Lord Jitesh Gadhia, a British Indian expert with over 25 years of investment banking and financial services experience, has been appointed to the Court of the Bank of England as a non-executive director (NED).
The prestigious appointment was among the last few approved by the late Queen Elizabeth II and made by King Charles III this week. Lord Gadhia will take charge of his new role in the coming months within the Court of Directors, which is the governing body that sets the central bank’s strategy, budget and takes key decisions on resourcing and appointments. The four-year term as a member of the Court comes at a particularly turbulent time for the British economy.
Chancellor Jeremy Hunt, who took charge at the UK Treasury last recently, said: “I am delighted to be able to announce the appointment of Lord Jitesh Gadhia, Sabine Chalmers and Tom Shropshire. Each of them will bring immense skill and experience to the Bank’s Court.
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“I look forward to continuing to work closely with the Bank’s leadership, and remain fully committed to its independence.”
The Bank of England is governed by the board of directors known as the Court of Directors, appointed by the Crown on the recommendation of the Prime Minister and the Chancellor of the Exchequer.
Andrew Bailey, Governor of the Bank of England, said: “I am very pleased to welcome Lord Jitesh Gadhia, Sabine Chalmers and Tom Shropshire as non-executive directors of Court.
“Their varied experiences make them invaluable additions to Court and the running of the Bank. I look forward to working with them all.”
David Roberts, incoming Chair of Court, noted: “I am delighted to welcome Jitesh, Tom and Sabine to the Bank’s Court of Directors. They will bring fresh insights, deep wisdom and wide experience to help Court fulfil its role of promoting the good of the people of the United Kingdom.”
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The UK Treasury pointed out that appointments to the Court are made on merit and political activity plays no part in the selection process.
Lord Gadhia, having held senior positions at Blackstone, Barclays Capital, ABN AMRO and Baring Brothers, currently serves on the boards of Rolls-Royce Holdings plc, Taylor Wimpey plc and Compare the Market Limited. He has a long record of public service, having served on the boards of UK Financial Investments Limited (UKFI) and UK Government Investments Limited (UKGI) in the past.
He was appointed one of the youngest members of the House of Lords in 2016 and serves as Chair of the British Asian Trust, the charity founded by His Majesty King Charles when he was the Prince of Wales.