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Sir Ron Kalifa and Frances O'Grady have been reappointed by His Majesty the King as Non-Executive Directors of the Court of the Bank of England. They have been reappointed for second terms of four years, to 31 May 2027.

The Bank’s Court acts as a unitary board, and as Non-Executives of the Court, Sir Ron and Frances O’Grady will help determine the Bank’s objectives and strategy, and advise on how to ensure the effective discharge of the Bank’s functions and the most efficient use of the Bank’s resources.

Court is not responsible for the matters reserved to the Bank’s main policy committees, the Monetary Policy Committee, the Financial Policy Committee, and the Prudential Regulation Committee.

As Non-Executive Directors, Sir Ron is a member of the Audit and Risk Committee; and Frances O’Grady is a member of the Remuneration Committee.

The Chair of the Court of Directors, David Roberts, said:

I am delighted 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 provide Court with key insights and challenge. I look forward to continuing to work with Sir Ron and Frances during their second terms.

About the appointments

The Bank of England is the central bank of the UK. It is governed by a board of directors known as the Court of Directors. Further information can be found at the Bank of England website.

Members of Court are appointed by HM The King on the recommendation of the Prime Minister and the Chancellor of the Exchequer.

Sir Ron and Frances O’Grady have both served as Non-Executive Directors of Court since 1 June 2019.

All appointments to the Court are made on merit and political activity plays no part in the selection process.

These appointments are regulated by the Commissioner for Public Appointments, who provides independent assurance that appointments are made in accordance with the Government’s Principles of Public Appointments and Governance Code. In accordance with the original Nolan recommendations, there is a requirement for appointees’ political activity (if any is declared) to be made public.

Sir Ron has confirmed that he has not engaged in any political activity in the last five years. Sir Ron is Chairman of Network International, a leading payments firm, and a Trustee of the Royal Foundation. He is also a Non-Executive Director for the England & Wales Cricket Board and sits on the Council of Imperial College London. He was knighted in Her Late Majesty Queen Elizabeth Il’s Jubilee Birthday 2022 Honours List for services to financial services, technology, and public service.

Frances O’Grady has declared that she served as General Secretary of the Trades Union Congress (TUC) from 2013 until the end of 2022, and received a life peerage in 2022, sitting in the House of Lords as a working (Labour) peer. Frances ‘Grady first joined the TUC in 1994 as a campaigns officer, and launched the Organising Academy in 1997. She took over as head of the TUC’s organisation department in 1999 and became deputy general secretary in 2003.