Abbey chief joins Bank of England Court
by Gill Montia
Story link: Abbey chief joins Bank of England Court
Three new non-executive directors have been appointed to the Bank of England Court.
The new members are: António Horta-Osório, Abbey National plc chief executive; Mark Tucker, the outgoing group chief executive of Prudential and Harrison Hurst Young, non-executive director of the Commonwealth Bank of Australia.
All have been invited to serve a term of three years.
Reappointed directors include Susan Rice, chairman and chief executive of Lloyds TSB Scotland and managing director of Lloyds Banking Group Scotland; Lord Turner, chairman of the Financial Services Authority; Brendan Barber, general secretary of the Trade Union Congress and Roger Carr, chairman of Centrica and Cadbury Schweppes.
The appointments, which are effective from today, reportedly reflect a desire within the Bank to strengthen the Court as the financial crisis continues.
The Court normally meets seven times in a calendar year and is charged with managing the Bank’s affairs other than the formulation of monetary policy, which is the responsibility of the Monetary Policy Committee.
It determines the Bank’s objectives and strategy which are then reviewed in relation to the Financial Stability Objective.
Court members also ensure the effective discharge of the Bank’s functions and the efficient use of resources.