Sir Ron Kalifa and Frances O’Grady Resigned to the Bank of England Court

The Bank’s Court functions as a unified board, with Sir Ron and Frances O’Grady, serving as Non-Executives, assisting in shaping the Bank’s objectives and strategy while advising on effective execution of the Bank’s roles and optimal resource utilization.

The Court doesn’t manage the issues designated to the Bank’s primary policy committees, which include the Monetary Policy Committee, the Financial Policy Committee, and the Prudential Regulation Committee.

In their roles as Non-Executive Directors, Sir Ron is a member of the Audit and Risk Committee, while Frances O’Grady serves on the Remuneration Committee.

David Roberts, Chair of the Court of Directors, remarked:

I am thrilled that both Sir Ron Kalifa and Frances O’Grady have been reappointed to the Court of Directors at the Bank of England. Their experience and expertise offer crucial insights and constructive challenges to the Court. I look forward to collaborating with Sir Ron and Frances during their subsequent terms.

About the appointments

The Bank of England serves as the UK’s central bank and is overseen by a board of directors known as the Court of Directors. More details can be found on the Bank of England’s website.

Court members are appointed by HM The King based on the recommendations from the Prime Minister and the Chancellor of the Exchequer.

Both Sir Ron and Frances O’Grady have held their positions as Non-Executive Directors of the Court since June 1, 2019.

All Court appointments are made based solely on merit, and political affiliation has no influence on the selection process.

These appointments are overseen by the Commissioner for Public Appointments, ensuring independent verification that selections align with the Government’s Principles of Public Appointments and Governance Code. Following the original Nolan principles, there is a stipulation that any declared political activities of appointees must be publicly disclosed.

Sir Ron has affirmed that he has not participated in any political activities over the past five years. He currently serves as Chairman of Network International, a prominent payments company, and is a Trustee of the Royal Foundation. Additionally, he is a Non-Executive Director for the England & Wales Cricket Board and is involved with the Council of Imperial College London. He was knighted in the 2022 Honours List for Her Late Majesty Queen Elizabeth II’s Jubilee Birthday for his contributions to financial services, technology, and public service.

Frances O’Grady has reported that she was the General Secretary of the Trades Union Congress (TUC) from 2013 until the end of 2022, and was granted a life peerage in 2022, serving as a working (Labour) peer in the House of Lords. She began her career at the TUC in 1994 as a campaigns officer and established the Organising Academy in 1997. In 1999, she became head of the TUC’s organisation department and assumed the role of deputy general secretary in 2003.