The latest meeting of the Bank of England's Court of Directors on 23 April 2026 has highlighted significant developments that will have far-reaching implications for global financial stability and the institution itself. According to Governor Andrew Bailey, emerging risks to global financial stability were a major focus during recent International Monetary Fund (IMF) and World Bank gatherings. Bailey briefed the unitary board, chaired by David Roberts, on these principal outcomes, including the need for coordinated action among central banks to mitigate potential threats.
Internally, updates from key committees revealed progress on several critical initiatives. The Audit and Risk Committee (ARCo), led by Jonathan Bewes, presented its review of the Bank's year-end financial position, with notable attention given to safety measures during ongoing building work at Threadneedle Street. Separately, Diana Noble updated the Court on discussions within the Remuneration Committee (RemCo) regarding the Mutually Agreed Resignation (MAR) scheme and employee objective setting for 2026.
Chief Operating Officer Sarah John reported that staff leaving under the MAR scheme have agreed to exit dates, with approximately 60% expected to depart by the end of May. This talent management opportunity was highlighted as part of a broader effort to align responsibilities with remaining staff. The Court also approved changes to project governance, increasing the threshold for direct approval of contracts and projects from £20 million, while strategic projects below this figure still require their attention. Non-Executive Directors stressed the importance of managing third-party risks, particularly concentration risk.
Notably, technological advancements were also discussed, with Nathan Monk presenting an update on the migration to SharePoint. The Court approved this move, signalling a strategic push towards modernising the Bank's internal digital infrastructure and enhancing productivity when combined with other new tools. These changes aim to streamline operations and ensure robust oversight of significant investments.
Lastly, the meeting addressed the regional expansion strategy, with an update on progress towards establishing a significant presence in Leeds. Tom Horn informed the Court that approximately 300 staff are expected to be based in Leeds by year's end, with a confirmed pipeline of new joiners reaching 280 imminently. This marks substantial progress towards the target of 500 staff in the northern city, underscoring the Bank's commitment to decentralisation and strengthening its national footprint.
Source: Bank of England