Press release

Michael Cohrs appointed non-executive director of the Bank of England

The Chancellor, George Osborne announced the appointment of Michael Cohrs as a non-executive director to the Court of the Bank of England.

From:
HM Treasury and The Rt Hon George Osborne
Published
21 June 2011
This was published under the 2010 to 2015 Conservative and Liberal Democrat coalition government

The Chancellor, George Osborne today announced the appointment of Michael Cohrs as a non-executive director to the Court of the Bank of England.

Sir Roger Carr, Lady Susan Rice C.B.E., and Harrison Young have been reappointed as non-executive directors to the Court for further three year terms.

The term of Brendan Barber has been extended by a further one year.

Notes for Editors

  1. These appointments have been made under the Bank of England Act 1998, as amended by the Banking Act 2009, and in accordance with the Commissioner for Public Appointments Code of Practice.

  2. The Bank of England’s governing board is known as the Court.

  3. The Court’s responsibilities include determining the Bank of England’s objectives and strategy, and ensuring the effective discharge of the Bank’s functions and the most efficient use of its resources.

  4. Its remit excludes the formulation of monetary policy, which is the responsibility of the Monetary Policy Committee.

  5. Appointments of non-executive directors to the Court of the Bank of England are made by Her Majesty the Queen on the advice of the Prime Minister and the Chancellor of the Exchequer.

  6. The Bank of England Act 1998 provides that appointments of directors of the Bank shall be for terms of 3 years, but under certain circumstances may be shorter.

  7. Michael Cohrs has been appointed to replace Antonio Horta-Osorio for the remainder of his term, ending 31 May 2012.

  8. Appointments of non-executive directors to Court are governed by the Office of the Commissioner for Public Appointments (OCPA). The OCPA code of conduct states that appointees can serve up to two terms, with a third term permissible in exceptional circumstances.

  9. Michael Cohrs is a member of the Deutsche Bank Advisory Board, and an external member of the Bank of England’s interim Financial Policy Committee (FPC). He has previously worked at Deutsche Bank, starting in 1995, including as Head of Global Banking from 2004-2010 and as a member of the Deutsche Bank Management Board in 2009-10. 

  10. Sir Roger Carr is chair of Centrica plc (2004 - date). He has been a non-executive director of the Court of the Bank of England since 2007.

  11. Lady Susan Rice C.B.E. is chairman and chief executive of Lloyds TSB Scotland plc (since 2008 and 2000 respectively) and managing director of Lloyds Banking Group Scotland (2009 - date). She has been a non-executive director of the Court of the Bank of England since 2007.

  12. Harrison Young is a non-executive director of the Commonwealth Bank of Australia (2007 - date), where he is chair of the risk committee and a member of the audit committee. He has been a non-executive director of the Court of the Bank of England since 2009.

  13. Brendan Barber is General Secretary of the Trades Union Congress (2003 - date) He has been a non-executive director of the Court of the Bank of England since 2003.

Non-media enquiries should be addressed to the Treasury Correspondence and Enquiry Unit on 020 7270 4558 or by e-mail to public.enquiries@hm-treasury.gov.uk

Media enquiries should be addressed to the Treasury Press Office on 020 7270 5238.

Published 21 June 2011