On 16 September 2026, the Bank of England announced changes to its Court of Directors. These comprise three appointments and two reappointments of non-executive directors. David Craig, Paul Nowak and Hanneke Smits are the new appointees. Lord Jitesh Gadhia and Tom Shropshire will serve second four-year terms. The Court oversees the Bank’s strategy, governance, budget and risk framework.1
Bank of England Court Appointments: Terms and Transition Dates
The announced appointments and reappointments are as follows:
| Director | Appointment and term |
|---|---|
| David Craig | Appointed for four years, ending 31 August 2030. |
| Paul Nowak | Appointed for four years, ending 31 August 2030. |
| Hanneke Smits | Appointed for four years, from 1 January 2027 to 31 December 2030. |
| Lord Jitesh Gadhia | Reappointed for a second four-year term, beginning 24 October 2026. |
| Tom Shropshire | Reappointed for a second four-year term, beginning 1 November 2026. |
Craig and Nowak fill vacancies left by Sir Ron Kalifa and Baroness Frances O’Grady. Smits will succeed Sabine Chalmers, who intends to resign at the end of October 2026.
Craig’s first Court meeting is scheduled for 17 September 2026. Nowak’s first meeting is scheduled for 22 October 2026. Smits is scheduled to attend her first meeting on 11 February 2027.1
Chancellor of the Exchequer John Healey said:
“These appointments strengthen the Court at a critical moment for the UK economy, providing deep and varied experience to support the Bank in delivering its core missions of monetary and financial stability.”1
Court Chair David Roberts welcomed the appointees and thanked Chalmers for her contribution. He particularly acknowledged her support for the Bank’s culture and people development agenda.
The Court’s Role in Bank of England Governance
The Court acts as the Bank’s board. Its responsibilities include overseeing strategy, governance, the budget and the risk framework. It also oversees the effective discharge of the Bank’s statutory functions. Court membership comprises five executive members and up to nine non-executive members, including the Chair. All Court members are appointed by the Crown. Non-executive directors contribute independent judgement to the Bank’s governance.3
Footnotes
- Bank of England, Chancellor Announces Bank of England Appointments, 16 September 2026, appointment details, official statements and appointment process.
- Bank of England, Chancellor Announces Bank of England Appointments, 16 September 2026, biographical sections concerning the five appointees.
- Bank of England, Court of Directors, “Overview”; and Chancellor Announces Bank of England Appointments, “About the Court of the Bank of England”.
