BOE Court addresses cyber threats, project governance, Leeds expansion
The Bank of England's Court of Directors met on April 23, 2026, to review updates on cyber security, project governance, and the expansion of its Leeds office. The meeting also covered financial stability risks and various committee reports.
Cyber threats and operational resilience
The Court received an update on the evolving cyber threat environment and the Bank's maturity against these risks.
Discussions highlighted the importance of continuous investment to maintain current cyber security levels, particularly in light of emerging technologies like new AI models such as Anthropic's Mythos, which can identify previously unknown vulnerabilities.
The resource implications of mitigating these new risks were discussed, with a request for ongoing updates to the Court.
Separately, the Court approved changes to project governance, raising the threshold for Court approval to £20 million, while ensuring strategic projects below this value would still be reviewed.
Non-Executive Directors emphasized managing third-party and concentration risks in contracts.
The migration to SharePoint was also noted as underway, expected to significantly boost productivity.
Governance, risk, and regional expansion
Governor Andrew Bailey briefed the Court on global financial stability risks, drawing from recent International Monetary Fund (IMF) and World Bank meetings.
Updates were also provided by the Audit and Risk Committee (ARCo) on the year-end financial position and material controls, with a focus on health and safety during building work at Threadneedle Street.
The Remuneration Committee (RemCo) reviewed objective setting for 2026 and noted the importance of robust assessment processes.
The Nominations Committee (NomCo) discussed updates to the people strategy and Non-Executive Director succession planning.
Progress towards the target of 500 staff in Leeds was reported, with headcount expected to reach around 300 by year-end, and a long-term lease for a permanent office location was approved.