Craig, Nowak and Smits appointed to Court of Directors
Chancellor John Healey has appointed David Craig, Paul Nowak and Hanneke Smits to the Bank of England's Court of Directors for four-year terms. The Treasury also reappointed Lord Jitesh Gadhia and Tom Shropshire as non-executive directors.
Three new non-executive directors
David Craig and Paul Nowak take up four-year terms running until August 31, 2030, succeeding Sir Ron Kalifa and Baroness Frances O’Grady.
Craig, the former chief executive of Refinitiv, attends his first meeting on September 17, while Nowak, General Secretary of the Trades Union Congress, joins on October 22. Former BNY Investment Management head Hanneke Smits will start a four-year term on January 1, 2027, replacing Sabine Chalmers who steps down in late October 2026.
Chancellor John Healey stated that the 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.”
Second terms and governance oversight
Alongside the new arrivals, the Treasury reappointed Lord Jitesh Gadhia and Tom Shropshire for second four-year terms beginning in late autumn 2026.
The Court acts as the Bank of England’s supervisory board, overseeing strategy, budgeting, governance and risk management across its statutory operations.
Comprising the Chair, eight non-executive directors, the Governor and four Deputy Governors, all candidates were selected through open competition and confirmed zero political party activity over the prior five years.
Balanced oversight, unchanged policy course
The appointments preserve a calculated balance between union representation, market data infrastructure and asset management.
Because the Court oversees internal governance rather than setting rates, the moves carry no monetary policy impact.
They nonetheless bolster administrative scrutiny at a demanding operational juncture.