PART 1The Bank of England
Governance
2Term of office of non-executive directors
(1)
Paragraph 2 of Schedule 1 to the Bank of England Act 1998 (term of office of non-executive directors) is amended as follows.
(2)
The existing text becomes sub-paragraph (1).
(3)
“(2)
If it appears to Her Majesty that in the circumstances it is desirable to do so, Her Majesty may, before the end of the term for which a person is appointed as non-executive director, extend the person's term of office on one occasion for a specified period of not more than 6 months.
(3)
If a person whose term of office is extended under sub-paragraph (2) is subsequently re-appointed as non-executive director—
(a)
the length of the term of his or her re-appointment (or, if the person is re-appointed more than once, of the first re-appointment following the extension) is to be reduced by a period equal to the extension, but
(b)
the term of that re-appointment may itself be extended under sub-paragraph (2).”