Her Majesty The Queen has approved the Chancellor and Prime Minister’s recommendation for the re-appointment of Sir David Lees as Chair of the Court of the Bank of England.
Sir David has indicated he will step down from Court at the end of 2013, once he has overseen the transition of the Bank’s new responsibilities and personnel.
Notes for Editors
This appointment has 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.
The appointment is for a three year term beginning 1 June 2012. However, Sir David has indicated that he will be stepping down at the end of 2013, once he has overseen the transition of the Bank’s new responsibilities and personnel.
Sir David has been the Chairman of Court since 1 June 2009. He has previously held a variety of roles, including Deputy Chairman of QinetiQ Group plc (2005-2012), Chairman of Tate and Lyle (1998-2009), Deputy Chairman of Brambles Industries (2001-2006), non-executive Director and then Chairman of Courtaulds plc (1991-1998), Chief Executive and Chairman of GKN plc (1988-1996 and 1988-2004 respectively), non-executive Director of the Bank of England (1991-1999), and Chairman of the CBI Economic Affairs Committee (1988-1994). He qualified as a Chartered Accountant in 1962. He was appointed a Knight Bachelor in The Queen’s Birthday Honours List in 1991 and a Deputy Lieutenant of Shropshire in 2007.
Appointments of non-executive Directors to the Court are made by Her Majesty The Queen on the advice of the Prime Minister and the Chancellor of the Exchequer. The Banking Act 2009 provides that the Chancellor of the Exchequer may designate a member of the Court to chair its meetings.
All appointments to the Court are made on merit, and political activity plays no part in the selection process. However, in accordance with the original Nolan recommendations, there is a requirement for appointees’ political activity (if any declared) to be made public. Sir David has confirmed that he has not engaged in any political activity in the last five years and holds no other ministerial public appointments.
The Bank of England’s governing body is known as the Court.
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.
Its remit excludes the formulation of monetary policy, which is the responsibility of the Monetary Policy Committee.