Introduction and Attendance

The Court of Directors of the Bank of England convened on December 9, 2025, to deliberate on significant strategic initiatives and review ongoing projects. The meeting was chaired by David Roberts, with key figures such as Sarah Breeden, Clare Lombardelli, and Sir Dave Ramsden contributing to the discussions. Notably, the gathering included senior leaders like Sam Woods and external participants from the National Audit Office (NAO).

Review of the RTGS Renewal Programme

A pivotal agenda item was the review of the Real-Time Gross Settlement (RTGS) Renewal Programme, presented by the NAO. The audit office commended the Bank for its effective management and the successful modernization of the RTGS system. The NAO’s positive appraisal emphasized the foresight in defining detailed requirements and the establishment of a robust partnership with Accenture, which facilitated a seamless design and implementation process.

“The RTGS Renewal Programme exemplifies a strategic approach to technological transformation,” noted the NAO, highlighting the project’s value for money and its potential as a benchmark for future initiatives.

Leadership and Governance

During the meeting, the Court approved Anne Glover as the Senior Independent Director, reinforcing the leadership structure. The directors also discussed the progress in refining the Bank’s monetary policy communications, an initiative that had shown remarkable advancements over the preceding months.

Monetary Policy and Business Planning

Considerable attention was devoted to the ongoing transformation of the Bank’s monetary policy processes. The directors underscored the importance of consistent communication and strong leadership to ensure sustained momentum in the implementation phase. Additionally, the Court ratified the business case for the transformation programme, signifying a commitment to modernizing the institution’s operational frameworks.

Operational Updates and Appointments

The meeting also addressed operational updates, including the re-evaluation of roles within the Banking and Payments Operations department. Clair Mills was appointed as Executive Director, with her remuneration package approved. Jo Hill and Afua Kyei provided insights into the business planning outcomes for the financial year 2026/2027, setting the stage for future budgetary decisions.

Audit and Financial Oversight

Jitesh Gadhia reported on the recent Audit and Risk Committee (ARCo) meeting. Discussions centered around the finance skills and capabilities review led by the CFO, as well as planning for the upcoming audit cycle with external auditors EY. These efforts aim to enhance the Bank’s financial governance and audit processes.

Conclusion

The meeting concluded with expressions of gratitude towards the NAO for their constructive review and the collective efforts of the Bank’s team in steering these strategic initiatives. The directors reiterated their commitment to leveraging lessons learned from the RTGS programme to bolster future projects and initiatives.

Originally reported by bankofengland.co.uk. Rewritten by 360DailyTrend editorial staff.