New Appointments at the Bank of England Court
David Craig and Paul Nowak have been appointed to serve four-year terms on the Court of the Bank of England, concluding on 31 August 2030. Hanneke Smits will commence her own four-year term on 1 January 2027, finishing on 31 December 2030. Craig and Nowak succeed Sir Ron Kalifa and Baroness Frances O’Grady, respectively, and are set to participate in their inaugural Court meetings on 17 September and 22 October. Smits will take over the position currently held by Sabine Chalmers, who plans to resign at the end of October 2026, with Smits attending her first meeting on 11 February 2027.
These appointments coincide with the reappointment of Lord Jitesh Gadhia and Tom Shropshire, who will continue as non-executive directors for an additional four-year term. Gadhia’s new term will begin on 24 October 2026, while Shropshire’s will commence on 1 November 2026.
Government Support for Strengthening the Court
John Healey, Chancellor of the Exchequer, expressed that these appointments enhance the Court at a pivotal time for the UK economy, bringing diverse expertise to support the Bank in fulfilling its fundamental roles of ensuring monetary and financial stability.
David Roberts, Chair of the Court, acknowledged Sabine Chalmers for her commitment to the Bank of England over the past four years and highlighted the valuable insights she contributed during her tenure, particularly in fostering the Bank’s culture and development initiatives.
Roberts further expressed his enthusiasm in welcoming Craig, Nowak, and Smits, noting that their extensive knowledge and experience would be instrumental in assisting the Court in its duties. He also looks forward to collaborating with Gadhia and Shropshire as they continue to implement essential changes to position the Bank favourably for upcoming challenges.
Profiles of the New Court Members
Paul Nowak serves as the General Secretary of the Trades Union Congress (TUC), which represents 47 unions and over 5.3 million workers across the UK. He has actively represented the TUC on international platforms, including the International Labour Organisation and G20, and possesses non-executive experience at Unity Trust Bank.
David Craig is a seasoned executive in financial markets and data technology, boasting over 30 years of leadership experience. He founded and led Refinitiv as CEO, transforming it into a global leader in financial data and trading platforms before its acquisition by the London Stock Exchange Group, where he managed the Data and Analytics Division. Craig also co-chairs the Taskforce on Nature-related Financial Disclosures.
Hanneke Smits, a senior executive in investment management, brings 34 years of experience, having previously served as Global Head of BNY Investment Management and as a member of BNY’s Executive Committee. She has also held positions on various subsidiary asset management boards and has extensive non-executive experience across several foundations.
Continuity and Experience in Leadership
Lord Jitesh Gadhia offers over 25 years of experience in investment banking and financial services, having held high-ranking positions at renowned institutions such as Blackstone and Barclays Capital. He currently serves on the boards of Rolls-Royce Holdings plc and Taylor Wimpey plc, and has been a member of the House of Lords since 2016. He is also the Chair of The British Asian Trust.
Tom Shropshire, on the other hand, is the Senior Vice President and General Counsel of Thermo Fisher Scientific Inc. Prior to this role, he served as General Counsel and Company Secretary at Diageo plc and was a partner at Linklaters LLP. He is also active in various charitable organisations, including serving as a trustee for the New York University School of Law.
The Role of the Court of the Bank of England
The Court of the Bank of England functions as the institution’s governing body, overseeing its strategy, governance, budget, and risk management framework. It ensures that the Bank effectively carries out its statutory responsibilities.
The Court comprises the Chair, eight Non-Executive Directors, the Governor, and four Deputy Governors. Non-Executive Directors contribute independent judgement and a wealth of experience to the Court’s discussions.
Transparent Appointment Process
The recent appointments were conducted through a fair and open competition in accordance with the Governance Code on Public Appointments. Each application for positions on the Court is assessed on its individual merits, ensuring that appointments and reappointments are not automatic.
Craig, Nowak, Smits, Gadhia, and Shropshire have all confirmed that they have not participated in any party political activities in the past five years, underscoring the integrity of their appointments.