Pt. 4; S.I. 2013/423, art. 3, Sch.