PART 1The Bank of England

Governance

I14Functions of non-executive directors

1

Schedule 1 to the Bank of England Act 1998 (court of directors) is amended as follows.

2

In paragraph 14 (remuneration)—

a

at the beginning insert—

A1

The remuneration of the Governor and Deputy Governors of the Bank is to be determined by a sub-committee of the court of directors consisting of 3 or more non-executive directors of the Bank.

b

in sub-paragraph (1) for “the Oversight Committee” substitute “ that sub-committee ”.