Section 4 — Functions of non-executive directors

This version in force from 2016-07-06

Snapshot: 2026-08-24

Reproduced from legislation.gov.uk (Crown Copyright, Open Government Licence v3.0). Amendments made after 2026-08-24 may not be reflected — always check the official text .

(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 ”.