05 June 2009
The Bank of England has adopted a new governance regime.
The Court of the Bank of England, which oversees the operation of the Bank, has been reduced in size from 19 to 12 members, the majority of whom must be non-executives.
This was a result of the 2009 Banking Act and was put in place on June 1. Trades Union Congress general secretary Brendan Barber and Financial Services Authority chair Lord Turner will continue to serve as members of the Court.
New appointees include Antonia Horta-Osorio, chief executive of Abbey National, and Mark Tucker, outgoing chief executive of Prudential. The Court is chaired by Sir David Lees.